Today, HedgeFund.net posted a “Strategy Focus Report” on global-macro.

“The redemptions from macro funds during the fourth quarter were over 10x as large as any prior single quarter for the strategy since HFN started tracking asset flows in Q4 2003.”

Granted, it’s not a long history. But the magnitude of Q4 redemptions is staggering and fairly representative across strategies. Not that such redemptions were unexpected — just the opposite; we’ve just never thought of it in terms of quarterly comparison for some reason. ♦