Mount Lucas Management's $693 million Peak Partners macro strategy ended the year far ahead of its peers, with a 2.51% December gain that boosted its total net to 24.45% for the year. By comparison, the Absolute Return Macro Index gained 0.70% in December, for a full-year loss of 2.09%.
December's rise resulted from substantial gains in fixed income, as rates implied in forward eurodollar futures declined. Meanwhile, gains in equities and commodities largely offset losses on the dollar. Despite the steep decline in commodities last year, Peak Partners expects stocks and credit to bottom first, with commodities following