May was one of the strongest months for FX managers in the past year, even while the choppy ranges in G7 currencies vs. the US dollar made trading difficult
Discretionary Global Macro managers experienced a wide range of results in April, although the better performing programs took concentrated positions in commodities, currencies, and equities
Long term trend following strategies suffered a large “give back” month in November. There was a substantial and broad-based reversal in trends across all asset classes
Most systematic trend programs suffered some degree of setback in October in the equity index markets, due to short positions carried over from late September