The S&P Directional/Tactical Index, which includes the Macro, Equity Long/Short and Managed Futures sectors, showed the biggest losses, down 1.18% on the month. "Following an extended period of Fed easing, last month was characterized by a shift from an environment of increasing liquidity to one of declining liquidity which had a particularly strong negative impact on the Macro sector," said Justin Dew, senior hedge fund specialist, Standard & Poor's. "Losses in Macro can also be attributed to widespread expectations of tightening economic policies in China."
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