Performance: The trend is your friend

Tue Oct 6, 2009

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 October alone.

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...

ISSN: 2151-1845 / CDC10004H


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