Hedge funds represent discretionary pools of capital that have very flexible investment strategies. Some funds allocate capital to derivative-based strategies on a global basis, loosely referred to as global macro funds. These investments are typically high-level, directional views on exchange rates, volatility, interest rates and other macro-related factors. In short, this “go anywhere” strategy often uses futures, forwards, and options on equities as well as interest rates and currencies. The investment manager employs top-down investments by placing high-level bets at the country level as well as taking positions in stock, currency, and derivatives on particular countries based on economic views. Many global macro funds increasingly use systematic managed futures, although fewer funds follow a discretionary managed futures strategy.