Global macro hedge funds are attracting investors and fund selectors alike as expectations grow for the strategy's performance in 2012.
"An equity long/short fund can be run by two guys with a computer. Macro managers have a lot more information available to them."
Stenham Helix has a target return of Libor +5/6%. It bears similarities to Stenham Trading, Stenham's flagship macro fund of hedge funds, although its underlying assets are more liquid: Helix offers monthly liquidity with 35 days' notice, while Trading has a 95-day notice period.
Helix was launched to respond to investors keen on a global macro product mixed with high liquidity.
Uribarren says liquidity is not the most important factor when selecting underlying hedge funds: "First and foremost is selecting top tier managers." He has a bias for discrete trading managers and systematic commodity trading advisers.
Trading's investors are global, with 50% placed in the UK and Northern Europe, and the rest divided between Latin America, the Middle East and Asia. One third of its investors are pension funds and charities, with the remainder high net-worth individuals and private banks.
"Overall, global macro tends to show lower correlation than other strategies to equities, although last year global macro returns were very disappointing. Every single hedge fund strategy posted negative returns which is a very unusual scenario."
Uribarren believes what macro managers got wrong last year was "misreading government policy and its effect on markets". Many macro managers went short on the euro and long on commodities - calamitous decisions for their funds.
Uribarren's views this tricky policy year cautiously. Last year, the majority of the 15 managers in Trading posted flat performance, and he anticipates policy will continue affecting markets this year.
Have global macro managers equipped themselves for 2012 with lessons learnt from last year?
"I hope so," he concludes.