Is it possible to switch from a Macro HF to L/S HF

I wanted to know if it was common for undergraduates who started off at a Macro hedge fund to hop ship over to a l/s fundamental role after a couple of years. would also like to know if the reverse is also true: is it feasible to go from l/s to macro. 

Any insight or advantages/drawbacks are welcomed. Just wanting to learn how HF's think about talent.

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Comments (10)

  • Prospect in IB - Gen
Feb 4, 2021 - 10:14am

Just gonna chime in and say it's definitely possible. My boss started in macro out of undergrad to FoF to L/S.

Edit: To make it clear this is obviously not the ideal or normal path, a lot of happenstance is required to move around this much in the HF space. Just saying it can happen.

Feb 4, 2021 - 8:15pm

Don't be misled. "Possible" does not mean easy. It will be very difficult. If your end goal is to do l/s equity, there are many paths outside of HFs that would make for an easier transition than from macro.

I have been doing equities for many years and have met zero people that came from macro. I'm sure there are some out there, but just be aware the chances of that happening are very very slim.

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  • Intern in HF - Macro
Feb 4, 2021 - 8:40pm

Thanks for the response. Can you provide some insight as to why that transition is so difficult and hard to come by...are the skillsets so wildly differentiated that they can't be transferable or is it something else besides that?

Feb 4, 2021 - 8:43pm

the skillsets are super different. In macro most processes are driven by quant analysis/fixed income style analysis, which is a different type of model to build vs operating models used in fundamental equities. I worked at a macro fund and I never built an operating model, never invested in a single name. Could tell you a lot about my feelings about where different commodities are trading and trends in G10 fixed income, but my job had nothing to do with stock picking.

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