Many CTAs have had a rocky year, but few more so than the
JWH programs, which as systematic trend followers were
broadsided by key reversals in currencies and interest rates
early this year. Indeed, year-to-date through July, all of the
firm's programs are in the red, with some portfolios reporting
significant double-digit losses. For the year, the $1.7 billion
Strategic Allocation Program was off 16.25%, the $427 million
Financial and Metals Portfolio lost...