Thought Leadership

Nearly two-thirds of professional investors say macro investing now more relevant

20 July 2023

  • 81% investors believe global macroeconomic factors important in portfolio construction

  • 72% allocating more or starting to think about allocating to macro strategies


Nearly two thirds of professional investors surveyed (64%) say macro investing has become more relevant, given the significant financial market turmoil of the past few years. The findings come from new research from Fulcrum Asset Management1.

Of those who believed in the increased relevance of macro investing, 77% said that this was due to the fact that 2022 had shown the risks inherent in a portfolio concentrated in equities and bonds.

How important overall do you consider global macroeconomic factors
to be when constructing / adjusting your portfolio, if at all?

Source: Fulcrum Asset Management

Global macroeconomic factors were cited as ‘important’2 by 81% of surveyed professional investors, when constructing or adjusting their portfolio and 72% of investors surveyed said that they were either allocating more (58%) or were maybe starting to think about allocating more (14%) to diversified strategies, such as global macro, over the next 12 months.

When asked the reasons why global macro investment strategies might be beneficial to asset allocation, most respondents (56%) attributed it to their opportunistic nature, namely the fact they can take quick advantage of macro events. This was closely followed by their diversification benefits (51%) which was probably due their low correlation to equities and bonds. Almost half (45%) also saw the benefit of such a strategy as a counter to financial and political shocks. Around 1% saw no benefits to the strategy and suggested they could lead to ‘knee-jerk’ decisions.

Over four in ten (44%) described macro investment strategies as having become mainstream, while nearly a third say it is not always clear what is in them, and 28% describe them as “still a bit of an enigma.”

Joe Davidson, Managing Partner at Fulcrum Asset Management said:

“The results of our survey demonstrate that the economic twists and turns of the past few years have well and truly left their mark as they have repeatedly upended expectations. It has become clear that as a result, investors are looking to bolster their portfolios, with nearly three-quarters of those surveyed stating that they were either allocating more, or starting to think about allocating to diversified strategies such as global macro, over the next 12 months.” 

“As a global house, with macro investing forming the backbone of our investment success, it was interesting to see the outcome of this survey.”

About the Author

1Findings are based on a survey from independent research consultancy, Censuswide, conducted between 30.05.23-06.06.23 with a sample of 205 Professional Investors (breakdown: 105 respondents in the UK and 100 respondents in the US.) Censuswide is a member of ESOMAR – a global association and voice of the data, research and insights industry. Censuswide complies with the MRS code of conduct based on ESOMAR principles.

2‘Important’ is a combination of Very important and Somewhat important answers.

This content is provided for informational purposes and is directed at professional clients as defined in Directive 2011/61/EU (AIFMD) and Directive 2014/65/EU (MiFID II) Annex II Section I or Section II or an investor with an equivalent status as defined by your local jurisdiction.  Fulcrum Asset Management LLP (“Fulcrum”) does not produce independent Investment Research and any content disseminated is not prepared in accordance with legal requirements designed to promote the independence of investment research and as such should be deemed as marketing communications.  This document is also considered to be a minor non-monetary (‘MNMB’) benefit under Directive 2014/65/EU on Markets in Financial Instruments Directive (‘MiFID II’) which transposed into UK domestic law under the Financial Services and Markets Act 2000 (as amended). Fulcrum defines MNMBs as documentation relating to a financial instrument or an investment service which is generic in nature and may be simultaneously made available to any investment firm wishing to receive it or to the general public. The following information may have been disseminated in conferences, seminars and other training events on the benefits and features of a specific financial instrument or an investment service provided by Fulcrum.Any views and opinions expressed are for informational and/or similarly educational purposes only and are a reflection of the author’s best judgment, based upon information available at the time obtained from sources believed to be reliable and providing information in good faith, but no responsibility is accepted for any errors or omissions. Charts and graphs provided herein are for illustrative purposes only. The information contained herein is only as current as of the date indicated, and may be superseded by subsequent market events or for other reasons. Some of the statements may be forward-looking statements or statements of future expectations based on the currently available information. Accordingly, such statements are subject to risks and uncertainties. For example, factors such as the development of macroeconomic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. In no case whatsoever will Fulcrum be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages. Reproduction of this material in whole or in part is strictly prohibited without prior written permission of Fulcrum Copyright © Fulcrum Asset Management LLP 2024. All rights reserved.

FC220 170723

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