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(These are known as "macro funds").
Typically macro funds build their positions slowly.
The two bright spots in the industry are among macro funds and fixed-income funds.
That made macro funds one of the most popular types of hedge fund.
The part of the hedge fund industry known as macro funds, however, has seen its role greatly diminished.
Both men ran macro funds, which make big bets on the direction of global stock, bond, currency and commodity markets.
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Through June, the Fortress macro fund was down 3.6 percent after fees, while the Drawbridge global macro fund declined 4.4 percent.
Through October, the Fortress macro fund was down 9.4 percent after fees, while the Drawbridge global macro fund had declined 10.3 percent.
That fund now has $1.8 billion in assets and an Asian macro fund managing $2 billion.
Marc H. Malek, a former UBS trader who manages $611 million, is up 44percentt in his macro fund.
Fortress's macro fund shut down in 2015 and Novogratz left the company.
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