Kettera Strategies https://alpha-week.com/ en Kettera Strategies Heat Map - February 2024 https://alpha-week.com/kettera-strategies-heat-map-february-2024 <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--features.html.twig x field--node--title.html.twig * field--node--features.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <span>Kettera Strategies Heat Map - February 2024</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-image--features.html.twig * field--node--field-image.html.twig * field--node--features.html.twig * field--field-image.html.twig * field--image.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-image field--type-image field--label-hidden field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_formatter' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_style' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image' --> <!-- BEGIN OUTPUT from 'core/modules/system/templates/image.html.twig' --> <img loading="lazy" src="https://www.alpha-week.com/sites/default/files/styles/article_full/public/2023-02/Kettera-Strategies.jpg?itok=MT_xYzdC" width="400" height="225" alt="Kettera Strategies" typeof="foaf:Image" /> <!-- END OUTPUT from 'core/modules/system/templates/image.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--features.html.twig x field--node--created.html.twig * field--node--features.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <span>Tue, 03/12/2024 - 16:15</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--features.html.twig * field--node--body.html.twig * field--node--features.html.twig * field--body.html.twig * field--text-with-summary.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>The Style Heat Map below<em> </em>offers a snapshot for the month on all categories of strategies. For the month of February, the following summaries highlight four of the 10 style categories that we track. </span></span></span></span></span></span></p> <p><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Systematic Trend Programs</span></strong></span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">February was an extremely profitable month for many, if not most, long-term trend programs. While historically the most profitable months are marked by a major crisis event that triggers most markets at once, February was unusually rich in different trends in varied markets - both long and short. The most notable gains were in the agricultural sub-sectors: grains, livestock and softs. Long positions in cocoa positions caught a 35% rally just in February. Short grains (corn, soybeans, and soymeal) were also big winners and common across programs. Other popular winning positions were long global equity indices (US, Europe, Japan), and short the Japanese Yen vs. the USD, Euro and British Pound. The longest-term programs (6-12+ month holding periods) fared the best, while the shortest trend models tended to perform the worst.</span></span></span></span></span></p> <p><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Discretionary Global Macro Managers</span></strong></span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Discretionary global macro underperformed in February, and the worst sector was fixed income and short-term rates (STIR). Many programs were positioned for a steepening of the yield curve, a spread trade that is structured as short the front end (rates) and long the back end (bonds), an expectation that did not play out. Traders that were directionally long short-term rates (yields fall) in anticipation of rate cuts by the Fed and Europe got whipsawed. Currencies were a mixed bag for the discretionary programs. Many managers came into the month long the Japanese yen in anticipation that the BoJ would move away from NIRP (negative interest rates), which did not happen and the yen weakened against most G10 majors.</span></span></span></span></span></p> <p><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Commodities Managers – Agricultural Specialists</span></strong></span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Agricultural commodities traders had one of their best months in memory. February saw the continuation of downward price moves in many markets due to ample global supplies in corn, soybeans and soymeal that started last November. This move has been exploited by nearly every type of program. Spread traders (short-biased), directional programs, and options traders have seemed to all cash in on this trend, regardless of systematic vs discretionary approach. Even though the downward trend is long lived, many fundamental traders see more room to fall. That said, this has become quite a crowded trade and any disruption to the oversupplied narrative, such as a bad stretch of weather, could see a sharp correction upwards.</span></span></span></span></span></p> <p><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Commodities Managers – Industrial Commodities Specialists (energies &amp; metals) </span></strong></span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Industrial commodities were mixed, with some energy programs doing well while metals programs generally underperformed. In energy, the better-performing systematic spread and discretionary energy-focused programs tended to be short natural gas and/or European energy markets. Small profits were also captured by long positions in crude oil, but refined products (distillates, gasoline, heating oil, diesel, crack spreads) proved difficult. In metals, most of the fundamental discretionary programs that we track underperformed. Losses seemed to be most frequent in long copper (for the first half of the month) and long gold exposures (the entire month). (Those managers that held on to or reinstated these long positions have been rewarded in March MTD.) We’re still curious why most of the metals managers we track did not benefit a great deal from long nickel (up 10%) or short platinum (down 5%) in February. </span></span></span></span></span></p> <p><img alt="Kettera Strategies" data-entity-type="file" data-entity-uuid="e18de463-a1bd-4507-bd75-eb5a399c2c93" src="https://www.alpha-week.com/sites/default/files/inline-images/Kettera-Strategies-HeatMap-2024-02-February.png" width="550" height="573" loading="lazy" /></p> <p>**********</p> <p><strong>Kettera Strategies</strong></p> <p>***</p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">For the “style classes” and “baskets” presented in this letter:<strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"> </span></strong>The “style baskets” referenced above were created by Kettera for research purpose<strong>s</strong> to track the category and are classifications drawn by Kettera Strategies in their review of programs on and for the Hydra Platform. The arrows represent the style basket’s overall performance for the month (e.g. the sideways arrow indicates that the basket was largely flat overall, a solid red down arrow indicates the basket (on average) was largely negative compared to most months, etc.). The “style basket” for a class is created from monthly returns (net of fees) of programs that are either: programs currently or formerly on Hydra;  or under review with an expectation of being added to Hydra. The weighting of a program in a basket depends upon into which of these three groups the program falls<strong>. </strong>Style baskets are not investible products or index products being offered to investors. They are meant purely for analysis and comparison purposes. These also were not created to stimulate interest in any underlying or associated program. Nonetheless, as these research tools may be regarded to be “hypothetical” combinations of managers, hypothetical performance results have many inherent limitations, some of which are described below. no representation is being made that any product or account will achieve profits or losses similar to those shown. in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. one of the limitations of hypothetical results is that they are generally prepared with the benefit of hindsight. in addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. there are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results..</span></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Benchmark</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">sources:</span></span></p> <ol><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of <a href="https://www.eurekahedge.com/Indices/IndexView/Eurekahedge/481/Eurekahedge-Macro-Hedge-Fund-Index">Eurekahedge Macro Hedge Fund Index</a> and <a href="http://www.barclayhedge.com/">BarclayHedge Global Macro Index</a></span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The <a href="https://www.eurekahedge.com/Indices/IndexView/Eurekahedge/481/Eurekahedge-Macro-Hedge-Fund-Index">Eurekahedge Macro Index</a></span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><a href="https://cib.societegenerale.com/en/prime-services-indices/">Société Générale Trend CTA Index</a></span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The <a href="https://cib.societegenerale.com/en/prime-services-indices/">Société Générale Short-term Traders Index</a> </span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The <a href="http://www.barclayhedge.com/">Barclay Hedge Currency Traders Index</a></span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of <a href="https://www.bridgealternatives.com/commodity-hedge-fund-index">Bridge Alternatives Commodity Hedge Fund Index</a> and <a href="http://www.barclayhedge.com/">Barclay Discretionary Traders Index</a> (for February only the Barclay index was used as the Bridge index was unavailable.) </span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The <a href="http://www.barclayhedge.com/">Barclay Agricultural Traders Index</a>: (same link as above)</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The <a href="https://www.eurekahedge.com/Indices/">Eurekahedge Commodity Hedge Fund Index</a></span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of <a href="https://www.eurekahedge.com/Indices/">CBOE Eurekahedge Relative Value Volatility Hedge Fund Index</a> and CBOE Eurekahedge Long Volatility Index (same link)</span> </span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of <a href="https://www.eurekahedge.com/Indices/">Eurekahedge Multi Strategy Asset Weighted Index</a> and <a href="http://www.barclayhedge.com/">Barclay Hedge Fund Multi Strategy Index</a></span></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Indices and other financial benchmarks shown are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and dividends and do not reflect the impact of advisory fees. index data is reported as of date of publication and may be a month-to-date estimate if all underlying components have not yet reported. the index providers may update their reported performance from time to time. Kettera disclaims any obligation to verify these numbers or to update or revise the performance numbers.</span></span></p> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--features.html.twig * field--node--field-tags.html.twig * field--node--features.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/hedge-funds-guest-articles" hreflang="en">Hedge Funds Guest Articles</a></div> <div class="field__item"><a href="/hedge-funds-managed-futures" hreflang="en">Hedge Funds - Managed Futures</a></div> <div class="field__item"><a href="/directory/kettera-strategies" hreflang="en">Kettera Strategies</a></div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <drupal-render-placeholder callback="flag.link_builder:build" arguments="0=node&amp;1=10731&amp;2=bookmark" token="8giRvN71_dtKpySX61RMVzbXp8i_hdwbEZDg_bcp-7c"></drupal-render-placeholder> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-author--features.html.twig * field--node--field-author.html.twig * field--node--features.html.twig x field--field-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <a href="/author/kettera-strategies" hreflang="en">Kettera Strategies</a> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-content-role--features.html.twig * field--node--field-content-role.html.twig * field--node--features.html.twig * field--field-content-role.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-content-role field--type-list-string field--label-above"> <div class="field__label">Content role</div> <div class="field__item">Public</div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> Tue, 12 Mar 2024 16:15:35 +0000 AlphaWeek Staff 10731 at https://alpha-week.com Kettera Strategies Heat Map - January 2024 https://alpha-week.com/kettera-strategies-heat-map-january-2024 <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--features.html.twig x field--node--title.html.twig * field--node--features.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <span>Kettera Strategies Heat Map - January 2024</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-image--features.html.twig * field--node--field-image.html.twig * field--node--features.html.twig * field--field-image.html.twig * field--image.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-image field--type-image field--label-hidden field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_formatter' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_style' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image' --> <!-- BEGIN OUTPUT from 'core/modules/system/templates/image.html.twig' --> <img loading="lazy" src="https://www.alpha-week.com/sites/default/files/styles/article_full/public/2023-02/Kettera-Strategies.jpg?itok=MT_xYzdC" width="400" height="225" alt="Kettera Strategies" typeof="foaf:Image" /> <!-- END OUTPUT from 'core/modules/system/templates/image.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--features.html.twig x field--node--created.html.twig * field--node--features.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <span>Tue, 02/13/2024 - 09:03</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--features.html.twig * field--node--body.html.twig * field--node--features.html.twig * field--body.html.twig * field--text-with-summary.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>The Style Heat Map below<em> </em>offers a snapshot for the month on all categories of strategies.  For the month of January the following summaries address four of the 10 style categories that we track.</span></span></span></span></span></span></p> <p><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span>FX Specialists</span></span></span></strong></span></span></span></p> <p><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span>FX programs were all over the map last month. The consensus view by traders of US dollar weakness coming into January turned out to be misguided. Many programs were caught by surprise as sentiment quickly flipped from bearish USD to bullish after the US economy’s unexpectedly strong employment data in early January sparked optimism for the USD (which rose roughly over 2% during the month). Some of the better performing positions were long USD and short just about any G10 or Nordic currency. In cross-rates, long Swedish Krona-short Euro was a winner in the second half of the month. Most of the FX strategies that Kettera tracks outperformed the industry FX manager benchmarks – largely because fundamentals-based programs tended to fare better than more technical and shorter-term strategies. </span></span></span></span></span></span></p> <p><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span>Discretionary Global Macro Managers</span></span></span></strong></span></span></span></p> <p><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span>Most of the discretionary global macro programs that Kettera follows slightly underperformed the broader benchmark, as the reversal in the US dollar, from weak to strong, caught managers off-guard with currencies finishing the month generally the worst performing sector. There also appeared to be little overall contribution from commodities, equities or fixed income, although a few programs had idiosyncratic exposures in long equities, long base metals, and long crude that were helpful. In fixed income and short-term rates, many global macro programs appear to be holding a 2/10 yield curve steepener (short the 2-Years, long the 10-Years) in anticipation of a soft landing and the normalization of interest rate spreads.