March reminded everyone how “balanced” these strategies really are once macro steps in.

Iran headlines pushed oil up, broke rate expectations, and suddenly everything started moving the same way.
Equities, bonds, commodities - all caught on the wrong side at once.

Multistrategy funds, which are supposed to smooth things out, gave back gains fast. Turns out diversification works great until it doesn’t. When correlations snap to one, all those neat allocations stop meaning much.

A few macro and commodity desks stayed afloat. The rest got clipped.

When macro takes the wheel, the market stops playing fair.