CTAs: Still struggling


July proved to be yet another challenging month for managed futures funds, with the Absolute Return Managed Futures Index down 0.93% to total a mere 0.85% for the year. Although currencies and base metals rose modestly, these gains were not always reflected in portfolio returns. All of the John W. Henry portfolios incurred losses, for example, with its Financial and Metals Portfolio dropping 3.07%. Chesapeake Capital's diversified program also had a bad spell, reporting a monthly dip of 2.14%. That decline, however, still leaves the strategy with a solid YTD return of 9.11%. The AIS Gold Fund, meanwhile,