</span></span></span></span></span></span></p> <p><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span>Commodities – Agricultural Specialists</span></span></span></strong></span></span></span></p> <p><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span>Corn, bean and wheat were all under pressure throughout January. Fortunately, many of the grains programs Kettera lists or tracks had short exposures, primarily in corn and beans, through the use of short-biased spreads and/or options strategies. Underlying fundamentals have been pointing to increasing supplies and slowing global demand growth. Most traders interpret the overall forward price trend in corn and beans to be pointing downward, but sudden changes in weather and growing conditions can always make the intermediate price path choppy. A few programs also traded livestock successfully, with bullish exposures to the cattle market. Cattle inventories are currently limited, most notably a lack of females (cows), and is expected to continue to be so going forward, pushing prices higher, with tight supplies expected for the next two years.</span></span></span></span></span></span></p> <p><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span>Systematic Trend CTAs</span></span></span></strong></span></span></span></p> <p><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span>Long term trend followers, both those included in our universe as well as the industry in general, were generally positive in January. Profitable returns were found largely in commodities and equities – which were only partially offset by mixed to negative performance in positions in the FX and fixed income sectors. Notable contributors in the commodities sector were long cocoa, short grains such as corn and soybeans, and long crude oil. In the equities sector, the bulk of profits came from long exposures to US and Japanese stock indices and short Chinese indices. Currencies were mixed as some programs came into January long USD versus most G10 units, which reversed sharply after a strong employment report early in the month. Most programs were negative in fixed income positions to varying degrees, the worst off being those with long exposures to various European debt instruments as yields rose (and the price of these instruments dropped). </span></span></span></span></span></span></p> <p><img alt="Kettera Strategies" data-entity-type="file" data-entity-uuid="095e878d-587d-46a0-a568-89865eb1b876" src="https://www.alpha-week.com/sites/default/files/inline-images/Kettera-Strategies-HeatMap-2024-01-January.png" width="500" height="428" loading="lazy" /></p> <p>**********</p> <p><em><strong><a href="https://www.ketterastrategies.com/">Kettera Strategies</a></strong></em></p> <p><span><span><span>Notes: </span></span></span></p> <p><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">For the “style classes” and “baskets” presented in this letter:<strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"> </span></strong>The “style baskets” referenced above were created by Kettera for research purposes to track the category and are classifications drawn by Kettera Strategies in their review of programs on and for the Hydra Platform. The arrows represent the style basket’s overall performance for the month (e.g. the sideways arrow indicates that the basket was largely flat overall, a solid red down arrow indicates the basket (on average) was largely negative compared to most months, etc.). The “style basket” for a class is created from monthly returns (net of fees) of programs that are either: programs currently or formerly on Hydra;  or under review with an expectation of being added to Hydra. The weighting of a program in a basket depends upon into which of these three groups the program falls<strong>. </strong>Style baskets are not investible products or index products being offered to investors. They are meant purely for analysis and comparison purposes. These also were not created to stimulate interest in any underlying or associated program. Nonetheless, as these research tools may be regarded to be “hypothetical” combinations of managers, </span></span></span></span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span>hypothetical performance results have many inherent limitations, some of which are described below. no representation is being made that any product or account will achieve profits or losses similar to those shown. in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. one of the limitations of hypothetical results is that they are generally prepared with the benefit of hindsight. in addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. there are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results</span></span></span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">.</span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span>Benchmark</span></span></span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span>sources:</span></span></span></span></span></span></span></p> <ol><li><span><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>Blend of <a href="https://www.eurekahedge.com/Indices/IndexView/Eurekahedge/481/Eurekahedge-Macro-Hedge-Fund-Index">Eurekahedge Macro Hedge Fund Index</a> and <a href="http://www.barclayhedge.com/">BarclayHedge Global Macro Index</a></span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>The Eurekahedge Macro Index: (same link as <span>above)</span></span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span>The</span></span></span> <a href="https://cib.societegenerale.com/en/prime-services-indices/"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span>Societe</span></span></span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span>Generale</span></span></span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span>Trend</span></span></span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span>CTA</span></span></span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span>Index</span></span></span></a></span></span></span></span></span></li> <li><span><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>The Societe Generale Short-term Traders Index: (same link as <span>above)</span></span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>The <a href="http://www.barclayhedge.com/">BarclayHedge Currency Traders Index</a></span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>Blend of <a href="https://www.bridgealternatives.com/commodity-hedge-fund-index">Bridge Alternatives Commodity Hedge Fund Index</a> and <a href="http://www.barclayhedge.com/">Barclay Discretionary Traders <span>Index</span></a></span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>The Barclay Agricultural Traders Index: (same link as <span>above)</span></span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>The <a href="https://www.eurekahedge.com/Indices/">Eurekahedge Commodity Hedge Fund Index</a>: </span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>Blend of <a href="https://www.eurekahedge.com/Indices/">CBOE Eurekahedge Relative Value Volatility Hedge Fund Index</a> and CBOE Eurekahedge Long Volatility Index (same link): </span></span></span></span></span></span></span></li> <li><span><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>Blend of Eurekahedge Asset Weighted Multi Strategy Asset Weighted Index (same link as above) and <a href="http://www.barclayhedge.com/">Barclay Hedge Fund Multi Strategy Index</a>.</span></span></span></span></span></span></span></li> </ol><p>I<span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">ndices and other financial benchmarks shown are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and dividends and do not reflect the impact of advisory fees. index data is reported as of date of publication and may be a month-to-date estimate if all underlying components have not yet reported. the index providers may update their reported performance from time to time. Kettera disclaims any obligation to verify these numbers or to update or revise the performance numbers.</span></span></span></span></p> <p><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">***</span></span></span></span></p> <p><em>The views expressed in this article are those of the author and do not necessarily reflect the views of AlphaWeek or its publisher, The Sortino Group</em></p> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--features.html.twig * field--node--field-tags.html.twig * field--node--features.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/hedge-funds-guest-articles" hreflang="en">Hedge Funds Guest Articles</a></div> <div class="field__item"><a href="/directory/kettera-strategies" hreflang="en">Kettera Strategies</a></div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <drupal-render-placeholder callback="flag.link_builder:build" arguments="0=node&amp;1=10641&amp;2=bookmark" token="oOzcrdoig2WDpSkHAfBy-kHOpbXZJlzGhHS_ZhE4Vl0"></drupal-render-placeholder> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-author--features.html.twig * field--node--field-author.html.twig * field--node--features.html.twig x field--field-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <a href="/author/kettera-strategies" hreflang="en">Kettera Strategies</a> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-content-role--features.html.twig * field--node--field-content-role.html.twig * field--node--features.html.twig * field--field-content-role.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-content-role field--type-list-string field--label-above"> <div class="field__label">Content role</div> <div class="field__item">Public</div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> Tue, 13 Feb 2024 09:03:50 +0000 AlphaWeek Staff 10641 at https://alpha-week.com Kettera Strategies Heat Map - December 2023 https://alpha-week.com/kettera-strategies-heat-map-december-2023 <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--features.html.twig x field--node--title.html.twig * field--node--features.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <span>Kettera Strategies Heat Map - December 2023</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-image--features.html.twig * field--node--field-image.html.twig * field--node--features.html.twig * field--field-image.html.twig * field--image.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-image field--type-image field--label-hidden field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_formatter' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_style' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image' --> <!-- BEGIN OUTPUT from 'core/modules/system/templates/image.html.twig' --> <img loading="lazy" src="https://www.alpha-week.com/sites/default/files/styles/article_full/public/2023-02/Kettera-Strategies.jpg?itok=MT_xYzdC" width="400" height="225" alt="Kettera Strategies" typeof="foaf:Image" /> <!-- END OUTPUT from 'core/modules/system/templates/image.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--features.html.twig x field--node--created.html.twig * field--node--features.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <span>Fri, 01/12/2024 - 12:22</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--features.html.twig * field--node--body.html.twig * field--node--features.html.twig * field--body.html.twig * field--text-with-summary.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>The Style Heat Map <em>below </em>offers a snapshot for the month on all categories of strategies; the following are just highlights on four of the more noteworthy style categories during the month of December:</span></span></span></span></span></span></p> <p><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span>Systematic Trend Following</span></span></span></strong></span></span></span></p> <p><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span>Although the trend follower benchmarks were negative, several trend programs listed on Kettera’s platform were positive. (Positive enough to make our trend stye bucket slightly positive in December.) While we can usually detect whether it was the managers with shorter- or longer-holding periods that outperformed, this was not clear in December. Whether a program was positive or negative was more determined by allocation and sector weightings. Most programs we track were positive (or flat) in either or both equities and fixed income/rates, catching global equity rallies that began in November, and long bonds-rates (falling yields) in Europe and the US. The most difficult sector was FX, where short Japanese Yen vs. long USD and/or Euro were clearly the worst performing trades, although long USD exposures were generally troublesome across nearly all currencies. Trend follower also appeared to suffer in commodities, although there were small gains in precious metals and softs offset by outsized losses in choppy energies markets (long crude and products) and grains (mixed across soy complex and corn).</span></span></span></span></span></span></p> <p><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span>Discretionary Global Macro </span></span></span></strong></span></span></span></p> <p><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span>Discretionary Global Macro performance was positive in December, although there was wide dispersion between the best and worst performers. Successful programs were primarily long US, UK and/or Euro bonds (falling yields) and long global equities, as stocks and bonds continued to rally on the back of the December FOMC meeting and anticipated rate cuts in 2024. FX was a challenging sector, as short Japanese Yen exposure vs. USD was particularly harmful for most programs, and long USD exposures overall were punished as the USD sold off as yields fell. Commodities provided positive performance for some, and negative for others, as trading in energies was challenging, grains trading was mixed, and a few macro programs performed well in precious metals (long gold), and softs (short sugar, long cocoa).</span></span></span></span></span></span></p> <p><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span>Quantitative Macro</span></span></span></strong></span></span></span></p> <p><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span>In contrast to their discretionary brethren, the December performance for quantitative macro managers was mixed. Most of the programs that Kettera follows were slightly negative, with substantial dispersion across sectors, markets, and styles. Positive programs were generally long equities, long bonds, and underweight the losses in FX and commodities. December was a month where quant models with  econometric and fundamental inputs outperformed the more price-based programs, and quicker models (shorter duration programs) outperformed the slower moving ones. Allocation (underweight/overweight) was key, as equity indices trading was mixed (some up, some down), as was trading in fixed income-rates. Two sectors seem to be consistently negative, however, FX and commodities. Many programs were “long and wrong” the USD vs. JPY (worst performer), and also long and wrong energy exposures (crude and products). Quant macro positions in grains, softs, precious and base metals ended up with mixed performance.</span></span></span></span></span></span></p> <p><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span>Commodity Specialists – Agricultural Markets</span></span></span></strong></span></span></span></p> <p><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span>Grains and livestock programs were generally positive in December, when ranges were tight and market fundamentals painted a picture agreed upon by most traders. Most programs positioned themselves short corn and short the soybeans complex (beans, meal, oil) on improving weather conditions in S. America and plentiful anticipated supply. Relative value traders were generally short-biased both corn and beans, as were directional and options traders. Some managers performed very well in softs, largely those short sugar and/or long cocoa, using both outright directional futures or directional options strategies. </span></span></span></p> <p><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span><img alt="Kettera Strategies" data-entity-type="file" data-entity-uuid="1dfbc3c1-c1b7-4c2e-8689-405354e943bb" src="https://www.alpha-week.com/sites/default/files/inline-images/Kettera-Strategies-HeatMap-2023-12-December.png" width="500" height="421" loading="lazy" /></span></span></span></p> <p>*********</p> <p><strong>Kettera Strategies</strong></p> <p><span style="font-size:11px;">Notes and References: </span></p> <p><span style="font-size:11px;">For the “style classes” and “baskets” presented in this letter: The “style baskets” referenced above were created by Kettera for research purposes to track the category and are classifications drawn by Kettera Strategies in their review of programs on and for the Hydra Platform. The arrows represent the style basket’s overall performance for the month (e.g. the sideways arrow indicates that the basket was largely flat overall, a solid red down arrow indicates the basket (on average) was largely negative compared to most months, etc.). The “style basket” for a class is created from monthly returns (net of fees) of programs that are either: programs currently or formerly on Hydra;  or under review with an expectation of being added to Hydra. The weighting of a program in a basket depends upon into which of these three groups the program falls. Style baskets are not investible products or index products being offered to investors. They are meant purely for analysis and comparison purposes. These also were not created to stimulate interest in any underlying or associated program. Nonetheless, as these research tools may be regarded to be “hypothetical” combinations of managers, hypothetical performance results have many inherent limitations, some of which are described below. no representation is being made that any product or account will achieve profits or losses similar to those shown. in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. one of the limitations of hypothetical results is that they are generally prepared with the benefit of hindsight. in addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. there are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.