Well, it was a valiant effort… and while some of the managed futures indices were able to push into the black for 2013, the overall race is too close to call, with the average of the indices reporting so far coming out just on the wrong side of even despite the late 2nd half surge in performance. It’s worth noting these numbers are likely to fluctuate some as the BarclayHedge CTA index only has 1/3rd of their numbers reported, and the DJCS index is likely to be positive.
(Disclaimer: Past performance is not necessarily indicative of future results)
Of course, whether the average of the various indices finishes slightly in the black, or remains slightly in the red likely doesn’t matter too much to investors. Most are probably not thrilled that it is anywhere near zero, not really caring if it is basis points on either side. They would rather it be on either side of +15%… not haggling over 10ths of a percent. But the silver lining is that managed futures, as a whole, are doing exactly what they promised in terms of risk control. They may not be delivering the returns, but they are doing a heroic job of controlling the downside – with this historic losing period for managed futures really nothing compared to the worst drawdowns of the stock market, gold, or real estate.
Here’s to a lack of red in the table 1 year from now.
The performance data displayed herein is compiled from various sources, including BarclayHedge, RCM's own estimates of performance based on account managed by advisors on its books, and reports directly from the advisors. These performance figures should not be relied on independent of the individual advisor's disclosure document, which has important information regarding the method of calculation used, whether or not the performance includes proprietary results, and other important footnotes on the advisor's track record.
Benchmark index performance is for the constituents of that index only, and does not represent the entire universe of possible investments within that asset class. And further, that there can be limitations and biases to indices such as survivorship, self reporting, and instant history.
Managed futures accounts can subject to substantial charges for management and advisory fees. The numbers within this website include all such fees, but it may be necessary for those accounts that are subject to these charges to make substantial trading profits in the future to avoid depletion or exhaustion of their assets.
Investors interested in investing with a managed futures program (excepting those programs which are offered exclusively to qualified eligible persons as that term is defined by CFTC regulation 4.7) will be required to receive and sign off on a disclosure document in compliance with certain CFT rules The disclosure documents contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA, as well as the composite performance of accounts under the CTA's management over at least the most recent five years. Investor interested in investing in any of the programs on this website are urged to carefully read these disclosure documents, including, but not limited to the performance information, before investing in any such programs.
Those investors who are qualified eligible persons as that term is defined by CFTC regulation 4.7 and interested in investing in a program exempt from having to provide a disclosure document and considered by the regulations to be sophisticated enough to understand the risks and be able to interpret the accuracy and completeness of any performance information on their own.
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