Hedge funds may be coming off their worst first quarter in history, including, surprisingly enough, a poor showing in the energy sector, but not everyone is doing poorly.

Global macro strategies have been thriving, and many fund-of-hedge-fund managers are looking at other strategies like convertible arbitrage, Financial News writes. Global macro strategies trade on macroeconomic trends through liquid assets, including stocks and bonds, commodities and currencies. According to Hedge Fund Research, the strategy is up 10% for the year through May.

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