</span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Benchmark</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">sources:</span></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">1) Blend of Euerkahedge Macro Hedge Fund Index and BarclayHedge Global Macro Index</span></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Eurekahedge</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Marcro</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Inde</span><a href="https://cib.societegenerale.com/en/prime-services-indices/">x</a> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">can</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">be</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">found</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">at:</span> <a href="http://www.eurekahedge.com/Indices/IndexView/Eurekahedge/481/Eurekahedge-Macro-Hedge-Fund-Index">https://www.eurekahedge.com/Indices/IndexView/Eurekahedge/481/Eurekahedge-Macro-Hedge-Fund-Index</a></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The IndexIQ Hedge Global Macro Beta Index can be found at </span><a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">- The Eurekahedge Macro Index: (same link as above)</span></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">- The</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Societe</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Generale</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Trend</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">CTA</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Index</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">can</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">be</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">found</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">at:</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">https://cib.societegenerale.com/en/prime-services-indices/</span></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">- The Societe Generale Short-term Traders Index: (same link as above)</span></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">- The Barclay Hedge Currency Traders Index can be found at: </span><a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">- Blend of Bridge Alternatives Commodity Hedge Fund Index and Barclay Discretionary Traders Index</span></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Bridge</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">CTA</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Index</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">can</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">be</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">found</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">at:</span> <a href="http://www.bridgealternatives.com/commodity-hedge-fund-index">https://www.bridgealternatives.com/commodity-hedge-fund-index</a></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Discretionary Traders Index </span><a href="http://www.barclayhedge.com/">can be found at:</a> <a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">- The Barclay Agricultural Traders Index: (same link as above)</span></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">- The Eurekahedge Commodity Hedge Fund Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">- Blend of CBOE Eurekahedge Relative Value Volatility Hedge Fund Index and CBOE Eurekahedge Long Volatility Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">- Blend of Eurekahedge Asset Weighted Multi Strategy Asset Weighted Index and Barclay Hedge Fund Multi Strategy Index The Eurekahedge Asset Weighted Multi Strategy Asset Weighted Index can be found at: (same link as above)</span></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Hedge Fund Multi Strategy Index can be found at: </span><a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Indices and other financial benchmarks shown are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and dividends and do not reflect the impact of advisory fees. Index data is reported as of date of publication and may be a month-to-date estimate if all underlying components have not yet reported. The index providers may update their reported performance from time to time. Kettera disclaims any obligation to verify these numbers or to update or revise the performance numbers.</span></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">***</span></span></p> <p><em>The views expressed in this article are those of the author and do not necessarily reflect the views of AlphaWeek or its publisher, The Sortino Group</em></p> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--features.html.twig * field--node--field-tags.html.twig * field--node--features.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/hedge-funds-guest-articles" hreflang="en">Hedge Funds Guest Articles</a></div> <div class="field__item"><a href="/directory/kettera-strategies" hreflang="en">Kettera Strategies</a></div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <drupal-render-placeholder callback="flag.link_builder:build" arguments="0=node&amp;1=10608&amp;2=bookmark" token="A-PpGKutqGbTHCR4guDO7XeU7kSWMsJSgTDX2AcC99w"></drupal-render-placeholder> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-author--features.html.twig * field--node--field-author.html.twig * field--node--features.html.twig x field--field-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <a href="/author/kettera-strategies" hreflang="en">Kettera Strategies</a> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-content-role--features.html.twig * field--node--field-content-role.html.twig * field--node--features.html.twig * field--field-content-role.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-content-role field--type-list-string field--label-above"> <div class="field__label">Content role</div> <div class="field__item">Public</div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> Fri, 12 Jan 2024 12:22:21 +0000 AlphaWeek Staff 10608 at https://alpha-week.com Kettera Strategies Heat Map - November 2023 https://alpha-week.com/kettera-strategies-heat-map-november-2023 <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--features.html.twig x field--node--title.html.twig * field--node--features.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <span>Kettera Strategies Heat Map - November 2023</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-image--features.html.twig * field--node--field-image.html.twig * field--node--features.html.twig * field--field-image.html.twig * field--image.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-image field--type-image field--label-hidden field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_formatter' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_style' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image' --> <!-- BEGIN OUTPUT from 'core/modules/system/templates/image.html.twig' --> <img loading="lazy" src="https://www.alpha-week.com/sites/default/files/styles/article_full/public/2023-02/Kettera-Strategies.jpg?itok=MT_xYzdC" width="400" height="225" alt="Kettera Strategies" typeof="foaf:Image" /> <!-- END OUTPUT from 'core/modules/system/templates/image.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--features.html.twig x field--node--created.html.twig * field--node--features.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <span>Fri, 12/15/2023 - 12:25</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--features.html.twig * field--node--body.html.twig * field--node--features.html.twig * field--body.html.twig * field--text-with-summary.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Style Heat Map below offers a snapshot for the month on all categories of strategies; here are highlights on four of the more noteworthy during the month of November:</span></span></span></span></span></p> <p><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Systematic Trend Managers</span></strong></span></span></span></p> <p><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Long term trend followers had a difficult month with the reversal of several long-standing trends simultaneously. After an early November Fed meeting, the market determined that no further rate hikes would occur, and increased the possibility of sooner cuts in 1H-’24. Bonds and other interest rate markets rallied strongly (yields fell) ending a long-standing and large short exposure in most portfolios. The US Dollar weakened against G10 and EM currencies ending a long USD trend. And with soft economic and tame inflation data, equity indices rallied strongly, ending a downward trend that began in August. It seemed the only sector in which these programs fared well commodities, where a few programs profited from short energy exposures, long softs, and long precious and base metals. Certain G10 currency markets also brought some profits, but these seemed limited. It is difficult to determine with clarity whether longer or medium-term trend programs outperformed (or underperformed, as it was a negative month for most everyone).</span></span></span></span></p> <p><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Discretionary Global Macro Managers</span></strong></span></span></span></p> <p><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Discretionary macro programs overall appeared to have a very solid month. (That said, while slightly positive, the discretionary macro managers that we (Kettera) track underperformed the broader industry benchmarks.) A few programs were positioned short bonds and long USD when both trends reversed, and unable to exit and flip positions quickly enough. The more successful programs were nimble enough to catch the strong equity rallies, exit short fixed income exposures, and go long currencies vs. the USD. We also noted that many of the profitable programs were also short the energy complex on weakening overall demand, and long precious metals, namely gold and silver, on the yield drop.</span></span></span></span></p> <p><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Commodities Specialists – Agricultural Programs</span></strong></span></span></span></p> <p><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Agricultural commodities traders were largely negative last month, where corn was stuck in a tight range, prices across the soy complex were up on weather concerns in Brazil, and wheat prices were up slightly. Both bullish and bearish fundamental forces pushed and pulled all month long, and both directional and spreads traders were limited by rangebound markets. Programs that were overweight and short cattle markets did well as cash cattle prices sold off sharply in November, pressured by a larger-than-expected scheduled supply of cattle from large feedlots.</span></span></span></span></p> <p><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">FX Specialists</span></strong></span></span></span></p> <p><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The FX strategies that Kettera follows underperformed the broader FX benchmark in November. Of that set of managers, many of those with fundamental-economic based approaches were positioned long USD – on the sound premise of the US dollar being a more attractive currency supported by higher rates and higher expected growth. However, the greenback reversed course during the month and weakened against most G10 and emerging market currencies, leaving the US Dollar Index (DXY) down 3.5% by month-end. In contrast, systematic price-based programs generally seemed to outperform the more fundamental trading approaches. </span></span></span></span></p> <p><img alt="Kettera Strategies" data-entity-type="file" data-entity-uuid="47b2ffcf-6f98-4c9a-81eb-02eaf5b93eff" src="https://www.alpha-week.com/sites/default/files/inline-images/Kettera-Strategies-Heatmap-2023-11-November.png" width="550" height="463" loading="lazy" /></p> <p>**********</p> <p><strong>Kettera Strategies</strong></p> <p><span style="font-size:11px;"><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Notes:</span></strong></span></p> <p><span style="font-size:11px;"><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">For the “style classes” and “baskets” presented in this letter: </span></strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The “style baskets” referenced above were created by Kettera <strong>for research purposes</strong> to track the category and are classifications drawn by Kettera Strategies in their review of programs on and for the Hydra Platform. The arrows represent the style basket’s overall performance for the month (e.g. the sideways arrow indicates that the basket was largely flat overall, a solid red down arrow indicates the basket (on average) was largely negative compared to most months, etc.). The “style basket” for a class is created from monthly returns (net of fees) of programs that are either: programs currently or formerly on Hydra;  or under review with an expectation of being added to Hydra. The weighting of a program in a basket depends upon into which of these three groups the program falls<strong>. Style</strong> <strong>baskets are not investible products or index products being offered to investors. They are meant purely for analysis and comparison purposes</strong>. <strong>These also were not created to stimulate interest in any underlying or associated program</strong>. Nonetheless, as these research tools may be regarded to be “hypothetical” combinations of managers, HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY PRODUCT OR ACCOUNT WILL ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.