SMN Diversified Futures enters CTA space


A newcomer to the managed futures tables this month is the SMN Diversified Futures Fund, a long-running CTA programme with a long-term trend-following strategy.

The strategy, first launched back in 1996, is run by a management company based in Bermuda originating from an Austrian group founded by Alexander Svoboda, Christian Mayer and Michael Neubauer that has so far been running money - with current assets of about ?250 million - mostly for Austrian investors.

Like most CTAs, after a stellar 2008 when it was up over 58%, SMN has had negative returns so far for 2009, but enters