Managed Futures June Performance
After a bumpy start to the year, the average YTD performance of the 4 managed futures indices we track has managed to pull itself into the positive for the first time in 2014 {disclaimer: past performance is not necessarily indicative of future results}. Here’s the month by month performance of Managed Futures for 2014 thus far:
Would you like some Volatility with that Pulled Pork
Despite news of this virus hitting 14 months ago, the volatility has continued especially in the last three months, with 5 more limit moves (4 up, 1 down) to put the Hog market at the most limit moves experienced in the last 6 years.
Performance of 40 Futures Markets Mid-Year
Without further ado, the front nine scores across 40 different futures markets courtesy of Finviz:
The Climate of Volatility, Investing, and Science
Some people have been saying Barry Rithotz’s writing has been going downhill of late (here), and we did like the old non-Bloomberg Barry a little better ourselves if truth must be told – but one of his most recent pieces is a peach, where he ties in volatility, investing, science, and climate change together. His basic message – don’t think about it as global warming, or even climate change. Think about it as a dramatic increase in the global climate’s volatility, what he calls Global Weather Volatility. And don’t get caught up in the politics about it, get caught up in how to invest in it. As Ritholtz puts it:
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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