It has been a bad stretch for hedge funds that make bold bets on big economic trends. Two prominent multibillion-dollar macro hedge funds have shut down in the last week after double-digit losses. But it is not all bad news for macro hedge funds, the corner of the hedge fund universe where managers wager on everything from currency moves to central bank interest rate increases and the direction of the price of oil. Some lesser-known macro-focused hedge funds like Element Capital Management and Atreaus Capital have made double-digit gains for investors so far this year. “Whenever you have a challenge,...