Hedge funds, particularly large multi-strategy and macro-oriented firms, delivered their strongest collective performance in more than a decade. Why This Cycle Looks DifferentSkeptics may argue that hedge funds have enjoyed brief periods of success before, only to fade again. Macro Makes a ComebackIf multi-strategy funds represent breadth, macro hedge funds represent conviction. For institutional investors seeking diversification from equity risk, macro hedge funds have regained their appeal as portfolio stabilizers. Quant Strategies: Lessons Learned, Models EvolvingQuantitative hedge funds played a complex role in the alpha winter.