</span></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Benchmark</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">sources:</span></span></p> <ol><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of Euerkahedge Macro Hedge Fund Index and BarclayHedge Global Macro Index</span></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Eurekahedge</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Marcro</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Inde</span><a href="https://cib.societegenerale.com/en/prime-services-indices/">x</a> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">can</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">be</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">found</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">at:</span> <a href="http://www.eurekahedge.com/Indices/IndexView/Eurekahedge/481/Eurekahedge-Macro-Hedge-Fund-Index">https://www.eurekahedge.com/Indices/IndexView/Eurekahedge/481/Eurekahedge-Macro-Hedge-Fund-Index</a></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The IndexIQ Hedge Global Macro Beta Index can be found at </span><a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></p> <ol start="2"><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Eurekahedge Macro Index: (same link as above)</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Societe</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Generale</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Trend</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">CTA</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Index</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">can</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">be</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">found</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">at:</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">https://cib.societegenerale.com/en/prime-services-indices/</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Societe Generale Short-term Traders Index: (same link as above)</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Hedge Currency Traders Index can be found at: </span><a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of Bridge Alternatives Commodity Hedge Fund Index and Barclay Discretionary Traders Index</span></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Bridge</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">CTA</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Index</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">can</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">be</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">found</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">at:</span> <a href="http://www.bridgealternatives.com/commodity-hedge-fund-index">https://www.bridgealternatives.com/commodity-hedge-fund-index</a></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Discretionary Traders Index </span><a href="http://www.barclayhedge.com/">can be found at:</a> <a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></p> <ol start="7"><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Agricultural Traders Index: (same link as above)</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Eurekahedge Commodity Hedge Fund Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of CBOE Eurekahedge Relative Value Volatility Hedge Fund Index and CBOE Eurekahedge Long Volatility Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of Eurekahedge Asset Weighted Multi Strategy Asset Weighted Index and Barclay Hedge Fund Multi Strategy Index The Eurekahedge Asset Weighted Multi Strategy Asset Weighted Index can be found at: (same link as above)</span></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Hedge Fund Multi Strategy Index can be found at: </span><a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">INDICES AND OTHER FINANCIAL BENCHMARKS SHOWN ARE PROVIDED FOR ILLUSTRATIVE PURPOSES ONLY, ARE UNMANAGED, REFLECT REINVESTMENT OF INCOME AND DIVIDENDS AND DO NOT REFLECT THE IMPACT OF ADVISORY FEES. INDEX DATA IS REPORTED AS OF DATE OF PUBLICATION AND MAY BE A MONTH-TO-DATE ESTIMATE IF ALL UNDERLYING COMPONENTS HAVE NOT YET REPORTED. THE INDEX PROVIDERS MAY UPDATE THEIR REPORTED PERFORMANCE FROM TIME TO TIME. KETTERA DISCLAIMS ANY OBLIGATION TO VERIFY THESE NUMBERS OR TO UPDATE OR REVISE THE PERFORMANCE NUMBERS. </span></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">***</span></span></p> <p><em>The views expressed in this article are those of the author and do not necessarily reflect the views of AlphaWeek or its publisher, The Sortino Group</em></p> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--features.html.twig * field--node--field-tags.html.twig * field--node--features.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/hedge-funds-guest-articles" hreflang="en">Hedge Funds Guest Articles</a></div> <div class="field__item"><a href="/directory/kettera-strategies" hreflang="en">Kettera Strategies</a></div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <drupal-render-placeholder callback="flag.link_builder:build" arguments="0=node&amp;1=10578&amp;2=bookmark" token="jN9LOg6fwDmnSVjdkZfEWX60Woec7cLwQ9723FEOZWM"></drupal-render-placeholder> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-author--features.html.twig * field--node--field-author.html.twig * field--node--features.html.twig x field--field-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <a href="/author/kettera-strategies" hreflang="en">Kettera Strategies</a> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-content-role--features.html.twig * field--node--field-content-role.html.twig * field--node--features.html.twig * field--field-content-role.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-content-role field--type-list-string field--label-above"> <div class="field__label">Content role</div> <div class="field__item">Public</div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> Fri, 15 Dec 2023 12:25:10 +0000 AlphaWeek Staff 10578 at https://alpha-week.com Kettera Strategies Heat Map - September 2023 https://alpha-week.com/kettera-strategies-heat-map-september-2023 <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--features.html.twig x field--node--title.html.twig * field--node--features.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <span>Kettera Strategies Heat Map - September 2023</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-image--features.html.twig * field--node--field-image.html.twig * field--node--features.html.twig * field--field-image.html.twig * field--image.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-image field--type-image field--label-hidden field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_formatter' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_style' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image' --> <!-- BEGIN OUTPUT from 'core/modules/system/templates/image.html.twig' --> <img loading="lazy" src="https://www.alpha-week.com/sites/default/files/styles/article_full/public/2023-02/Kettera-Strategies.jpg?itok=MT_xYzdC" width="400" height="225" alt="Kettera Strategies" typeof="foaf:Image" /> <!-- END OUTPUT from 'core/modules/system/templates/image.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--features.html.twig x field--node--created.html.twig * field--node--features.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <span>Sun, 10/15/2023 - 09:54</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--features.html.twig * field--node--body.html.twig * field--node--features.html.twig * field--body.html.twig * field--text-with-summary.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>Systematic Trend Strategies</span></span></strong></span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>Long-term trend followers had a nicely positive month, driven by a few rather strong trends. The best performing sector for most strategies was fixed income and rates, where most programs were short and caught the rise in yields (bonds down), especially on the longer end. Long USD vs. most G10 and emerging market currencies, especially against shorts in Japanese Yen, Euro, and British Pound was also good positioning. Long the energy complex, namely crude (WTI, Brent), heating oil and gasoline was the third notable profitable trend. Equity indices was a notable loser across programs as long exposures were punished. It seems that the longer-duration systems, with holding periods months to years, slightly outperformed medium and shorter-term programs in September.</span></span></span></span></span></span></p> <p><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>Discretionary Global Macro Strategies</span></span></strong></span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>Programs with longer-term horizons tended to perform poorly while programs with either short holding periods overall, or trade opportunistically around a theme, performed better. The longer-term, discretionary strategies were long fixed income and rates in anticipation of G10 central banks cutting sooner than later, and were punished as yields shot up. These same programs also bought dips in equities in a related theme, and hit as equities declined. The more successful programs appeared to be those trading opportunistically – e.g. short precious and base metals, short grains, and catching the strengthening US Dollar vs majors. </span></span></span></span></span></span></p> <p><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>Quant Macro Strategies</span></span></strong></span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>Quant Macro strategies were positive in September, catching some of the same moves that the long-term trend programs caught, namely profits being short fixed income and rates, and long US Dollar vs. G10 currencies. Those quant programs that were long the energy complex also fared well. One notable difference vs their discretionary brethren was  that the quants seem to have navigated equities better, catching the drop later in the month. Most programs struggled in metals, losing on long precious and base metal exposures.</span></span></span></span></span></span></p> <p><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>FX Specialists</span></span></strong></span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>The currency markets in September were dominated by a strengthening US Dollar vs. most G10 (ex Sweden) and vs emerging market (commodity) currencies (ex Mexico). The USD strengthened primarily due to superior US economic data and higher real yields with a hawkish Fed. Systematic, fundamentally-based (econometric) programs performed well, using input from the interest rate markets to position themselves long USD, especially vs. the Japanese Yen and European currencies. Discretionary managers followed the same cues. Systematic, price-based programs, however, underperformed versus their fundamental peers, largely due to exaggerated short-term moves and intra-day price reversals hindering the capability to hold onto gains, with most programs ending the month flat.</span></span></span></span></span></span></p> <p><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>Commodities Specialists -  Agricultural Strategies</span></span></strong></span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>Most of the programs we follow in the grain and livestock sector were positive last month. There were quite a few programs that were down slightly, with a few more profitable programs that pulling overall sector (on average) in to positive territory. Discretionary traders dominate this sector, and most use a combination of outright directional trades and spreads (calendar and intra-commodity, e.g. corn v. wheat), often with long options strategies to limit downside. Relative value trading (spreads) seems to have underperformed as there wasn’t much volatility or movement until the last few days of the month. Most programs focused most heavily on the corn market, which traded in a tight range throughout. Programs that were successful were short wheat and the soybean complex using outright directional exposures. Returns in livestock positions was minimal last month as cattle (live, feeder, beef) traded in tight ranges.</span></span></span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><img alt="Kettera Strategies" data-entity-type="file" data-entity-uuid="fc0eb05c-ffcd-4ede-bbd6-30af104b34da" src="https://www.alpha-week.com/sites/default/files/inline-images/Kettera-Strategies-HeatMap-2023-09-September.png" width="508" height="491" loading="lazy" /></span></span></span></span></span></span></p> <p> </p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.  See notes at end of this document for details on the construction of the Hydra "baskets" and the benchmark used for each style class.  Also note that some baskets may contain managers that have not yet reported by this date.  <em>*=Less than 75% reported. **=Less than 75% reported and absence of a core manager's return.</em></span></span></p> <p><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><em>*********</em></span></p> <p><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><em>Kettera Strategies</em></span></strong></p> <p><span style="font-size:11px;"><strong>NOTES: </strong></span></p> <p><span style="font-size:11px;"><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">For the “style classes” and “baskets” presented in this letter: </span></strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The “style baskets” referenced above were created by Kettera <strong>for research purposes</strong> to track the category and are classifications drawn by Kettera Strategies in their review of programs on and for the Hydra Platform. The arrows represent the style basket’s overall performance for the month (e.g. the sideways arrow indicates that the basket was largely flat overall, a solid red down arrow indicates the basket (on average) was largely negative compared to most months, etc.). The “style basket” for a class is created from monthly returns (net of fees) of programs that are either: programs currently or formerly on Hydra;  or under review with an expectation of being added to Hydra. The weighting of a program in a basket depends upon into which of these three groups the program falls<strong>. Style</strong> <strong>baskets are not investible products or index products being offered to investors. They are meant purely for analysis and comparison purposes</strong>. <strong>These also were not created to stimulate interest in any underlying or associated program</strong>. Nonetheless, as these research tools may be regarded to be “hypothetical” combinations of managers, HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY PRODUCT OR ACCOUNT WILL ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.</span></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Benchmark</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">sources:</span></span></p> <ol><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of Euerkahedge Macro Hedge Fund Index and IndexIQ Hedge Global Macro Beta Index</span></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Eurekahedge</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Marcro</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Inde</span><a href="https://cib.societegenerale.com/en/prime-services-indices/">x</a> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">can</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">be</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">found</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">at:</span> <a href="http://www.eurekahedge.com/Indices/IndexView/Eurekahedge/481/Eurekahedge-Macro-Hedge-Fund-Index">https://www.eurekahedge.com/Indices/IndexView/Eurekahedge/481/Eurekahedge-Macro-Hedge-Fund-Index</a></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The IndexIQ Hedge Global Macro Beta Index can be found at: </span><a href="http://www.newyorklifeinvestments.com/indices/">https://www.newyorklifeinvestments.com/indices/</a></span></p> <ol start="2"><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The IndexIQ Hedge Global Macro Beta Index: (same link as above)</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Societe</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Generale</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Trend</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">CTA</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Index</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">can</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">be</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">found</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">at:</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">https://cib.societegenerale.com/en/prime-services-indices/</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Societe Generale Short-term Traders Index: (same link as above)</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Hedge Currency Traders Index can be found at: </span><a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of Bridge Alternatives Commodity Hedge Fund Index and Barclay Discretionary Traders Index</span></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Bridge</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">CTA</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Index</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">can</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">be</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">found</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">at:</span> <a href="http://www.bridgealternatives.com/commodity-hedge-fund-index">https://www.bridgealternatives.com/commodity-hedge-fund-index</a></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Discretionary Traders Index </span><a href="http://www.barclayhedge.com/">can be found at:</a> <a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></p> <ol start="7"><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Agricultural Traders Index: (same link as above)</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Eurekahedge Commodity Hedge Fund Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of CBOE Eurekahedge Relative Value Volatility Hedge Fund Index and CBOE Eurekahedge Long Volatility Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of Eurekahedge Asset Weighted Multi Strategy Asset Weighted Index and Barclay Hedge Fund Multi Strategy Index The Eurekahedge Asset Weighted Multi Strategy Asset Weighted Index can be found at: (same link as above)</span></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Hedge Fund Multi Strategy Index can be found at: </span><a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></p> <ol start="11"><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Eurekahedge Long Short Equities Hedge Fund Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Eurekahedge Event-Driven Hedge Fund Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">INDICES AND OTHER FINANCIAL BENCHMARKS SHOWN ARE PROVIDED FOR ILLUSTRATIVE PURPOSES ONLY, ARE UNMANAGED, REFLECT REINVESTMENT OF INCOME AND DIVIDENDS AND DO NOT REFLECT THE IMPACT OF ADVISORY FEES. INDEX DATA IS REPORTED AS OF DATE OF PUBLICATION AND MAY BE A MONTH-TO-DATE ESTIMATE IF ALL UNDERLYING COMPONENTS HAVE NOT YET REPORTED. THE INDEX PROVIDERS MAY UPDATE THEIR REPORTED PERFORMANCE FROM TIME TO TIME. KETTERA DISCLAIMS ANY OBLIGATION TO VERIFY THESE NUMBERS OR TO UPDATE OR REVISE THE PERFORMANCE NUMBERS.