His fund is investing in much more than just stocks: His fund seeks to profit from broad economic trends by trading everything from currencies to commodities,

His fund is investing in much more than just stocks: His fund seeks to profit from broad economic trends by trading everything from currencies to commodities, a strategy known as macro investing. Such hedge funds returned an average of 2.2 percent last year, 12.6 percent in 2009 and 5.9 percent in 2008, according to data compiled by Bloomberg. ... The bulk of Thiel’s losses last year came in April, June, September and November. The Clarium fund declined 6.5 percent in April, as losing bets in U.S. equities and overseas debt offset gains made in commodities, according to an investor letter. Two months later it slumped 7.7 percent through stocks and currencies. The biggest losses came in September, when the fund slumped 8.4 percent on stock bets, according to a letter. Two months later Clarium dropped 7.8 percent because of currencies and fixed income. ... In October, the Clarium fund had a gross exposure to currencies of 33 percent, which increased to 45 percent the following month.