October 11, 2010
Attain Capital
1 Like
While we are in the office today working during the Columbus Day Holiday (sorry Columbus), there will not be a Monday night newsletter this week due to a few members of our team at an Alternative Investment Conference today.
In its place, we’ll give you a hodgepodge of items:
1. Link to Futures Magazine article on Attain recommended list option selling managed futures program Cervino Capital Mgmt. Click following link for article: Futures Magazine – Cervino Capital Trader Profile. (let’s hope for Cervino’s sake they don’t get the Futures Mag curse – which has seen several programs go into new max DDs shortly after being profiled there).
2. Link to letter from Hoffman Asset Mgmt. head Dean Hoffman on why his program is seeing differences between accounts at the $125K level versus the $250K level (the latter of which is back near all time highs). We would have liked to see a bit more detail from Mr. Hoffman, showing exactly which positions the different accounts got/didn’t get, and recommend investors take him up on his offer in the letter and call directly to get the full story. Click following link for article: October 2010 HAMI Update
3. The Top 5 CTA rankings as would have been shown in newsletter, run on data through end of Sep. [rankings are on programs tracked by Attain using the past 12 mo. return/DD]
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Top 5 CTAs Past 12 months |
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Disclaimer
The performance data displayed herein is compiled from various sources, including BarclayHedge, 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.
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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. Individuals cannot invest in the index itself, and actual rates of return may be significantly different and more volatile than those of the index.
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Limitations on RCM Quintile + Star Rankings
The Quintile Rankings and RCM Star Rankings shown here are provided for informational purposes only. RCM does not guarantee the accuracy, timeliness or completeness of this information. The ranking methodology is proprietary and the results have not been audited or verified by an independent third party. Some CTAs may employ trading programs or strategies that are riskier than others. CTAs may manage customer accounts differently than their model results shown or make different trades in actual customer accounts versus their own accounts. Different CTAs are subject to different market conditions and risks that can significantly impact actual results. RCM and its affiliates receive compensation from some of the rated CTAs. Investors should perform their own due diligence before investing with any CTA. This ranking information should not be the sole basis for any investment decision.
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October 11, 2010
I find it interesting the Mr. Hoffman’s solution to the under-performance of smaller accounts, which in the time frame mentioned he should know is purely random, is for those account holders to increase their notionalization to a 3.33 to 1 level. The overall leverage in the account would be much larger than that. This seems to be quite self-serving (adding to his management fees and making his return to new highs and juicy incentive fees more than twice as easy) in addition to being a questionable idea, doubling down on a losing trade. If the larger accounts were under-performing, would Mr. Hoffman suggest that all his clients decrease their account size?