PFGBest Update: Paying the Bills
The unwinding of the mess that Russ Wasendorf left behind has surely been a daunting task, but we haven’t exactly been impressed with its execution. There have been a number of missteps along the way… and now, we’ve just discovered how large the bill for all that “service” is going to be.
Managed Futures Madness Round 2: Best Lowest 3-Year Return
The performance metric picked to advance from 32 CTAs to our “sweet sixteen” is Best Lowest 3-Year Return. What on Earth does that mean? As confusing as it may be to read, it’s actually quite straightforward, and it led to more than a few upsets in the second round of our tournament.
Managed Futures Madness Round 1: Total Return
With the first round of the “real” tournament completed, it’s time for our managed futures tournament games to be decided. The metric selected for the first round? Total Return. A simple metric if ever there was one, but that doesn’t mean it didn’t cause some upsets.
PFGBest Update: The Tax Man Cometh
It’s hard to believe, but today we can use the words “IRS,” “Taxes,” and “PFG Best” in the same sentence – and the result is good news. Customers who lost money in the company’s fraud may now at least get a little relief when filing their taxes.
Weekend Reads
The crisis in Cyprus may have brought Euro worries back to the headlines, but the Most Anticipated Pullback Ever has yet to materialize, and the Most Hated Bull Market Ever stays alive for another week. So whether you’re looking for some good reads to fill the space between basketball games, or you just aren’t much of a college basketball fan, here’s what we’re reading headed into the weekend.
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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