Weekend Reads: Treasury Price Differences
For example, a number of hedge funds will seek to exploit differences in the price of cash Treasuries and equivalent futures. That could explain large futures selling to coincide with buying cash securities — the net position is flat but it appears in the data as a short position. Hedge funds and asset managers take […]
Weekend Reads: Under-Allocated to CTAs
I think people are under-allocated to CTAs. It’s a good way of getting the (risk mitigating) medicine to the patient . . . But investors are return chasers and last year was not a good year,” he says. Trend-following funds need to find their footing in 2017 – (FT) In the decade after Ed thorp launched Princeton Newport […]
Weekend Reads: Revolutionizing Finance
When the corn, wheat and oats futures contracts debuted in 1877, little did the 12 men who founded the Chicago Board of Trade realize they were creating a vehicle that would result in trillions of dollars traded globally every year. How Grain Futures Contracts Revolutionized Finance – (Open Markets) AQR Capital Management’s flagship managed […]
Weekend Reads: 45% With No Savings
The firm expects the correlation between equities and bonds to turn positive in coming years, which means it’d be tougher to get foolproof diversification by reallocating between the two asset classes. Now Bernstein is warning about passive *asset allocation* decisions, too – (FT Alphaville) Gundlach thinks that earnings will go up, but “with an […]
Weekend Reads: A Harry Potter Spider and 3 Tons of Gold
We couldn’t help ourselves but create an infographic for Star War fans to navigate the galaxy of investments. STAR WARS: THE FAN’S GUIDE TO INVESTING – (RCM’s Attain Alternative Blog) Action and connection with people in your community pays itself back tenfold in meeting our basic human need to feel useful. ‘Tis the season to […]
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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