For Chinese version, please scroll down

Translate This Page


'So, in conduct of war, there are no fixed situations and conditions, just like water has no constant shape and configuration.'

Art of War by Sun Tzu - Chinese strategist, general, philosopher, 496 BC

Financial markets is very much like warfare that requires fluidity in strategy and tactics to adapt to changing environments and business cycles to succeed. Water represents absolute flexibility to adapt and to thrive - Macrowaters Asia was founded on such principles.

Investment Strategy

Our Multi-Strategy/Global Macro/CTA is recognized as one of the most adaptable, successful and resilient strategy over mid-long term in search of alpha across multi-asset classes globally.

We do deep and independent analysis of macroeconomics, history, politics, fundamental & technical analysis, socio-cultural trends and behavioral finance to preserve capital in good & bad times.

Risk control is a key part of macro trading and playing good defense is vital to long-term investment success. Global Macro essentially is a multi-asset class strategy that allow us to flow between all asset classes (Currencies, Equities, Bonds, Commodities and Cash) to diversify, lower risks and use absolute return strategies (that can work in downtrends). 

Selling overvalued assets at 'euphoric highs' and buying undervalued assets at 'panic lows'. We can go short sell futures and buy put options to anticipate downtrends and hedge our portfolios unlike traditional investments.

Beyond top-down and bottom-up

Besides being top-down macro analysis and bottom-up value investing, we believe markets are not normally distributed and uncertainty cannot be fully quantified against conventional wisdom.

We hedge our portfolios against 'Black swan' events like the 2008 Global Financial/Lehman Crisis by buying 'put option protection' when insurance is cheap due to complacency and low volatility. 

Always looking for highly skewed asymmetric risk-reward ratios help us refine our opportunities to those with highest potential upside and lowest possible downside. In general, we look for 1-3 or even 1-5 risk/reward ratios.  

Risk management is a critical part of what we do. Risk budgeting, diversification to non-correlated assets to equity markets, asset allocation & rebalancing, stop loss in price & time and culture of risk control. This comes with lot of hard work.

Creativity and  diversity in views help us to filter down to the best ideas in each asset class and keep us 'ahead of the curve': A constant work-in-progress

Investment Philosophy - Best of 'East & West'

Classic teachings and new thinking in books like Art of War by Sun Tzu, Tao Te Ching by Lao Tzu and Confucius values combined with modern Western, Theory of Empirical Falsification by Karl Popper and Theory of Reflexivity by George Soros give us clues to to enhance our investment process. In addition, we incorporate 1700 Japanese rice trader Honma Munehisa's trading techniques and Benjamin Graham's value investing. 

Our investment philosophy guides us to be trend-following and trend-bucking, never married to one side and always adaptable to survive - just like water adapting to the environment.

This is why we are distinct from most other hedge funds, including other macro strategies. Contrarian thinking and anti-contrarian. (numerous examples in business & investment world, esp in the tech space, has shown that being rigid will face obsolescence)

Dynamic Asset Allocation

Our advantage lies in not being mandated to be fully invested at all times and can hold more cash if there are no compelling opportunities. By reallocating capital from equities to currencies or bonds and cash allow us to be anticipate trends and avoid being caught when market turmoil hits. Macro has more opportunity sets to find alpha returns. Our initial allocation of 20% in each asset class gives us a balanced 'risk-neutral' position.

Thus, allowing us to do battle when and where our probabilities of victory are highest. This gives us a natural edge to focus on defending our portfolios well when others may be blindly 'following the herd'. Allow us to put our extra cash to work when there are 'panic corrections or crashes'.

Our golden rule is 'Anticipate' and not 'react' to new trends and event risks.

Interest aligned with our investors

Our own capital is invested in the fund so whatever we do puts us in the same boat as our investors. This is a critical difference with traditional investment managers in the market and can affect motivation and  performance. 

Our passion, dedication and focus cannot be shaken as our core belief is to take care of our investors portfolio before everything else. End of day, survival first and doing what is right. 

Disclaimer: All information is strictly for Professional Investors and not meant to be a sale, advice or marketing of any product or service. No information here is allowed to be duplicated nor forwarded and belong to Macrowaters Asia Fund Management. We will not hesitate to take legal action according to copyright laws. All charts and performance metrics (gross returns before fees) are based on our actual model portfolio for illustration and not indicative of future performance. Past performance does not guarantee nor indicate future performance. Investment in financial markets involves all kinds of risks and may result in losses.



金融市场非常像战争,需要战略和战术的流动性,以适应不断变化的环境和商业周期取得成功。水代表了适应和繁荣的绝对灵活性 - 宏水亚洲是基于这样的原则。







资理念 - “东西方


我们的投资理念指导我们追求趋势和趋势,从未结婚,总是适应生存 - 就像水适应环境。