Financial News reports that HFR’s Macro Systematic Diversified Index gained 5.7% in the third quarter and nearly 16% through the reported year-to-date period. HFR’s Macro Discretionary Thematic Index gained 0.01% in the quarter and 6% year to date.
The contrast is useful because it is defined: two named HFR index series over one reported period. It does not prove that every systematic manager beat every discretionary manager, or that the gap came from automation alone. Earlier LEON coverage already included other named-manager returns cited in the article; those figures are not repackaged here as new. Financial News.