JWH keeps dropping


CTAs had a difficult April as many managers got whipsawed by trends that reversed mid-month. John Henry's eponymous firm continued to suffer losses, particularly in the JWH Currency Strategic Allocation Program, which lost 4.07% in April and is down 29.26% for the year-to-date. The JWH International Foreign Exchange Program lost 4.37% in April, bringing its year-to-date losses to 27.39%. While Henry's funds are known for large directional spikes, other CTAs generally known for slightly more stable returns have posted similar losses to the JWH funds this year. Graham Capital's GST fund lost 5.52% in April and is down