</span></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">***</span></span></p> <p><em>The views expressed in this article are those of the author and do not necessarily reflect the views of AlphaWeek or its publisher, The Sortino Group</em></p> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--features.html.twig * field--node--field-tags.html.twig * field--node--features.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/hedge-funds-guest-articles" hreflang="en">Hedge Funds Guest Articles</a></div> <div class="field__item"><a href="/directory/kettera-strategies" hreflang="en">Kettera Strategies</a></div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <drupal-render-placeholder callback="flag.link_builder:build" arguments="0=node&amp;1=10296&amp;2=bookmark" token="zZM01m-f0fwwr6PbSjRV9iFDHQq2DKPco22YyVgVgLk"></drupal-render-placeholder> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-author--features.html.twig * field--node--field-author.html.twig * field--node--features.html.twig x field--field-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <a href="/author/kettera-strategies" hreflang="en">Kettera Strategies</a> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-content-role--features.html.twig * field--node--field-content-role.html.twig * field--node--features.html.twig * field--field-content-role.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-content-role field--type-list-string field--label-above"> <div class="field__label">Content role</div> <div class="field__item">Public</div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> Sun, 15 Oct 2023 08:54:53 +0000 AlphaWeek Staff 10296 at https://alpha-week.com Kettera Strategies Heat Map - August 2023 https://alpha-week.com/kettera-strategies-heat-map-august-2023 <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--features.html.twig x field--node--title.html.twig * field--node--features.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <span>Kettera Strategies Heat Map - August 2023</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-image--features.html.twig * field--node--field-image.html.twig * field--node--features.html.twig * field--field-image.html.twig * field--image.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-image field--type-image field--label-hidden field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_formatter' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_style' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image' --> <!-- BEGIN OUTPUT from 'core/modules/system/templates/image.html.twig' --> <img loading="lazy" src="https://www.alpha-week.com/sites/default/files/styles/article_full/public/2023-02/Kettera-Strategies.jpg?itok=MT_xYzdC" width="400" height="225" alt="Kettera Strategies" typeof="foaf:Image" /> <!-- END OUTPUT from 'core/modules/system/templates/image.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--features.html.twig x field--node--created.html.twig * field--node--features.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <span>Wed, 09/13/2023 - 17:32</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--features.html.twig * field--node--body.html.twig * field--node--features.html.twig * field--body.html.twig * field--text-with-summary.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Systematic Trend Programs</span></strong></span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">August was a tricky month for trend-based systems, where several prevailing trends reversed mid-month and proved difficult for such programs. After Fitch downgraded the US sovereign credit rating on July 31, a “risk-off” mood moved equities lower while fixed income yields rose (prices dropped). On August 18, yields peaked and began to move lower - while equities rallied on the hopes that the Fed would halt rate hikes.  It seems that medium-term trend programs outperformed longer-term trend strategies through this choppiness.  While equities were the worst performing sector for such systems, the commodities markets, led by energies and ags, performed best. Many programs were also generally positive in the FX markets, as the US Dollar appreciated against most every G10 and emerging units.  Some programs also caught profitable rallies in sugar and cocoa.</span></span></span></span></span></p> <p><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Short-Term/Higher Frequency Strategies</span></strong></span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">We rarely comment about Short-Term trading programs as a style category, largely because the programs are so uncorrelated to each other, and performance so varied, that it is difficult to summarize a consensus. But it seems August was generally difficult for most programs, especially in equities, as choppy markets in most sectors and sub-sectors pushed models around both on the long and short sides. Like longer-term systems, the equities indices presented the most difficulty, and the commodities markets were not a mitigating factors here.  </span></span></span></span></span></p> <p><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Volatility/Options Strategies</span></strong></span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">So-called “long” and relative value volatility trading programs, notably those who perform well during equity and bond market sell-offs, appeared to have one of their best months in August. (We generally avoid commenting on “short” vol programs, those programs that sell volatility or options premium.) The first two weeks of the month saw equity indices decline.  Long put spread programs were able to capture enough gains in those weeks to offset losses that occurred during the second half of the month – when equities rallied.  Skew traders, those that take advantage of asymmetric pricing in put-call curves and implied volatility pricing, were also positive - taking advantage of mispricing caused by the higher volatility caused by the sell-off. </span></span></span></span></span></p> <p><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Commodities Specialists – Metals &amp; Energies</span></strong></span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Industrial commodities programs that we follow were generally positive in August, led by natural gas traders and carbon traders.  Discretionary directional energy programs, largely based on fundamentals, outperformed systematic spread and relative value programs. Discretionary metals traders performed poorly, especially those with fundamentals-based long biases in base metals markets such as copper, aluminum and nickel. </span></span></span></span></span></p> <p><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Currency Strategies</span></strong></span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">We saw a large divide in the performance of currency specialists in August. Short-term systematic programs appeared to struggle with the range-bound markets, especially in exchange rates involving G10 currencies. Longer-term systematic programs and discretionary-fundamental programs performed much better, as the US Dollar appreciated against most G10 and emerging markets during the second half of the month.</span></span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><img alt="Kettera Strategies" data-entity-type="file" data-entity-uuid="541a06e0-6d2c-4f1b-8852-598e6f68030a" src="https://www.alpha-week.com/sites/default/files/inline-images/Kettera-Strategies-HeatMap-2023-08-August.png" width="550" height="655" loading="lazy" /></span></span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">**********</span></span></span></span></span></p> <p><strong><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Kettera Strategies</span></span></span></span></span></strong></p> <p><span style="font-size:11px;"><strong>NOTES: </strong></span></p> <p><span style="font-size:11px;"><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">For the “style classes” and “baskets” presented in this letter: </span></strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The “style baskets” referenced above were created by Kettera <strong>for research purposes</strong> to track the category and are classifications drawn by Kettera Strategies in their review of programs on and for the Hydra Platform. The arrows represent the style basket’s overall performance for the month (e.g. the sideways arrow indicates that the basket was largely flat overall, a solid red down arrow indicates the basket (on average) was largely negative compared to most months, etc.). The “style basket” for a class is created from monthly returns (net of fees) of programs that are either: programs currently or formerly on Hydra; or under review with an expectation of being added to Hydra. The weighting of a program in a basket depends upon into which of these three groups the program falls<strong>. Style</strong> <strong>baskets are not investible products or index products being offered to investors. They are meant purely for analysis and comparison purposes</strong>. <strong>These also were not created to stimulate interest in any underlying or associated program</strong>. Nonetheless, as these research tools may be regarded to be “hypothetical” combinations of managers, HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY PRODUCT OR ACCOUNT WILL ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.</span></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Benchmark</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">sources:</span></span></p> <ol><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of Euerkahedge Macro Hedge Fund Index and IndexIQ Hedge Global Macro Beta Index</span></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Eurekahedge</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Marcro</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Inde</span><a href="https://cib.societegenerale.com/en/prime-services-indices/">x</a> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">can</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">be</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">found</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">at:</span> <a href="http://www.eurekahedge.com/Indices/IndexView/Eurekahedge/481/Eurekahedge-Macro-Hedge-Fund-Index">https://www.eurekahedge.com/Indices/IndexView/Eurekahedge/481/Eurekahedge-Macro-Hedge-Fund-Index</a></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The IndexIQ Hedge Global Macro Beta Index can be found at: </span><a href="http://www.newyorklifeinvestments.com/indices/">https://www.newyorklifeinvestments.com/indices/</a></span></p> <ol start="2"><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The IndexIQ Hedge Global Macro Beta Index: (same link as above)</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Societe</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Generale</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Trend</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">CTA</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Index</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">can</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">be</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">found</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">at:</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">https://cib.societegenerale.com/en/prime-services-indices/</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Societe Generale Short-term Traders Index: (same link as above)</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Hedge Currency Traders Index can be found at: </span><a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of Bridge Alternatives Commodity Hedge Fund Index and Barclay Discretionary Traders Index</span></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Bridge</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">CTA</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Index</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">can</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">be</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">found</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">at:</span> <a href="http://www.bridgealternatives.com/commodity-hedge-fund-index">https://www.bridgealternatives.com/commodity-hedge-fund-index</a></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Discretionary Traders Index </span><a href="http://www.barclayhedge.com/">can be found at:</a> <a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></p> <ol start="7"><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Agricultural Traders Index: (same link as above)</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Eurekahedge Commodity Hedge Fund Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of CBOE Eurekahedge Relative Value Volatility Hedge Fund Index and CBOE Eurekahedge Long Volatility Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of Eurekahedge Asset Weighted Multi Strategy Asset Weighted Index and Barclay Hedge Fund Multi Strategy Index The Eurekahedge Asset Weighted Multi Strategy Asset Weighted Index can be found at: (same link as above)</span></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Hedge Fund Multi Strategy Index can be found at: </span><a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></p> <ol start="11"><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Eurekahedge Long Short Equities Hedge Fund Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Eurekahedge Event-Driven Hedge Fund Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">INDICES AND OTHER FINANCIAL BENCHMARKS SHOWN ARE PROVIDED FOR ILLUSTRATIVE PURPOSES ONLY, ARE UNMANAGED, REFLECT REINVESTMENT OF INCOME AND DIVIDENDS AND DO NOT REFLECT THE IMPACT OF ADVISORY FEES. INDEX DATA IS REPORTED AS OF DATE OF PUBLICATION AND MAY BE A MONTH-TO-DATE ESTIMATE IF ALL UNDERLYING COMPONENTS HAVE NOT YET REPORTED. THE INDEX PROVIDERS MAY UPDATE THEIR REPORTED PERFORMANCE FROM TIME TO TIME. KETTERA DISCLAIMS ANY OBLIGATION TO VERIFY THESE NUMBERS OR TO UPDATE OR REVISE THE PERFORMANCE NUMBERS.</span></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">***</span></span></p> <p><em>The views expressed in this article are those of the author and do not necessarily reflect the views of AlphaWeek or its publisher, The Sortino Group</em></p> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--features.html.twig * field--node--field-tags.html.twig * field--node--features.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/hedge-funds-guest-articles" hreflang="en">Hedge Funds Guest Articles</a></div> <div class="field__item"><a href="/directory/kettera-strategies" hreflang="en">Kettera Strategies</a></div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <drupal-render-placeholder callback="flag.link_builder:build" arguments="0=node&amp;1=10217&amp;2=bookmark" token="5-vvtDQT0Ju6aj7etSiHNBn50gTUBUAJkqzEQvF1rMs"></drupal-render-placeholder> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-author--features.html.twig * field--node--field-author.html.twig * field--node--features.html.twig x field--field-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <a href="/author/kettera-strategies" hreflang="en">Kettera Strategies</a> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-content-role--features.html.twig * field--node--field-content-role.html.twig * field--node--features.html.twig * field--field-content-role.