Fortress is closing its macro fund after a brutal year

Fortress Investment Group is planning to close its macro hedge fund, Bloomberg News reports citing a person familiar with the matter.

The Fortress Macro Fund, which is run by Michael Novogratz, fell 4.67% in September and was down 17.49% year-to-date, the firm said in an 8-K filing on Friday.

The average macro hedge fund is down 0.64% this year, according to Hedge Fund Research.

Shares of Fortress fell on Monday afternoon about 3.37%, or 19 cents a share, to trade around $US5.44.

We’ve reached out to a Fortress spokesperson for comment.

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