Asset Class Scoreboard: May 2013
May was by far the biggest shakeup in the asset class scoreboard so far this year. Big reversals in multiple markets in the final weeks of the month shifted the landscape considerably, with US Real Estate, World Stocks, Managed Futures, Bonds and Commodities all falling. Stocks and Hedge Funds were the only classes on our […]
Risk On/Risk Off Market Snapshot: May 2013
2013 continues to sport far fewer risk on/off days than the last few years. Despite some larger stock moves in May, we saw yet another month with very few broad multi-market selloffs or rallies. This is only the second month of 2013 to see risk on/risk off days.
RAID for the Gold Bugs
A broken clock is right twice a day – and for the True Believers in gold, that clock stayed broken from 2001 through mid-2011. Now after two years of falling gold prices, John Paulson, one of the most prominent gold investors has taken a major hit, continuing his losing streak from 2012.
A Tale of Two Mays
We know… we know… May is almost an afterthought at this point a full week and a half of trading later, but we can’t help but look back with some sense of interest at how markets diverged last month as compared with May one year ago… and why managed futures welcomes the change.
Gundlach’s Next Call – Short Gold
Gundlach’s big calls last year for Short Apple/Long Natural Gas and Short Yen/Long Nikkei turned out to be right on the money. But with those winding down, he has a new predication. This time it’s gold. So where does he see it going?
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.
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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.
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