14th Jan 2020 - 4:32pm Discretionary macro shop H2O bounces back Submitted By Hugh Leask | 14/01/2020 - 4:32pm H2O Asset Management, Bruno Crastes’ bond-focused discretionary macro hedge fund, which this year marks its tenth anniversary, has posted sterling year-end gains after facing investor pressure this past summer. Flagship fund H2O Adagio, which manages about EUR4.6 billion in assets, made 1.2 per cent during December, leading it to a 7.6 per cent annual gain. Adagio launched in August 2010, with a focus on sovereign bonds, credit and currencies.