Asset Class Scoreboard – June 2012
We’ve been a little busy around the office, and for whatever reason, the DJCS index took forever to update, but we have all the data and a moment to breathe, so it’s time to bring us up to speed on how the various asset classes are faring in 2012. We may be inching towards the end of July at this point, but this is where things stood as of the end of June.
Why the Futures Trade Matters
Grain prices are soaring as the heat and drought parches crops across the Midwest. To us, this serves as an excellent reminder of why the futures industry is too valuable to be hobbled by the corruption and incompetence of a few.
Meanwhile, in the Futures Markets…
Despite the catastrophe unfolding at PFGBest and all our work trying to solidify the return of customer funds, the world has continued to operate more or less as usual. So how have market conditions been in the meantime?
Waking the Dead on Supply & Demand
Energy companies know they must be prepared for a wide variety of problems beyond their control, something natural gas producer Chesapeake Energy is experiencing firsthand. Their problem? Extracting resources without waking the dead.
Long-only Commodity ETFs vs. Futures- June 2012
Corn and natural gas futures bounced back from the May slide, while crude oil continued its downward trajectory. But in all three cases you would have been better off in December futures contracts than in long-only commodity ETFs. If you’re going to adopt a long-only strategy, why invest in an ETF when you can just roll December futures contracts annually?
Disclaimers
Managed futures, commodity trading, forex trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. You should not rely on any of the information as a substitute for the exercise of your own skill and judgment in making such a decision on the appropriateness of such investments.
The entries on this blog are intended to further subscribers understanding, education, and – at times – enjoyment of the world of alternative investments. Unless distinctly noted otherwise, the data and graphs included herein are intended to be mere examples and exhibits of the topic discussed, are for educational and illustrative purposes only, and do not represent trading in actual accounts. Opinions expressed are that of the author.
The mention of specific asset class performance (i.e. +3.2%, -4.6%) is based on the noted source index (i.e. Newedge CTA Index, S&P 500 Index, etc.), and investors should take care to understand that any 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.
The performance data for various Commodity Trading Advisor (“CTA”) and Commodity Pools are compiled from various sources, including Barclay Hedge, 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.
The mention of general asset class performance (i.e. managed futures did well, stocks were down, bonds were up) is based on RCM’s direct experience in those asset classes, estimates of performance of dozens of CTAs followed by RCM, and averaging of various indices designed to track said asset classes.
The mention of market based performance (i.e. Corn was up 5% today) reflects all available information as of the time and date of the publication.
The owner of this blog, RCM Alternatives, may receive various forms of compensation from certain investment managers highlighted and/or mentioned within the blog, including but not limited to retaining: a portion of trade commissions, a portion of the fees charged to investors by the investment managers, a portion of the fees for operating a fund for the investment managers via affiliate Attain Portfolio Advisors, or via direct payment for marketing services.
Managed Futures Disclaimer:
Past Performance is Not Necessarily Indicative of Future Results. The regulations of the CFTC require that prospective clients of a managed futures program (CTA) receive a disclosure document when they are solicited to enter into an agreement whereby the CTA will direct or guide the client’s commodity interest trading and that certain risk factors be highlighted. The disclosure document contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA.
See the full terms of use and risk disclaimer here.
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