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-content-role field--type-list-string field--label-above"> <div class="field__label">Content role</div> <div class="field__item">Public</div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> Wed, 13 Sep 2023 16:32:07 +0000 AlphaWeek Staff 10217 at https://alpha-week.com Kettera Strategies Heat Map - July 2023 https://alpha-week.com/kettera-strategies-heat-map-july-2023 <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--features.html.twig x field--node--title.html.twig * field--node--features.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <span>Kettera Strategies Heat Map - July 2023</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-image--features.html.twig * field--node--field-image.html.twig * field--node--features.html.twig * field--field-image.html.twig * field--image.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-image field--type-image field--label-hidden field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_formatter' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_style' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image' --> <!-- BEGIN OUTPUT from 'core/modules/system/templates/image.html.twig' --> <img loading="lazy" src="https://www.alpha-week.com/sites/default/files/styles/article_full/public/2023-02/Kettera-Strategies.jpg?itok=MT_xYzdC" width="400" height="225" alt="Kettera Strategies" typeof="foaf:Image" /> <!-- END OUTPUT from 'core/modules/system/templates/image.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--features.html.twig x field--node--created.html.twig * field--node--features.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <span>Fri, 08/11/2023 - 06:35</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--features.html.twig * field--node--body.html.twig * field--node--features.html.twig * field--body.html.twig * field--text-with-summary.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>The Style Heat Map below<em> </em>offers a snapshot for the month on all categories of strategies; here are highlights on four of the more noteworthy during the month of July.</span></span></span></span></span></span></p> <p><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>Systematic Trend Managers</span></span></strong></span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>Trend programs were generally unprofitable in July, with most programs struggling in fixed income and currencies, mixed results in equities, yet a noticeably profitable trade in long energy and refined products, although not enough to offset losses elsewhere.  Medium-term trend programs (e.g., those with 2-3 week average holding periods) seem to have performed the worst, underperforming (still negative) longer-term trend and shorter-term momentum strategies. One losing position of particular note was a long Japanese fixed income which, after the BoJ relaxed its yield curve control policy, quickly corrected. Long various USD-based currency positions also suffered corrections. Equities trading was mixed. While long North American equity indices have been” easy to capture” trend this year, many systems have been chopped up by indecisive moves in the European and Asian indices.  </span></span></span></span></span></span></p> <p><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>Quant Macro Managers</span></span></strong></span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>Quant Macro was a mixed bucket in July, slightly tilting positive but full of dispersion across markets, sectors and programs. Despite mixed messages and a range of good and bad announcements everywhere, July was a “risk-on” month where equities rallied, energy markets rallied sharply, fixed income markets fell (yields up), and base and precious metals were up on perceived stimulus policy in China.  One consistent theme across most of the profitable programs was long energy markets. Other commodities markets didn’t show much meaningful performance plus or minus. It seems the currency sector was either very good or bad, depending on whether a program’s models were short USD (good) vs. G10, and especially JPY and commodity currencies (MXN). Fixed income was flat to slightly negative, depending on one’s exposure and geographic choices: short US (good), long UK gilts (good), short Euro bunds (good), long JGBs (bad). Little performance was seen in agricultural grains, softs, and metals markets.</span></span></span></span></span></span></p> <p><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>Discretionary Macro Managers</span></span></strong></span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>Discretionary macro managers, in contrast to their quant brethren, are a mixed bucket by their very nature. Yet many, if not most, of the managers we follow appeared to have a positive month. In speaking to the PMs, and reading various monthly reports, macro managers had to make a decision as to where the world is in the business cycle – as well as whether cycle stage was isolated to just one region (e.g., North America vs China) or global. Those managers that shifted their positioning from an “inflationary” or “stagflation” stance to a “decreasing inflation with gradual growth” stance fared the best. In directional positioning, most of the discretionary programs that we follow captured gains from long global equities positions, long precious metals, and, in currencies, a generally short USD position. In contrast, directional positions in the energy sector and fixed income (not including yield curve trades, which was a different story) appeared to pose setbacks. Regarding relative value and spread positions, a common theme among the outperformers was capitalizing on yield curve inversion.  </span></span></span></span></span></span></p> <p><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>FX Specialists</span></span></strong></span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>The returns of FX specialists varied broadly in July, but were generally sub-par. The month began with a sharply declining US dollar vs. G10 and EM, sparked by declining U.S. inflation numbers and hopes of a soft landing putting a stop to Fed rate hikes. This didn’t last long, however, as strong mid-month GDP releases ignited a rally in the greenback making for choppy trading. This down-up, “V” -shaped activity in the USD frustrated many managers. The better performers were those able to pivot more quickly on the USD turnaround. And US inflation wasn’t the only driver in July, as increased oil prices also bolstered the currencies of petroleum producing countries (e.g. Norway, Mexico, etc). Overall, systematic trend and quant directional FX traders generally fared poorly in July. Cross-rate and carry positions appeared to perform slightly better, at least judging from the programs we follow, but not by much.</span></span></span></span></span></span></p> <p><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>Commodities Specialists – Metals &amp; Energies</span></span></strong></span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>Managers focused on industrial commodities generally performed well in July, led by positions in natural gas and energy (crude and products), although there was good news in some of the metals markets as well. Most programs in this style bucket are fundamental and discretionary, so differentiation comes from implementation (relative value vs directional) and instruments traded (futures or options). Nat gas spread traders performed well -  despite sideways movement all month long - while long directional and long-biased spread traders took advantage of a 14%-plus upward move in crude as well as rising markets in refined products (e.g. gasoline and heating oil). In metals, long directional positions in base metals, primarily copper and nickel, were profitable, while long directional and long-biased options positions in gold, silver and platinum also brought gains. </span></span></span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><img alt="Kettera Strategies" data-entity-type="file" data-entity-uuid="de12a697-a0cc-4a60-b6f6-7d597a122e6e" src="https://www.alpha-week.com/sites/default/files/inline-images/Kettera-Strategies-HeatMap-2023-07-July.png" width="550" height="650" loading="lazy" /></span></span></span></span></span></span></p> <p>**********</p> <p><strong>Kettera Strategies</strong></p> <p><span style="font-size:11px;"><strong>NOTES: </strong></span></p> <p><span style="font-size:11px;"><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">For the “style classes” and “baskets” presented in this letter: </span></strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The “style baskets” referenced above were created by Kettera <strong>for research purposes</strong> to track the category and are classifications drawn by Kettera Strategies in their review of programs on and for the Hydra Platform. The arrows represent the style basket’s overall performance for the month (e.g. the sideways arrow indicates that the basket was largely flat overall, a solid red down arrow indicates the basket (on average) was largely negative compared to most months, etc.). The “style basket” for a class is created from monthly returns (net of fees) of programs that are either: programs currently or formerly on Hydra; or under review with an expectation of being added to Hydra. The weighting of a program in a basket depends upon into which of these three groups the program falls<strong>. Style</strong> <strong>baskets are not investible products or index products being offered to investors. They are meant purely for analysis and comparison purposes</strong>. <strong>These also were not created to stimulate interest in any underlying or associated program</strong>. Nonetheless, as these research tools may be regarded to be “hypothetical” combinations of managers, HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY PRODUCT OR ACCOUNT WILL ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.</span></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Benchmark</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">sources:</span></span></p> <ol><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of Euerkahedge Macro Hedge Fund Index and IndexIQ Hedge Global Macro Beta Index</span></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Eurekahedge</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Marcro</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Inde</span><a href="https://cib.societegenerale.com/en/prime-services-indices/">x</a> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">can</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">be</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">found</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">at:</span> <a href="http://www.eurekahedge.com/Indices/IndexView/Eurekahedge/481/Eurekahedge-Macro-Hedge-Fund-Index">https://www.eurekahedge.com/Indices/IndexView/Eurekahedge/481/Eurekahedge-Macro-Hedge-Fund-Index</a></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The IndexIQ Hedge Global Macro Beta Index can be found at: </span><a href="http://www.newyorklifeinvestments.com/indices/">https://www.newyorklifeinvestments.com/indices/</a></span></p> <ol start="2"><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The IndexIQ Hedge Global Macro Beta Index: (same link as above)</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Societe</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Generale</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Trend</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">CTA</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Index</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">can</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">be</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">found</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">at:</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">https://cib.societegenerale.com/en/prime-services-indices/</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Societe Generale Short-term Traders Index: (same link as above)</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Hedge Currency Traders Index can be found at: </span><a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of Bridge Alternatives Commodity Hedge Fund Index and Barclay Discretionary Traders Index</span></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Bridge</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">CTA</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Index</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">can</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">be</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">found</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">at:</span> <a href="http://www.bridgealternatives.com/commodity-hedge-fund-index">https://www.bridgealternatives.com/commodity-hedge-fund-index</a></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Discretionary Traders Index </span><a href="http://www.barclayhedge.com/">can be found at:</a> <a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></p> <ol start="7"><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Agricultural Traders Index: (same link as above)</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Eurekahedge Commodity Hedge Fund Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of CBOE Eurekahedge Relative Value Volatility Hedge Fund Index and CBOE Eurekahedge Long Volatility Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of Eurekahedge Asset Weighted Multi Strategy Asset Weighted Index and Barclay Hedge Fund Multi Strategy Index The Eurekahedge Asset Weighted Multi Strategy Asset Weighted Index can be found at: (same link as above)</span></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Hedge Fund Multi Strategy Index can be found at: </span><a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></p> <ol start="11"><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Eurekahedge Long Short Equities Hedge Fund Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Eurekahedge Event-Driven Hedge Fund Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">INDICES AND OTHER FINANCIAL BENCHMARKS SHOWN ARE PROVIDED FOR ILLUSTRATIVE PURPOSES ONLY, ARE UNMANAGED, REFLECT REINVESTMENT OF INCOME AND DIVIDENDS AND DO NOT REFLECT THE IMPACT OF ADVISORY FEES. INDEX DATA IS REPORTED AS OF DATE OF PUBLICATION AND MAY BE A MONTH-TO-DATE ESTIMATE IF ALL UNDERLYING COMPONENTS HAVE NOT YET REPORTED. THE INDEX PROVIDERS MAY UPDATE THEIR REPORTED PERFORMANCE FROM TIME TO TIME. KETTERA DISCLAIMS ANY OBLIGATION TO VERIFY THESE NUMBERS OR TO UPDATE OR REVISE THE PERFORMANCE NUMBERS.</span></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">***</span></span></p> <p><em>The views expressed in this article are those of the author and do not necessarily reflect the views of AlphaWeek or its publisher, The Sortino Group</em></p> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--features.html.twig * field--node--field-tags.html.twig * field--node--features.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/hedge-funds-guest-articles" hreflang="en">Hedge Funds Guest Articles</a></div> <div class="field__item"><a href="/directory/kettera-strategies" hreflang="en">Kettera Strategies</a></div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <drupal-render-placeholder callback="flag.link_builder:build" arguments="0=node&amp;1=10181&amp;2=bookmark" token="Xy631nnsrlziGF7E_ZeYkYSes2cJWVow8wnQtAU2tPM"></drupal-render-placeholder> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-author--features.html.twig * field--node--field-author.html.twig * field--node--features.html.twig x field--field-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <a href="/author/kettera-strategies" hreflang="en">Kettera Strategies</a> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-content-role--features.html.twig * field--node--field-content-role.html.twig * field--node--features.html.twig * field--field-content-role.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-content-role field--type-list-string field--label-above"> <div class="field__label">Content role</div> <div class="field__item">Public</div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> Fri, 11 Aug 2023 05:35:20 +0000 AlphaWeek Staff 10181 at https://alpha-week.com Kettera Strategies Heat Map - June 2023 https://alpha-week.com/kettera-strategies-heat-map-june-2023 <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--features.html.twig x field--node--title.html.twig * field--node--features.