The Global Macro Managed Account has delivered an annualized return of 7% in a global market that delivered -9% annualized for the same 3 year period. It was established at the start of 2007 to offer our investors a hedge against, in our view, the coming global equity and credit markets downturn. During the worst of the downturn, when global equity markets were down 50%, the Global Macro fund was up 15%. It offers a compelling hedge and an opportunity to diversify against a market that has and could still witness extraordinary levels of turbulence.