A performance chaser, knife catcher, and seed investor walk into a bar…
This week, our newsletter takes a look at different types of investors and how they become interested in different managed futures programs. Do you chase returns? Look for bargains? Do you buy the hype of a brand new manager? We wanted to put some numbers to these different types of investors to show just how well – or poorly – they do relative to the average CTA.
Managed Futures Ends February Up 0.10%
February started out much as January had gone, with managed futures making slow but steady gains throughout the month. But then the whipsaw environment that took hold in the final days of the month erased those month’s gains and then some, only to reverse course yet again in the final days.
Weekend Reads
Our U-shaped week started out with political worries (in Italy) sending risk on markets plummeting on Monday, while risk off markets suddenly spiked. And now we’re capping off the week with sequester drama while the Dow skirts ever closer to a new all-time high. As we kick off the new month – and hopefully get a little bit of that Irish luck coming our way – here’s what we’re reading headed into the weekend
Long-Only Commodity ETFs vs Futures- February 2013
February is finished, which means we have a new month of data in our regular series examining long-only commodity ETFs, and comparing their performance to the December-dated futures contracts. You’ll notice that this time around, two of the ETFs seem to have the advantage. What’s going on? Well, this is something we’ve run into before, and there are a couple of factors at work.
PFGBest Update: Insuring the Future
We have always thought that a SIPC-style insurance fund for segregated account holders was the single most important step needed to restore confidence in the industry. We need to make it clear that this is what the industry and those who use futures markets to invest want – need – in order to continue investing and trading with confidence. Please consider aiding the cause by taking a few minutes to answer the survey, and help us show just how important insurance is to the customers and businesses that make up this industry.
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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