Are UK pension funds heading towards a CTA imbalance?


‘Like headstands, side crows and peacocks, CTAs are not always appropriate all the time – or indeed, for everyone’

By Niki Natarajan

Sprains, strains, damaged muscles and torn ligaments are some of the symptoms that over enthusiastic novice yogis attempting complex gravity-defying yoga positions – often at heightened temperatures – might incur.

I don’t like to peddle fear, but one does not need siddhis, or psychic powers, to divine the outcome of a similar fervour when it comes to the latest UK pension fund fad of eschewing balanced global multi-strategy portfolios of hedge funds for a commodity trading adviser or two.

The last few issues of InvestHedge have been full of UK