Contango, Backwardation and Relative Value in Brent and WTI Crude Oil
After hearing a manager last week talk about their trade of shorting the negative roll yield WTI Crude futures (West Texas Intermediate grade Crude Oil – aka Crude Oil as we know it here in the US) and going long the less negative to positive roll yield Brent Crude futures, our curiosity got the better […]
Managed Futures Spotlight: Quantum Leap Capital
This week’s managed futures spotlight belongs to none other than Quantum Leap Capital. It is not often you meet a CTA from Mexico- never mind a CTA that also built a world class visual effects studio (also in Mexico) that won an Oscar for its work on the movie The Curious Case of Benjamin Button. Today, […]
Weekend Reads
This week was tumultuous, to say the least. Greece teetered further toward the edge while stocks took a nosedive, only to bounce back for a less dramatic weekly loss. In the world of managed futures, the MFA conference gave us quite a lot to think about, and included great conversation with both new and old […]
MFA Conference Reflections
Another MFA conference has come and gone, and we can’t help but feel as though this time around was decidedly different from the MFAs of yesteryear. The feel of the event was unique, but not really quantifiable. What were the takeaways? The emergence of new traders from Wall Street proprietary desks. We’ve found a surge […]
MFA Update: Meetings with Campbell & Company and EMC
We were pleased to wrap up the MFA conference with two meetings with some great CTAs. Last night, Jeff Eizenberg had the chance to sit down with Andy Schneider (VP Institutional Marketing) and Jon Caplis (Research Manager) from Campbell & Company. With close to 150 employees, $3 billion in assets under management, and a research […]
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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