Alpha Macro FX Traders Should've Just Been Beta
- Returns adjusted for risk are negative in 2017: Deutsche Bank
- Discretionary managers failing to anticipate economic shifts
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Macro investors seeking to beat basic currency strategies are having a horrible year.
Discretionary fund managers targeting returns above what they’d get with simpler approaches such as carry, momentum and valuation trades, are heading for their worst year since at least 1989, according to a reward-to-risk metric from Deutsche Bank AG.