CTAs: The emergence of a leading strategy

Tue Oct 6, 2009

David Winton Harding, founder of London-based Winton CapitalManagement, says that if you look hard enough you can find a literaryquote to serve as a mot juste for virtually any event or circumstance.To prove the point, he reels one off from Julius Caesar: "There is atide in the affairs of men which, taken at the flood, leads on tofortune..."

David Harding, Winton Capital Management

"Howgood a quote is that for a trend-follower?" Harding asks. "I’m notinterpreting it in a geeky way, but it is so appropriate fortrend-followers. It’s all a question of catching the tide. It’s not aquestion of being right about things. It’s all about riding the wave."

Not all Commodity Trading Advisers (CTAs) are trend-followers. Butmost of those that are were able to ride the wave to spectacular effectin 2008. In a miserable year for many hedge fund strategies, theHedgeFund Intelligence Managed Futures index...

ISSN: 2151-1845 / CDC10004H

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