In a month defined by volatility, macro strategies were the only type of hedge funds to make gains in March as stock markets worldwide were plunged into chaos due to Covid-19. Across the hedge fund industry, overall figures remained in the red, save “event-driven strategies” which bet on global market and political events. Macro hedge funds managed to stay in the black as the coronavirus crisis triggered equity losses, sharp arbitrage spread widening, and an “expected” slowdown of the global economy, according to Hedge Fund Research.