David Harding, managing director and head of research, Winton Capital Management
Soon after starting Winton Capital Management in 1997 I went to a hedge fund conference. Somebody asked us: “What do you do?” I said: “We’re an exchange traded directional global macro fund”. He snapped back: “We don’t talk to CTAs” and spun on his heels.
Winton has never seen any sharp distinction between traditional CTAs, GTAA (global tactical asset allocation) and global macro. What is the difference between these three industries? Their regulator and the history of the people who run them. What is the functional difference between them? There isn’t one. We all bet on the major moves in global financial markets and try to make money for people – the yen against the dollar, Asian equities falling, commodities rising. That is exactly what Winton did in 1997...