The final quarter of 2023 was tough on macro strategies. Uncorrelated strategies fell, with the the HFRI Macro (Total) Index falling 0.6 per cent for the year, with mixed performance across fundamental and quantitative strategies. Total Macro capital declined by an estimated $22.4 billion in the final quarter, inclusive of net asset outflows of $12.2 billion for the quarter, reducing total macro strategy capital to $670.5 billion, HFR said.