Fortress Investment Group LLC, the buyout and hedge-fund firm run by Daniel Mudd, said its Asia-focused macro fund rose 3.5 percent in March, even as uprisings in the Middle East and Japan’s worst earthquake roiled markets.
The New York-based firm said it started the Fortress Asia Macro Fund on March 1, according to a filing with the Securities and Exchange Commission. Hedge funds gained, on average, 0.2 percent last month, according to Eurekahedge Pte, based on 25 percent of funds that have reported to the Singapore-based industry data provider as of today.
Fortress aims to increase the size of the Asia-focused macro hedge fund to $500 million, after it started trading with the firm’s own money and that of a few clients, three people with knowledge of the plan said last month. Adam Levinson, co-chief investment officer of global macro funds, moved to Singapore from New York in January to lead the firm’s Asia-specific macro-trading activities from the newly opened office.
The Fortress Macro Fund Ltd. gained 1.8 percent in March, the filing shows.