Hong-Kong based Guard Capital was launched in August by Leland Lim, the former co-head of macro trading for Asia Pacific ex-Japan at Goldman Sachs (>> Goldman Sachs Group Inc), and Allan Bedwick, who was the head of macro trading in Asia for Noble Group .

Some of the world's best-known macro hedge fund managers such as the Fortress Macro Fund, COMAC Capital and Everest Capital were hit last week after the Swiss National Bank (SNB) removed a cap on the franc, sending the currency skyward.

The franc surged as much as 40 percent to a high of 0.85 to the euro on Thursday, at a time when more than $3.5 billion was betting on franc weakness, the largest such position in more than a year and a half, hurting a number of hedge funds.

The Guard Macro Master Fund, which gained about 10 percent last year since its August launch, managed about $88 million in September, according to a letter to investors obtained by Reuters. The fund has since then tripled its assets to about $300 million, two sources said.

E-mails to Guard Capital's spokesman Matthew Edwards remained unanswered.

Macro hedge funds focus on major economic trends and bet anywhere they see value, including stocks, currencies, bonds, commodities and derivatives markets.

As a group, these funds saw net outflows worth about $28 billion last year, data from HFR showed, compared with $76.4 billion in net inflows for the global industry.

(Reporting by Nishant Kumar, editing by Sinead Cruise)

By Nishant Kumar

Stocks treated in this article : Goldman Sachs Group Inc, Noble Group Limited