The theme for June is “non-correlated does not mean negatively correlated.” We’ve written about this before. While equities continued their bear tread and bonds seemed to hit a temporary low, volatility never really picked up. The real story seemed to be in commodities. Agriculture, metals, and energy all reversed course as the world began to digest the story of Fed-created demand destruction. Even if you were diversified across assets, your long positions likely suffered, volatility went nowhere, and trends reversed. It’s not hard to see why many alternative funds had a rough month. (Congrats to Warrington Asset Mgt as the notable exception.) We suggest noting YTD performance alongside the monthly number for healthy context. And remember, don’t expect a negative correlation from a “non-correlated” asset.
| Name | Ticker | Month to Date | Year to Date | Assets Under Management |
|---|---|---|---|---|
| Hedged Equity | ||||
| Catalyst Buffered Shield Fund I | SHIIX | -4.05% | -16.22% | $75,252,335 |
| Rational Equity Armor Fund Instl | HDCTX | -4.50% | -11.12% | $67,878,958 |
| EAVOL NASDAQ-100 Volatil Overlay Risk A | CLPAX | -5.70% | -24.65% | $14,341,704 |
| Certeza Convex Core A | CNVEX | -5.04% | -27.54% | $4,725,761 |
| Equities + Managed Futures | ||||
| Catalyst/Millburn Hedge Strategy I | MBXIX | -2.56% | 2.93% | $4,007,015,896 |
| Standpoint Multi-Asset Institutional | BLNDX | -2.49% | 5.54% | $404,904,034 |
| Active Fixed Income | ||||
| Catalyst/Stone Beach Income Opp I | IOXIX | -0.93% | -2.25% | $18,494,034 |
| Catalyst Multi-Strategy I | ACXIX | -3.21% | -3.27% | $5,212,723 |
| All Weather / Multi-Strat | ||||
| Rational/ReSolve Adaptive Asset Allc I | RDMIX | -3.03% | 8.63% | $163,044,430 |
| Astor Macro Alternative I | GBLMX | -2.15% | -5.68% | $35,289,118 |
| Catalyst/Millburn Dynamic Cmdty Stgy I | DCXIX | -11.50% | 25.24% | $24,532,928 |
| Options | ||||
| Catalyst/Warrington Strategic Program A | CWXAX | 1.40% | 4.68% | $124,676,749 |
| AlphaCentric Premium Opportunity A | HMXAX | -4.12% | -11.14% | $142,145,839 |
| Rational Tactical Return Instl | HRSTX | -0.29% | -0.76% | $275,597,409 |
| Commodities | ||||
| SilverPepper Cmdty Strats Glb Macro Inst | SPCIX | -10.48% | 13.12% | $208,451,431 |
| Direxion Auspice Broad Commodity Strategy | COM (ETF) | -4.73% | 11.76% | $400,897,695 |
| SDCI USCF SummerHaven Dynamic Commodity | SDCI (ETF) | -8.06% | 27.43% | $10,607,488 |
| Managed Futures | ||||
| AXS Chesapeake Strategy I | EQCHX | -0.08% | 20.70% | $44,604,417 |
