Is Trend Following Dead?
Our weekly newsletter is out, and we’re taking a closer look at the bread and butter of the managed futures world: trend following. The strategy has been struggling lately, and it has le to more than a couple people we’ve talked to recently uttering those words we actually love to hear: “is trend following dead”?
Newsletter: One Year After MF Global: Are We Better Off?
Our weekly newsletter is out, and now that it’s been a year after MF Global declared bankruptcy and left the futures industry in a state of disarray, where are we? Do we really understand what transpired? Have we made the reforms necessary to prevent it from happening again? Here, we take a look at how the story played out, the reforms we’ve instituted to date, and the steps we need to take moving forward, both as an industry and as individual investors.
Newsletter: What a Bursting Bond Bubble Looks Like
Our weekly newsletter is out, and this time we’re taking a look at the old standby of safety plays: bonds. While we’re usually preoccupied with the Treasury bond bubble, our friends over at Welton Investment Corp. recently released an excellent paper focusing on the corporate bond bubble. Like us, they’ve been wondering what the future holds for this “safe” refuge. Hand-wringing over our economic future is definitely not new, but in light of Welton’s work now seems like the perfect time to look beneath the placid surface to see what those murky depths contain.
Newsletter: Between Kat and Rollinger – Blending Managed Futures and Hedge Funds
Our newsletter this week is taking a closer look at a paper, penned by Sunrise’s Director of New Strategies Development Thomas Rollinger, updating the 2001 work of Professor Harry M. Kat of the Cass Business School – one of the more thorough explanations of the benefits of managed futures in a traditional portfolio allocation. We delve into the differences and the major takeaways from the research, and how this can apply to your own investment strategy.
Newsletter: From the Horse’s Mouth
This week, we’re doing something a little bit different. Instead of writing from a singular perspective, we’re highlighting our differences, and giving you a glimpse into a few of the minds working on client portfolios on a daily basis. This space, at its best, isn’t about the one-size-fits-all investment; it’s about the investment that fits YOU best, and we wanted to show off some of the custom designs that our portfolio tailors are working on these days.
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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