The Futures Magazine Cover Curse?
Futures Magazine happened to highlight two of our recommended programs in their Top Traders of 2012 list: Clarke Capital Management and Briarwood Capital. We’re happy to see the attention given to what we believe to be great programs, but it does remind us of the “Madden Curse” that supposedly plagues sports stars. Is there a similar effect for CTAs gracing the pages of the “Top Traders” list?
Four Years Later: Recovery Complete?
The deep pit into which the stock market fell during the 2008 financial crisis is now officially in the rear-view mirror. The Dow has posted new all-time highs, and the S&P 500 is just a few points away from doing the same. Now that we’ve marked another year in the recovery, it’s time to revisit our tradition from the last few years of examining how various markets have fared over the same period.
The Gundlach Constant
Jeff Gundlach of Doubleline has been generating a fair bit of buzz lately by making huge – and for the most part, uncannily accurate – calls on various markets. But recently he was quoted explaining another catchy investing idea that sounds very similar to how we think of managed futures – something he calls Gundlach’s Rule of Investment Risk.
Weekend Reads
The big story of the week was the Dow reaching a new high, while the S&P 500 still has a little ways to go before also hitting that mark. Another dose of decent-but-not-great economic data came out, and most markets continuing to behave as they did in the first two months of the year. As it turns out, the post-sequester world looks quite a bit like the pre-sequester world. For something a little more exciting, we suggest our weekend reads
Asset Class Scoreboard: February 2013
February’s numbers are all in, so we can update our asset class scoreboard to see where the major asset classes stand after the first two months of the year. US stocks and US real estate saw the biggest increases last month, putting the two at the top of the list (where they spent most of 2012). Most of the rest of the list experienced a decline: world stocks, hedge funds, and especially commodities. As a result, managed futures moved up to fourth place despite only a modest gain in February.
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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