The fund has lagged its benchmark, the S&P 500 Total Return Index, by 9 percentage points this year.
Bad bets on rising interest rates have been toxic for macro hedge funds.
Investors are surprised because Treasurys should typically sell off in an environment of economic expansion and inflation.
The AIIQ ETF has risen 6% so far this year, compared with a 10% gain in the MSCI World Index.
The World Health Organization said that cases are rising in all regions except Europe.
They added 1% to the aggregate stock market valuation in the second quarter of 2020 and 20% to the value of small cap shares.
A retail investor survey showed respondents planned to put 37% of their stimulus cash directly into equities.
The S&P 500 Index is up over 4% so far this year and closed at an all-time Thursday.
Despite widespread negative or near-zero yields, plenty of people are still buying bonds.
Any number of executive decisions might leave investors on tenterhooks.
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