The current shift away from a single macroeconomic narrative is beneficial for hedge funds, says Man FRM – but a victory for Marine Le Pen in the French presidential election could derail things. New market commentary by hedge fund manager Man FRM blamed the poor performance of the alternatives sector throughout 2016 on a single pervasive narrative, namely, the Trump reflation trade. The victory of Donald Trump and Britain’s decision to exit the European Union conspired to cause markets to correlate around one common thesis, it said. But Man FRM is hopeful about the remainder of 2017 because hedge funds should...