Asset Class Semantics, Comm Theory, and the Art of Debate
Is managed futures an asset class? We think the answer is yes, and we’ve said as much in the past, but as our recent online debate would indicate, not everyone is convinced. Nevertheless, we think we have good reasons for using the label as we do.
Is Winton lucky rather than good?
Gather enough CTAs together, and talk will inevitably turn to the biggest name in the managed futures space – Winton. Their size has forced them to operate mainly in the most liquid of markets, especially bond futures, which has conveniently been very good to trend following strategies of late. Was this a stroke of genius, or a stroke of luck?
What’s in a Ranking?
We’re not the only ones who rank CTAs, but not all rankings use the same criteria. Recently, a client of ours took issue with another set of CTA rankings, serving as a reminder to be diligent and be sure to get all the facts when considering rankings, awards and accolades.
More from the MFA 2012 Forum
MFA continues, and so do our conversations with managers. Yesterday we had the opportunity to chat with Welton Investments and John Locke Investments about their recent struggles and successes, and how they are responding.
The MFA Arrives
The Managed Funds Association’s Forum 2012 conference is well underway here in Chicago, giving us a chance to learn what some of our favorite CTAs are up to, as well as learning more about emerging managers.
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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