Superficially at least, the clearest indication of the
vastdiversity within the universe of CTAs has been the
polarisation ofperformance in the market, especially in 2008,
which is described bymany managers as having been a bumper year
for the strategy.
Many – especially some of the younger European
players – postedrecord returns last year, although
they had their work cut out toeclipse the coruscating
performance of the London-based MulvaneyCapital
Management’s Global Markets Fund. Originally
launched in May1999, this non-discretionary programme posted an
astonishing return ofclose to 109% in 2008, gaining 45.5% in
But you didn’t have to be Mulvaney Capital
Management to enjoy 2008.According to Credit
Suisse/Tremont’s review of the hedge
fundindustry’s performance in 2008, 90% of CTAs
posted positive returnslast year, while 87% recorded gains of
more than 10%.
To students of the long-term track record of managed
futures, thosesuperior returns came as...