A hedge fund strategy that invests in currencies, exchange rates, commodities, gold, bonds and fixed-income securities and is based on fundamental analysis of the global macroeconomy. Macro hedge funds are the oldest and best known. Their trading volumes are very high, and they apply a diverse range of instruments. These funds are regarded as highly speculative, as leverage is particularly high and managers also make use of derivatives, and especially financial futures. The aim is to maximize returns on the hedge fund through leverage.