Global Macro Trust Reports Decline in Net Assets

Despite lower performance and investor redemptions, the trust maintains ample liquidity and minimal leverage.

November 14, 2025

Global Macro Trust’s Third Quarter Hit by Market Swings, but Liquidity Remains Strong

Global Macro Trust closed the third quarter of 2025 with net assets down nearly 12%, reflecting a tough trading environment and consistent redemptions. The trust’s net asset value slipped from $332.6 million to $291.6 million between June and September, as markets offered limited traction for the fund’s trend-following strategy.

Performance losses totaled $20.5 million. Investor redemptions added another $20.6 million in outflows. Units outstanding declined from 16.6 million to 15.3 million over the period, and NAV per unit moved from $20.04 to $19.03.

The strategy—built to capture price trends across global futures and forwards—ran into resistance. Softs, industrial metals, livestock, and short-term rates delivered the sharpest losses. Modest gains in long-term interest rates and currency markets helped, but not enough to pull the quarter into positive territory.

Even in a challenging quarter, the trust maintained tight risk controls. Cash and equivalents stood at $267 million at quarter-end, with zero borrowings or margin exposure. Positions were marked to market daily, and leverage was kept low throughout.

Expenses for the nine-month period reached $14.6 million, covering management and operating costs. No incentive fees were paid, given the negative return profile. Despite that, the trust stayed fully operational and continued offering weekly liquidity, with NAVs calculated and published daily.

Strategy and Portfolio Activity

Global Macro Trust’s strategy is systematic, with a macro trend-following engine at its core. The approach remains consistent: identify directional opportunities across commodities, currencies, rates, and equity index futures—long or short—based on price movements and model signals. While rules-based, the system allows for human oversight on risk exposure and asset weighting.

By the end of September, the trust was active in 38 markets, with sizable allocations to:

• U.S. Treasury note and bond futures


• Crude oil


• Gold


• Major currency pairs including the euro and yen

This broad mix keeps the portfolio diversified, even when market trends are short-lived or inconsistent.

Regulatory Standing and Outlook

Regulatory standing remained unchanged. The trust operates under standard SEC and CFTC registration, with Campbell & Company continuing in its role as both commodity pool operator and trading advisor. No structural changes were introduced this quarter.

Looking ahead, the trust is holding course. There are no changes planned for the investment program or redemption policies. The trading environment remains uncertain, but the trust is positioned to respond—backed by a liquidity profile that gives it room to maneuver when conditions shift.