Macro Fund

Overview

The Macro Fund is a fundamentally based global macro fund. Our objective is to provide superior risk-adjusted returns by efficiently allocating capital to the markets of the world where the risk/reward tradeoff is the most attractive. We seek to achieve this by combining analysis of global macroeconomic themes with a rigorous value-based trade selection process.

As a global macro fund, we are unconstrained by asset or geographical classification. This allows us to explore every opportunity within asset classes that best express our views of global themes. We focus on trades where a dislocation in markets provides favorable odds for the thoughtful construction of portfolios. We augment a longer-term thematic portfolio with short-time-horizon trades to position ourselves more offensively or defensively to our thematic views. Prudent money management requires firm risk/reward discipline—should market pricing diverge from our underlying themes, capital preservation takes precedence. Prudent portfolio management and asymmetric trade construction will, we believe, provide for strong long-term returns to our partners.

Investment Team

Peter A. Besold
Senior Managing Director and Co-Portfolio Manager

pbesold

Mr. Besold is currently Co-Portfolio Manager of the Harbert Macro Fund. Prior to Harbert Mr. Besold was a Director at Citibank, where he managed a proprietary investment portfolio, from 2009 to 2012. Prior to Citibank, he was the Senior Portfolio Manager for Vara Capital Management, a Chicago based global macro hedge fund, from 2006 to 2009. In addition to managing the core trading team, Mr. Besold guided the portfolio’s global thematic expression, it’s construction, and risk adherence from 2007 to 2009. Prior to Vara Capital, Mr. Besold was a Senior Portfolio Manager for Ritchie Capital Management’s global macro portfolio from April 2002 to May 2005. Before joining RCM, Mr. Besold spent 18 years with Citibank, NationsBank and ABN Amro trading products including futures, options, interest rate swaps, currencies, money markets, and emerging market currencies and bonds. Mr. Besold received a BA in economics from the University of Chicago.

Phillip A. Torres
Senior Managing Director and Co-Portfolio Manager

ptorres

Mr. Torres is currently Co-Portfolio Manager of the Harbert Macro Fund. Prior to HMC, he was a Senior Portfolio Manager for UBS Asset Management, where he ran the firm’s multi-asset absolute return products from 2010 – 2011. Prior to UBS he was a Senior Portfolio Manager with JBS-USA where he managed the firm’s proprietary capital/excess treasury assets. Previous to JBS, he was a Portfolio Manager with Vara Capital Management, a Chicago based global macro hedge fund. Mr. Torres held responsibility for Vara’s emerging market portfolio managing positions globally across various interest rate, credit, equity, and commodity related products. Prior to Vara Capital, from July 2001 through April 2005, Mr. Torres served as the Emerging Market Portfolio Manager for Ritchie Capital Management’s global macro group. Before joining RCM, Mr. Torres was a consultant for IMCC to the USAID and World Bank, serving on projects involving financial sector and monetary reform in a variety of emerging economies across Latin America, Africa, CIS, and Asia. Mr. Torres received an MBA from the University of Chicago and a BA in political science from Tufts University.

Contact
HARBERT MACRO FUND

444 N. Michigan Avenue
Suite 3500
Chicago, IL 60611

Contact:
irelations@harbert.net
205-987-5500