The JPMorgan Global Macro Opportunities Fund is a $3.9 billion fund that is managed by Shrenick Shah and Nicola Rawlinson.

Shah believes that the US economy is in a contraction and that optimism about China is unwarranted.

The fund has been betting against the stock market for the past six weeks, including putting on a derivatives position that pays off if technology stocks decline.

Shah believes that the US economy is in a contraction and that optimism about China is unwarranted.

The fund's pessimism has been costly, as it has lost 7.3% over the past month.

However, Shah and Rawlinson are convinced that the reality of the economic picture will eventually kick in.

They are not the only ones who are bearish on the stock market. A recent survey of fund managers found that 58% of them believe that the global equity market is overvalued.

The stock market has been on a tear in recent months, with the MSCI World Index up 14% this year.

 However, there are some signs that the rally may be starting to stall. The Nasdaq 100 Index, which is heavily weighted towards technology stocks, has only risen 39% this year.

The Federal Reserve is also expected to start raising interest rates in the coming months, which could put a damper on economic growth and stock market returns.