Global macro hedge funds managed $715 billion at the end of both Q1 and Q2 2024, while macro indexes posted some of the strongest returns among major hedge fund strategy groups. In Q1, the HFRI Macro (Total) Index gained 6.2%; during the first half of 2024, the asset-weighted Macro Index gained 6.1%.
This article summarizes HFR’s Q1 2024 and Q2 2024 report figures. The underlying research is legacy research and was not independently verified; the periods, estimates, and source labels below are retained as reported.
Contents
- Macro hedge fund assets and flows
- Macro performance in Q1 2024
- Systematic diversified and trend-following results
- The broader hedge fund market
- Strategy comparisons in Q1
- Relative value and multi-strategy scale
Macro hedge fund assets and flows
Global macro strategy capital increased by $44.8 billion in Q1 2024, according to the HFR 2024 Q1 report. After that increase, total Macro strategy capital reached $715 billion. The same report recorded $1.7 billion of net asset inflows into Macro strategies during the quarter.
The combination of higher capital and positive net flows gives two different views of the quarter. The $44.8 billion figure describes the increase in strategy capital, while the $1.7 billion figure is the estimated net asset flow. They should not be treated as interchangeable measures.
In Q2 2024, Macro strategies received an additional $2.6 billion of inflows, according to the HFR 2024 Q2 report. Total Macro capital remained at $715 billion in Q2. In other words, the reported Q2 period included additional inflows without a higher reported total for Macro capital.
Macro capital and flows by quarter
| Measurement | Q1 2024 | Q2 2024 or first half of 2024 | Source |
|---|---|---|---|
| Total Macro strategy capital | $715 billion | $715 billion | HFR 2024 Q1 and Q2 reports |
| Macro net or additional inflows | $1.7 billion | $2.6 billion | HFR 2024 Q1 and Q2 reports |
| Macro asset-weighted return | Not reported here for the quarter | 6.1% in H1 2024 | HFR 2024 Q2 report |
The HFR figures describe global hedge fund strategy capital, not a count of individual global macro funds. They also do not establish that every macro manager experienced the same asset or performance trend.
Macro performance in Q1 2024
The HFRI Macro (Total) Index surged 6.2% in Q1 2024, based on the HFR 2024 Q1 report. The asset-weighted version of the HFRI Macro (Total) Index jumped 7.15% during the same quarter. The difference between the two measurements reflects the distinct index constructions and should be retained when comparing results.
HFR reported that the Q1 2024 Macro return trailed only a 6.7% gain in Q1 2022 across the prior 20-plus years. This is a historical comparison within the HFR report’s stated period, rather than a forecast or a claim about future macro performance.
The Q1 result also sits within a strong broader hedge fund quarter. The HFRI Fund Weighted Composite Index rose 4.5% in Q1 2024, while the HFRI Asset Weighted Composite Index gained 5.12%. On the reported index measures, the Macro total return of 6.2% exceeded both broad composite results.
The figures are index returns for the specified measurement period. They are not a promise of investor-level returns, and the supplied research does not provide a standardized fee, leverage, or risk adjustment for these comparisons.
Systematic diversified and trend-following results
Systematic diversified CTA strategies added $28.1 billion in Q1 2024, according to the HFR 2024 Q1 report. The related HFRI Macro: Systematic Diversified Index surged 9.4% in Q1 2024.
The HFRI Trend Following Index jumped 8.1% in Q1 2024. These two results identify strong reported performance for systematic and trend-following segments during the quarter, but they are not the same index and should not be combined into a single return.
For the first half of 2024, the HFRI Macro: Systematic Diversified Index advanced 7.9%, according to the HFR 2024 Q2 report. This six-month result is a separate measurement from the 9.4% Q1 return. It should not be read as a simple addition or average of quarterly returns.
Selected macro return measures
| Index or measure | Period | Reported result |
|---|---|---|
| HFRI Macro (Total) Index | Q1 2024 | 6.2% |
| HFRI Macro (Total) Index, asset weighted | Q1 2024 | 7.15% |
| HFRI Macro: Systematic Diversified Index | Q1 2024 | 9.4% |
| HFRI Trend Following Index | Q1 2024 | 8.1% |
| HFRI Macro Index, asset weighted | First half of 2024 | 6.1% |
| HFRI Macro: Systematic Diversified Index | First half of 2024 | 7.9% |
These statistics suggest that systematic macro segments were an important part of the reported Q1 performance picture. They do not, by themselves, identify which markets, instruments, or trading positions produced the returns.
