The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
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Macro Ops operates a global macro strategy aimed at navigating cyclical and secular regimes by identifying asymmetric trend and positioning extremes. The strategy holds a year-to-date net performance of +45.01% net of fees, having pulled back 219 basis points over the prior week from its peak of +61%. Current positioning remains focused on select thematic expressions, including long exposure to the Nasdaq, semiconductor equities, digital assets, cryptocurrency miners, broad commodities, the US dollar, and focused biotechnology holdings, while actively initiating a long position in Japanese equities. The macroeconomic environment displays classic late-cycle dynamics characterized by acute market concentration, where headline index advances are propelled almost exclusively by artificial intelligence infrastructure earnings while the broader market experiences persistent breadth deterioration. Significant divergence is evident in the breakdown of financial equities alongside consecutive weekly declines in equal-weighted indices. Elevated bond yields, defensive hedge fund positioning, and record short interest across small-cap indices suggest capacity for an upside squeeze, though fragile underlying participation warrants vigilance toward credit spreads.
Capitalize on late-cycle regime trends and sentiment extremes through targeted macro exposures while monitoring credit spreads and market breadth for structural turning points.
The primary path of least resistance for equity indices remains higher over the near term as light institutional positioning and resilient corporate earnings allow room for an upside squeeze. However, broad market participation is expected to remain constrained unless breadth expands beyond mega-cap artificial intelligence winners. The manager expects current late-cycle narrowing to persist until signs of economic stress appear in credit spreads and labor market deterioration.
As of Oct 5, 2026
Alex Barrow founded Macro Ops in 2015 alongside two former hedge fund colleagues, bringing a unique background combining military intelligence service and financial markets expertise. As a former US Marine Scout Sniper and Intelligence Professional specializing in Asian-Pacific economics, Barrow transitioned from over a decade in government service to consulting for Silicon Valley data intelligence firms before working at a global-macro hedge fund. He currently manages his own family office while leading Macro Ops, having published over 300 white papers on financial and macroeconomic topics. The platform operates with a small team including experienced professionals in value investing, options trading, and quantitative finance.
Macro Ops operates as a specialized investment research community emphasizing a multidimensional approach to investing at the intersection of macro/fundamentals, sentiment/positioning, and technical analysis. The platform is rooted in the Japanese ethos of 'Shokunin' (craftsmanship and continuous improvement), focusing on continuous mastery and holistic market analysis. Their signature 'Trifecta Approach' combines effective tools and stacks multiple conditional edges, blending techniques from deep value investing to technical tape reading. The community serves over 350 CIOs, portfolio managers, hedge funds, and family offices through institutional-grade research, proprietary tools, and collaborative learning environments.
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Moderate Conviction Bullish
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