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <span>Kettera Strategies Heat Map - June 2023</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-image--features.html.twig * field--node--field-image.html.twig * field--node--features.html.twig * field--field-image.html.twig * field--image.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-image field--type-image field--label-hidden field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_formatter' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_style' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image' --> <!-- BEGIN OUTPUT from 'core/modules/system/templates/image.html.twig' --> <img loading="lazy" src="https://www.alpha-week.com/sites/default/files/styles/article_full/public/2023-02/Kettera-Strategies.jpg?itok=MT_xYzdC" width="400" height="225" alt="Kettera Strategies" typeof="foaf:Image" /> <!-- END OUTPUT from 'core/modules/system/templates/image.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--features.html.twig x field--node--created.html.twig * field--node--features.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <span>Mon, 07/17/2023 - 15:20</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--features.html.twig * field--node--body.html.twig * field--node--features.html.twig * field--body.html.twig * field--text-with-summary.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Systematic Trend Managers: </span></strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Long term trend following was positive in June, continuing the climb upward since the setbacks in March. In June, the equities sector led the way - largely with profitable long positions in Asian, European and N. American indices.  Fixed income (short US and European bonds and rates) and currencies (short USD vs. most G10 and EM commodity currencies) were also positive for most of the programs we follow. Positions in commodities, however, generally put a drag on performance, with whippy agricultural markets proving the most difficult sub-sector for trend signals, followed by setbacks in crude oil and natural gas.  Longer- and medium-term programs (and models) outperformed shorter term trend trading. One notable theme was the relatively outsized gains in Japanese markets, namely short JPY vs. USD and long Japanese equities.</span></span></span></span></p> <p><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span>Commodity </span></span></strong><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Specialists – <span>Agricultural: </span></span></strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">In June, traders saw expanded volatility among the grains markets, as increasing US dryness and drought concerns drove crop prices higher, only to see a sharp late-month reversal across the board, especially in corn, as wetter weather arrived later in the month. This was combined with a surprising end-of-month USDA acreage report that particularly affected corn (vs. soybeans) to the downside. Many of the programs we follow were short the grain markets coming into June, pulling back these positions by mid-month as the drought intensified, with many managers regretting this toward the end of the month as prices dropped. Thankfully, most of the ag commodities managers we follow maintained enough of a short position to end up positive by month-end -  when plentiful acreage numbers and yields pulled prices lower -  particularly in corn, which was a significant exposure for most programs. Relative value traders withstood the choppiness betters than directional traders. Long livestock (live and feeder cattle) continued to provide positive performance.</span></span></span></span></p> <p><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Commodity Specialists - <span>Industrial Commodities: I</span></span></strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">ndustrial commodities experienced a particularly difficult month, driven by erratic US weather reports (largely affecting energy markets) and conflicting global demand for metals. In energy markets, a mild crude oil rally against prevailing macro demand weakness didn’t affect performance in either directional or spread trading too much.  Most emphatic and damaging to performance was trading in natural gas and power (electricity), where mild US weather gave way to intense heat in the southern and southwestern US states, leading to a sharp rally in natural gas and power. In metals, those fundamentals-based base metals traders that managed to stay net long, either in directional or long-biased spread positions, copper and iron ore fared well. In contrast, many managers also held long precious metals positions, struggling against weak demand and adverse macro forces in gold and silver, while platinum longs were punished by macro forces in South Africa.</span></span></span></span></p> <p><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Discretionary Macro Managers: </span></strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">June performance was mixed and skewed to the negative side, depending on the manager’s concentration and conviction. Discretionary macro trading is predominantly directional, and has become quite differentiated, with global Central Banks providing conflicting guidance. All this can lead to different movement in all regional asset classes. Of the programs we follow, those that were concentrated on short interest rates (rising yields) and long global equities performed well, while those choosing to trade contrarian macro themes in financials and commodities had mixed results. Long precious metals (gold, silver, platinum) positioning, often taken as an inflation hedge, suffered losses, and in FX, those short commodity currencies suffered as the USD weakened against the South African rand, Brazilian real and Mexican peso.</span></span></span></span></p> <p><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><img alt="Kettera Strategies" data-entity-type="file" data-entity-uuid="805a9a32-f739-4aa8-80b0-56e1bfa42f7d" src="https://www.alpha-week.com/sites/default/files/inline-images/Kettera-Strategies-HeatMap-2023-06-June.png" width="550" height="664" loading="lazy" /></span></span></span></span></p> <p><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">**********</span></span></span></span></p> <p><strong><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Kettera Strategies</span></span></span></span></strong></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Notes:</span></span></p> <p><span style="font-size:11px;"><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">For the “style classes” and “baskets” presented in this letter: </span></strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The “style baskets” referenced above were created by Kettera <strong>for research purposes</strong> to track the category and are classifications drawn by Kettera Strategies in their review of programs on and for the Hydra Platform. The arrows represent the style basket’s overall performance for the month (e.g. the sideways arrow indicates that the basket was largely flat overall, a solid red down arrow indicates the basket (on average) was largely negative compared to most months, etc.). The “style basket” for a class is created from monthly returns (net of fees) of programs that are either: programs currently or formerly on Hydra; or under review with an expectation of being added to Hydra. The weighting of a program in a basket depends upon into which of these three groups the program falls<strong>. Style</strong> <strong>baskets are not investible products or index products being offered to investors. They are meant purely for analysis and comparison purposes</strong>. <strong>These also were not created to stimulate interest in any underlying or associated program</strong>. Nonetheless, as these research tools may be regarded to be “hypothetical” combinations of managers, HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY PRODUCT OR ACCOUNT WILL ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.</span></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Benchmark</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">sources:</span></span></p> <ol><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of Euerkahedge Macro Hedge Fund Index and IndexIQ Hedge Global Macro Beta Index</span></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Eurekahedge</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Marcro</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Inde</span><a href="https://cib.societegenerale.com/en/prime-services-indices/">x</a> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">can</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">be</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">found</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">at:</span> <a href="http://www.eurekahedge.com/Indices/IndexView/Eurekahedge/481/Eurekahedge-Macro-Hedge-Fund-Index">https://www.eurekahedge.com/Indices/IndexView/Eurekahedge/481/Eurekahedge-Macro-Hedge-Fund-Index</a></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The IndexIQ Hedge Global Macro Beta Index can be found at: </span><a href="http://www.newyorklifeinvestments.com/indices/">https://www.newyorklifeinvestments.com/indices/</a></span></p> <ol start="2"><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The IndexIQ Hedge Global Macro Beta Index: (same link as above)</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Societe</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Generale</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Trend</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">CTA</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Index</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">can</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">be</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">found</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">at:</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">https://cib.societegenerale.com/en/prime-services-indices/</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Societe Generale Short-term Traders Index: (same link as above)</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Hedge Currency Traders Index can be found at: </span><a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of Bridge Alternatives Commodity Hedge Fund Index and Barclay Discretionary Traders Index</span></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Bridge</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">CTA</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Index</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">can</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">be</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">found</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">at:</span> <a href="http://www.bridgealternatives.com/commodity-hedge-fund-index">https://www.bridgealternatives.com/commodity-hedge-fund-index</a></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Discretionary Traders Index </span><a href="http://www.barclayhedge.com/">can be found at:</a> <a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></p> <ol start="7"><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Agricultural Traders Index: (same link as above)</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Eurekahedge Commodity Hedge Fund Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of CBOE Eurekahedge Relative Value Volatility Hedge Fund Index and CBOE Eurekahedge Long Volatility Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of Eurekahedge Asset Weighted Multi Strategy Asset Weighted Index and Barclay Hedge Fund Multi Strategy Index The Eurekahedge Asset Weighted Multi Strategy Asset Weighted Index can be found at: (same link as above)</span></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Hedge Fund Multi Strategy Index can be found at: </span><a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></p> <ol start="11"><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Eurekahedge Long Short Equities Hedge Fund Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Eurekahedge Event-Driven Hedge Fund Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">INDICES AND OTHER FINANCIAL BENCHMARKS SHOWN ARE PROVIDED FOR ILLUSTRATIVE PURPOSES ONLY, ARE UNMANAGED, REFLECT REINVESTMENT OF INCOME AND DIVIDENDS AND DO NOT REFLECT THE IMPACT OF ADVISORY FEES. INDEX DATA IS REPORTED AS OF DATE OF PUBLICATION AND MAY BE A MONTH-TO-DATE ESTIMATE IF ALL UNDERLYING COMPONENTS HAVE NOT YET REPORTED. THE INDEX PROVIDERS MAY UPDATE THEIR REPORTED PERFORMANCE FROM TIME TO TIME. KETTERA DISCLAIMS ANY OBLIGATION TO VERIFY THESE NUMBERS OR TO UPDATE OR REVISE THE PERFORMANCE NUMBERS. </span></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">***</span></span></p> <p><em>The views expressed in this article are those of the author and do not necessarily reflect the views of AlphaWeek or its publisher, The Sortino Group</em></p> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--features.html.twig * field--node--field-tags.html.twig * field--node--features.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/hedge-funds-guest-articles" hreflang="en">Hedge Funds Guest Articles</a></div> <div class="field__item"><a href="/hedge-funds-performance" hreflang="en">Hedge Funds Performance</a></div> <div class="field__item"><a href="/directory/kettera-strategies" hreflang="en">Kettera Strategies</a></div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <drupal-render-placeholder callback="flag.link_builder:build" arguments="0=node&amp;1=10125&amp;2=bookmark" token="p5biuk-W9sSBXgQ4YQjbQh2Asv2FaNdxbGTQQ6r8oz8"></drupal-render-placeholder> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-author--features.html.twig * field--node--field-author.html.twig * field--node--features.html.twig x field--field-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <a href="/author/kettera-strategies" hreflang="en">Kettera Strategies</a> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-content-role--features.html.twig * field--node--field-content-role.html.twig * field--node--features.html.twig * field--field-content-role.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-content-role field--type-list-string field--label-above"> <div class="field__label">Content role</div> <div class="field__item">Public</div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> Mon, 17 Jul 2023 14:20:31 +0000 AlphaWeek Staff 10125 at https://alpha-week.com Kettera Strategies Heat Map - May 2023 https://alpha-week.com/kettera-strategies-heat-map-may-2023 <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--features.html.twig x field--node--title.html.twig * field--node--features.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <span>Kettera Strategies Heat Map - May 2023</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-image--features.html.twig * field--node--field-image.html.twig * field--node--features.html.twig * field--field-image.html.twig * field--image.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-image field--type-image field--label-hidden field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_formatter' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_style' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image' --> <!-- BEGIN OUTPUT from 'core/modules/system/templates/image.html.twig' --> <img loading="lazy" src="https://www.alpha-week.com/sites/default/files/styles/article_full/public/2023-02/Kettera-Strategies.jpg?itok=MT_xYzdC" width="400" height="225" alt="Kettera Strategies" typeof="foaf:Image" /> <!-- END OUTPUT from 'core/modules/system/templates/image.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--features.html.twig x field--node--created.html.twig * field--node--features.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <span>Mon, 06/12/2023 - 14:49</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--features.html.twig * field--node--body.html.twig * field--node--features.html.twig * field--body.html.twig * field--text-with-summary.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><strong>Currency Strategies: </strong>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. The main theme in FX in May was of course the bull move in the USD. For the longer-term macro driven programs, the profitable theme appeared to be long the US dollar versus the Japanese yen and euro. That said, the outperforming managers were those fortunate enough to catch moves in certain emerging markets – e.g. long Mexican peso vs USD.