The broader hedge fund market
Global hedge fund capital reached $4.30 trillion in Q1 2024, according to the HFR 2024 Q1 report. That total was up nearly $190 billion quarter over quarter, and Q1 2024 represented the sixth consecutive quarter of hedge fund asset growth.
By Q2 2024, global hedge fund assets had risen to $4.31 trillion. The Q2 increase was approximately $11 billion quarter over quarter, and Q2 marked the seventh consecutive quarter of hedge fund asset growth, according to the HFR 2024 Q2 report.
The global total provides context for the $715 billion Macro figure. It is a market-wide measure, while Macro capital is a strategy-level measure. The two figures therefore describe different levels of the hedge fund industry and should not be used as competing estimates of the same population.
Performance across the broad composites was also positive in the first half of 2024. The HFRI Fund Weighted Composite Index gained 5.0% in the first half, and the HFRI Asset Weighted Composite Index gained 5.1%, according to the HFR 2024 Q2 report.
The HFR Cryptocurrency Index returned 47.9% in Q1 2024 and had a trailing six-month return of 106.9% after Q1, according to the HFR 2024 Q1 report. For the first half of 2024, the same index returned 25.5%, according to the HFR 2024 Q2 report. These cryptocurrency figures are included as broader HFR market context; they are not Macro strategy returns.
Strategy comparisons in Q1
HFR’s Q1 data shows positive capital and performance changes across several major strategy groups. Equity Hedge strategy capital rose by nearly $70 billion, reaching a record $1.25 trillion. Equity Hedge strategies recorded $8.5 billion of estimated net asset inflows, while the HFRI Equity Hedge (Total) Index gained 5.2%.
Event-Driven strategy assets increased by nearly $49 billion and reached a record $1.21 trillion. The strategy group had $8.0 billion of estimated net investor inflows. Its HFRI Event-Driven (Total) Index gained 2.5%, and the HFRI Event Driven (Asset Weighted) Index advanced 3.9%.
Within Event-Driven, Special Situations assets increased by $17.0 billion, and Shareholder Activist assets increased by $13.4 billion. The HFRI ED: Activist Index surged 6.1% in Q1 2024.
The comparison table below keeps the reported capital, flow, and return measures separate.
| Strategy or index | Capital or asset change | Flow measure | Q1 2024 return |
|---|---|---|---|
| Equity Hedge | Nearly $70 billion increase; $1.25 trillion total | Estimated $8.5 billion inflows | 5.2% |
| Event-Driven | Nearly $49 billion increase; $1.21 trillion total | Estimated $8.0 billion inflows | 2.5% total index |
| Macro | $44.8 billion increase; $715 billion total | $1.7 billion inflows | 6.2% total index |
| Relative Value Arbitrage | $25.8 billion increase; estimated $1.13 trillion total | Not reported here | 2.5% total index |
The table is a compact comparison of HFR-reported Q1 2024 measures. “Estimated” is retained for the Equity Hedge and Event-Driven flow figures because the source labels them as estimated.
Relative value and multi-strategy scale
Relative Value Arbitrage strategy capital increased by $25.8 billion in Q1 2024 and reached an estimated $1.13 trillion, according to the HFR 2024 Q1 report. Multi-Strategy funds added $17.2 billion to Relative Value Arbitrage assets, ending the quarter at $692 billion.
The HFRI Relative Value (Total) Index gained 2.5% in Q1 2024. The HFRI RV: Convertible Arbitrage Index advanced 4.0% during the same quarter. These returns describe different index groupings within the Relative Value category.
In Q2 2024, Relative Value Arbitrage capital increased by $30.3 billion and reached $1.16 trillion, according to the HFR 2024 Q2 report. Multi-Strategy funds added $20.1 billion of Relative Value Arbitrage capital, and Multi-Strategy RVA capital reached $712 billion.
The Q1-to-Q2 figures indicate continued reported scale in Relative Value Arbitrage and its Multi-Strategy segment. They do not support an inference about the sources of those changes beyond the flow and capital measures explicitly reported by HFR.
For readers comparing strategy statistics, the main distinctions are measurement period, index weighting, and whether a number describes capital, estimated inflows, or investment performance. Keeping those categories separate is especially important when interpreting global macro hedge fund statistics alongside broader industry totals.