Macro hedge funds were among the brightest stars in the industry in the late 1990s and early 2000s, but they have since stumbled. These funds took some huge hits in the aftermath of the financial crisis and have yet to fully recover. Macro strategies' gains were just half of the hedge fund average performance over the last five years, according to eVestment. In 2013, macro strategies returned just 2.84%, and assets under management dipped 1%.

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