PFGBest Update: Ignorance, Negligence, and Accountability
We wrote in the past about the NFA attempting to improve its processes by hiring Berkeley Research Group to look into its auditing practices, and where it went wrong with PFGBest. Now we’re starting to get an idea of what the Berkeley Research Group has been up to.
Seeking Managers with the XX Factor
Last year wasn’t just rough for managed futures – hedge funds had a lackluster year compared to the soaring equity indices. But as it turns out, their struggles weren’t uniform – a subset of the industry did quite a bit better than their peers, and Dealbook is chalking it up to hedge funds that had a certain XX factor…
A Lie That Won’t Die: The 60/40 Portfolio
January always plays host to a wide variety of ideas about portfolio construction for the coming 12 months. Usually, we brace ourselves for a wide swath of regurgitated nonsense, and try not to let it get under our skin. Except, sometimes, the people talking should know better- a lot better- and we find ourselves in need of rant.
Today is one of those times. Frank Kinnrey, one of Vanguard’s principals, spoke with InvestmentNews, and some of what to say qualified as fightin’ words.
PFGBest Update: Not Quite Man’s Best Friend
As the PFGBest scandal has played out, a variety of lawsuits have been filed against a host of entities. For his part, Russell Wasendorf, Jr. has been attempting to downplay both his own culpability in the firm’s downfall, as well as his financial ability to pay restitution to those who have been wronged. While the information about the latter is scarce, the argument for his innocence is on shaky ground, to say the least.
Sweet Home Chicago #1
It’s been a while since Chicago has been able to brag about first place. So when a recent study broke down hedge fund performance by major US city, we were thrilled to see our own Chicago come out on top. If we can’t have championship rings, we’ll take top-performing city.
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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