Global Macro Trust Reports Q2 Losses

Global Macro Trust closed the second quarter of 2025 with a $1.33 million net loss. Trust capital declined from $68.9 million to $63.3 million, shaped by that loss and $4.2 million in redemptions.

The biggest headwinds came from energy and currency trades. Long positions in Brent and WTI crude struggled to keep pace with wide price swings—driven in part by geopolitical events in the Middle East and shifting expectations around global growth. U.S. and European natural gas positions added to the pressure.

Meanwhile, the U.S. dollar lost ground across several major currencies. Long dollar trades—especially against the Swiss franc, pound, and Canadian and Australian dollars—were unprofitable. Emerging market currencies helped offset some of that loss, but not enough to reverse it.

Interest income fell to $704,423 for the quarter, down more than 30% from Q2 last year. That decline tracked with lower Treasury yields and a smaller pool of investable assets.

On the expense side, the Trust incurred $874,306 in total costs, including:

• Management fees


• Installment selling commissions


• Administrative and custody charges

A rebate to unitholders helped reduce the net impact, but the result was still a meaningful quarterly loss.

Not all positions moved against the Trust. Metals trading delivered a slight gain, with gold and silver positions generating some positive momentum. Interest rate futures, especially in the U.S., U.K., and Australia, also contributed modestly.

In soft commodities, results were mixed. A long position in coffee detracted from performance, while cocoa trades helped recover some ground. Grain exposure performed better. Short positions in corn, soybeans, and wheat added to returns as forecasts pointed to solid global supply.

Equity index futures delivered a balanced result. Gains in U.S., Japanese, and Singaporean positions were partially offset by losses in European and Chinese markets.

As of June 30, the Trust remained highly liquid. More than 90% of capital was held in U.S. Treasury notes, supporting margin and offering stability. Active positions across futures and forward currency contracts continued to drive performance, with the portfolio staying broadly diversified.

Over the first half of 2025, the Trust posted a $1.36 million net loss. With nearly 10% of capital drawn down since the start of the year, results reflect the challenge of navigating fast-moving markets and macro uncertainty. As volatility continues, the Trust’s ability to respond to shifting conditions—across rates, currencies, commodities, and equity indices—will remain critical.