Kettera Strategies Heat Map - May 2025
Discretionary global macro programs were mixed, with positive programs posting modest gains, while a few programs - including some of those that we track - took larger losses
Hedge Funds - Managed Futures
Hedge Funds - Managed Futures
AlphaWeek's coverage of the managed futures space
Kettera Strategies Heat Map - April 2025
Long term trend programs had a very difficult April. The announcement of tariffs on “Liberation Day” by the U.S. administration on April 2nd triggered a sharp repricing of risk across many sectors and markets which resulted in broad-based price reversals across equities, fixed income, certain commodities, and the U.S. dollar
Kettera Strategies Heat Map - March 2025
Most of the discretionary global macro managers we track delivered positive returns in March - with many outperforming due to concentrated, high-conviction positions as opposed to broad diversification
Kettera Strategies Heat Map - January 2025
In January, discretionary global macro funds faced a complex environment roiled by U.S. policy shifts and geopolitical tensions
Kettera Strategies Heat Map - December 2024
Quant global macro strategies experienced mixed to positive performance in December. Like their systematic trend cousins, quant macro seemed to find its best opportunities in currency markets but challenging conditions in metals
Kettera Strategies Heat Map - November 2024
Long term trend followers had a strong month in November, and the most interesting observation is how differently each program prospered. The one constant is that fixed income and interest rates was the laggard sector, negative for most programs
SG Prime Services Releases the CTA Indices Constituents for 2025
There are no changes to the constituents in the flagship SG CTA Index but there is one new constituent in the SG Trend Index for 2025, and two new constituents in the SG Short-Term Traders Index
Kettera Strategies Heat Map - October 2024
Trend followers posted a negative October, with the clear underperforming sector being fixed income - both shorter-term rates and longer-term bond markets
Kettera Strategies Heat Map - September 2024
The discretionary global macro programs we follow were generally positive in September, primarily by being long fixed income and rates, short the US dollar on a highly anticipated Fed rate cut
Kettera Strategies Heat Map - August 2024
Long-term trend following programs suffered a difficult August, especially in currencies (long USD got slammed) and energies (long exposures did poorly)
Kettera Strategies Heat Map - July 2024
It was a challenging month for most trend following programs, as July was peppered with surprise developments
Strong First Half for Managed Futures Hedge Funds but Investors Yet To Return Significantly
Through the end of May, the average return was +9.86% according to Nasdaq eVestment, but $2.05bn of assets have left the space this year so far
Kettera Strategies Heat Map - June 2024
Longer-term trend programs finished the month mixed, although with more negatives than positives - pulling this strategy bucket down into negative territory
Kettera Strategies Heat Map - May 2024
It appears that nearly all types of quantitative (or “model based”) macro programs had a difficult month in May
Kettera Strategies Heat Map - April 2024
Discretionary global macro managers generally performed well in April. Those programs that generated outsized gains appeared to have done so in commodities and currencies
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