The Collapse of the Brent/WTI Trade?
It was all the way back in June when we first touched on the unique opportunity being presented in the pricing differences between Brent Crude and WTI (West Texas Intermediate) Crude. With Brent in backwardation (meaning further out months are less expensive than the nearest months/spot price) and WTI in contango (meaning just the opposite, […]
Position Limits Rule Hits the Federal Register
In the wake of the CFTC passing position limit regulation mid-October, we put up a post contending that, if application of the rules mirrored application of prior limits, it would likely have a non-existent impact on our industry. The final rule is now in the Federal Register, and can be viewed here. Fair warning- it’s […]
October rally unkind to Managed Futures
What looked like it was going to be a great month for managed futures after the first couple days of October quickly turned the other way as a big rally in stocks, energies, foreign currencies, and more caused a sharp reversal from the months long decline in those assets since July. When the paint dried […]
Anatomy of a Trend Following Trade- the Short Exit
We’ve spent a fair amount of time covering a fictional Crude trade in order to better illustrate how a typical trend following trade operates. We covered the long side entry in March when the Middle East and Japan threw the markets for a loop, and updated when the trade got stopped out in May. We […]
Managed Futures Spotlight: Covenant Capital Management
Our weekly newsletter is up, and we’re taking a look at a manager that has continued to impress as time has gone on. It has been nearly two years since we first profiled Covenant Capital Management in March of 2010. At the time, Covenant Capital Aggressive Program was, in our opinion, an up and coming trend […]
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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