</p> <p><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Discretionary Macro Strategies:</span></strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"> It was a tough month many, but not all, of the discretionary fundamental macro managers that we follow. Most of the programs we track appeared to struggle with nearly every sector (especially fixed income), with the possible exception of FX positioning, which seemed profitable for many managers.  </span></span></span></span></span></p> <p><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Quant Macro Strategies:</span></strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"> While this group didn’t seem to suffer in May as much as their discretionary brethren above, it was a mixed bag for these types of programs. Overall, the best trades for many model-driven macro programs seemed to be short European fixed income and short agricultural commodities. While many macro models at first appeared to catch the bearish move in US bonds, the short-term corrections upward at the start and end of the month threw many managers off their game in fixed income.   </span></span></span></span></span></p> <p><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Systematic Trend Strategies:</span></strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"> May continued the theme started in April with another big positive month for most systematic trend programs. Unlike April, however, this past month showed a great deal of dispersion in returns across programs. In fact, there was often dispersion within a single sector (e.g., programs that favored long trends in North American and Asian equities fared better than those in European indices). Many programs generated profitable short positions in commodities markets, and the long US dollar moves vs. Euro and JPY. Not unlike April, the more short-term trend models under-performed in May. Fixed income trades were a mixed bag for systematic trend managers; most programs suffered setbacks in JGBs with the sudden sell-off, although short positions in US rates appeared to be mostly profitable for programs. </span></span></span></span></span></p> <p><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Commodities Specialists – Metals/Energies:</span></strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"> The short basic generalization was that the energy managers we track appeared to do well, while the metals specialists struggled (yet again). The most profitable programs in this sector in May were the crude oil, natural gas and power traders – both relative value/spread programs as well as directional. The industrial metals markets, on the other hand, were less kind to commodities specialists focused on that sector. </span></span></span></span></span></p> <p><img alt="Kettera Strategies" data-entity-type="file" data-entity-uuid="7d36e86b-d806-41c2-a310-702b4062a109" src="https://www.alpha-week.com/sites/default/files/inline-images/Kettera-Strategies-HeatMap-2023-05-May.png" width="550" height="521" loading="lazy" /></p> <p>**********</p> <p><strong>Kettera Strategies</strong></p> <p><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US"><span><span><span>Notes:</span></span></span></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.  See notes at end of this document for details on the construction of the Hydra "baskets" and the benchmark used for each style class.  Also note that some baskets may contain managers that have not yet reported by this date.  <em>*=Less than 75% reported. **=Less than 75% reported and absence of a core manager's return.</em></span></span></p> <p><span style="font-size:11px;"><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">For the “style classes” and “baskets” presented in this letter: </span></strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The “style baskets” referenced above were created by Kettera <strong>for research purposes</strong> to track the category and are classifications drawn by Kettera Strategies in their review of programs on and for the Hydra Platform. The arrows represent the style basket’s overall performance for the month (e.g. the sideways arrow indicates that the basket was largely flat overall, a solid red down arrow indicates the basket (on average) was largely negative compared to most months, etc.). The “style basket” for a class is created from monthly returns (net of fees) of programs that are either: programs currently or formerly on Hydra; or under review with an expectation of being added to Hydra. The weighting of a program in a basket depends upon into which of these three groups the program falls<strong>. Style</strong> <strong>baskets are not investible products or index products being offered to investors. They are meant purely for analysis and comparison purposes</strong>. <strong>These also were not created to stimulate interest in any underlying or associated program</strong>. Nonetheless, as these research tools may be regarded to be “hypothetical” combinations of managers, HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY PRODUCT OR ACCOUNT WILL ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.</span></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Benchmark</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">sources:</span></span></p> <ol><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of Euerkahedge Macro Hedge Fund Index and IndexIQ Hedge Global Macro Beta Index</span></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Eurekahedge</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Marcro</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Inde</span><a href="https://cib.societegenerale.com/en/prime-services-indices/">x</a> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">can</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">be</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">found</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">at:</span> <a href="http://www.eurekahedge.com/Indices/IndexView/Eurekahedge/481/Eurekahedge-Macro-Hedge-Fund-Index">https://www.eurekahedge.com/Indices/IndexView/Eurekahedge/481/Eurekahedge-Macro-Hedge-Fund-Index</a></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The IndexIQ Hedge Global Macro Beta Index can be found at: </span><a href="http://www.newyorklifeinvestments.com/indices/">https://www.newyorklifeinvestments.com/indices/</a></span></p> <ol start="2"><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The IndexIQ Hedge Global Macro Beta Index: (same link as above)</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Societe</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Generale</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Trend</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">CTA</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Index</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">can</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">be</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">found</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">at:</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">https://cib.societegenerale.com/en/prime-services-indices/</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Societe Generale Short-term Traders Index: (same link as above)</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Hedge Currency Traders Index can be found at: </span><a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of Bridge Alternatives Commodity Hedge Fund Index and Barclay Discretionary Traders Index</span></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Bridge</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">CTA</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Index</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">can</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">be</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">found</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">at:</span> <a href="http://www.bridgealternatives.com/commodity-hedge-fund-index">https://www.bridgealternatives.com/commodity-hedge-fund-index</a></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Discretionary Traders Index </span><a href="http://www.barclayhedge.com/">can be found at:</a> <a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></p> <ol start="7"><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Agricultural Traders Index: (same link as above)</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Eurekahedge Commodity Hedge Fund Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of CBOE Eurekahedge Relative Value Volatility Hedge Fund Index and CBOE Eurekahedge Long Volatility Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of Eurekahedge Asset Weighted Multi Strategy Asset Weighted Index and Barclay Hedge Fund Multi Strategy Index The Eurekahedge Asset Weighted Multi Strategy Asset Weighted Index can be found at: (same link as above)</span></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Hedge Fund Multi Strategy Index can be found at: </span><a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></p> <ol start="11"><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Eurekahedge Long Short Equities Hedge Fund Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Eurekahedge Event-Driven Hedge Fund Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">INDICES AND OTHER FINANCIAL BENCHMARKS SHOWN ARE PROVIDED FOR ILLUSTRATIVE PURPOSES ONLY, ARE UNMANAGED, REFLECT REINVESTMENT OF INCOME AND DIVIDENDS AND DO NOT REFLECT THE IMPACT OF ADVISORY FEES. INDEX DATA IS REPORTED AS OF DATE OF PUBLICATION AND MAY BE A MONTH-TO-DATE ESTIMATE IF ALL UNDERLYING COMPONENTS HAVE NOT YET REPORTED. THE INDEX PROVIDERS MAY UPDATE THEIR REPORTED PERFORMANCE FROM TIME TO TIME. KETTERA DISCLAIMS ANY OBLIGATION TO VERIFY THESE NUMBERS OR TO UPDATE OR REVISE THE PERFORMANCE NUMBERS. </span></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">***</span></span></p> <p><em>The views expressed in this article are those of the author and do not necessarily reflect the views of AlphaWeek or its publisher, The Sortino Group</em></p> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--features.html.twig * field--node--field-tags.html.twig * field--node--features.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/hedge-funds-performance" hreflang="en">Hedge Funds Performance</a></div> <div class="field__item"><a href="/hedge-funds-guest-articles" hreflang="en">Hedge Funds Guest Articles</a></div> <div class="field__item"><a href="/directory/kettera-strategies" hreflang="en">Kettera Strategies</a></div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <drupal-render-placeholder callback="flag.link_builder:build" arguments="0=node&amp;1=10077&amp;2=bookmark" token="2LBwGXSAdMDL7EphW4QmpO-5cLXUAKnwJJPK5vSidBE"></drupal-render-placeholder> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-author--features.html.twig * field--node--field-author.html.twig * field--node--features.html.twig x field--field-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <a href="/author/kettera-strategies" hreflang="en">Kettera Strategies</a> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-content-role--features.html.twig * field--node--field-content-role.html.twig * field--node--features.html.twig * field--field-content-role.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-content-role field--type-list-string field--label-above"> <div class="field__label">Content role</div> <div class="field__item">Public</div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> Mon, 12 Jun 2023 13:49:06 +0000 AlphaWeek Staff 10077 at https://alpha-week.com Kettera Strategies Heat Map - April 2023 https://alpha-week.com/kettera-strategies-heat-map-april-2023 <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--features.html.twig x field--node--title.html.twig * field--node--features.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <span>Kettera Strategies Heat Map - April 2023</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-image--features.html.twig * field--node--field-image.html.twig * field--node--features.html.twig * field--field-image.html.twig * field--image.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-image field--type-image field--label-hidden field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_formatter' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_style' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image' --> <!-- BEGIN OUTPUT from 'core/modules/system/templates/image.html.twig' --> <img loading="lazy" src="https://www.alpha-week.com/sites/default/files/styles/article_full/public/2023-02/Kettera-Strategies.jpg?itok=MT_xYzdC" width="400" height="225" alt="Kettera Strategies" typeof="foaf:Image" /> <!-- END OUTPUT from 'core/modules/system/templates/image.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--features.html.twig x field--node--created.html.twig * field--node--features.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <span>Mon, 05/15/2023 - 12:19</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--features.html.twig * field--node--body.html.twig * field--node--features.html.twig * field--body.html.twig * field--text-with-summary.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Discretionary Macro Strategies</span></strong></span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">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. Notable directional positions that yielded profits included short agricultural markets, long precious metals, long European equities, and long European currencies (euro, British pound, Swiss franc) versus the USD. The less successful programs appeared to be those tangled up in choppy fixed income markets (e.g. longer term bonds and short dated rates) while also missing the aforementioned profitable positions. </span></span></span></span></span></p> <p><span><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Systematic Trend Strategies</span></strong></span></span></span></span></span></p> <p><span><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">While March brought one of the worst months in the history of systematic futures trading, April saw systematic trend programs generate mostly positive returns. The array of returns for the programs we follow was a widely dispersed one, ranging from just slightly negative to around +10% on the month - depending on portfolio mix and length of average models. It seems the medium-term programs had the most success, with the shorter-term programs performing poorly and the longer-term strategies decently.  The most profitable of the medium- to longer-term programs seemed to be those with long sugar and long coffee positions, two relatively obscure markets that made an outsized impact in April. From a sector standpoint, commodities, (particularly short ag exposures) and FX (particularly long European major currencies vs. USD) were generally the best performing asset classes</span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">.</span></span></span></span></span></span></p> <p><strong>Commodities Specialists – Agricultural</strong></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Programs specializing in agricultural and livestock trading were generally profitable in April – largely from directional short and short-biased spread trading in corn and the soybean complex (beans, soymeal, soy oil), and long exposure in cattle markets. After a choppy first half of the month, corn and soybeans broke on fundamentals including ample supplies out of Brazil, low demand for US exports, amicable weather conditions in the US, and heightened competition. Several programs also caught the upward moves in sugar and coffee, trading those directionally.</span></span></span></span></span></p> <p><span><span><span><span><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Commodities Specialists – Metals/Energies</span></strong></span></span></span></span></p> <p><span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Of the metals specialists that we track, the more profitable programs translated global macro events (inflation, bank crisis, etc) into long gold and precious metals, while shorting industrial metals (e.g. copper, iron ore) on the back of poor demand. Energy trading specialists faced a month of choppy price behavior, with OPEC’s attempts to manipulate the market facing off vs. weak demand.  Natural gas programs we follow – mostly spread programs – ended the month just slightly positive</span>. </span></span></span></span></p> <p><span><span><span><span><img alt="Kettera Strategies" data-entity-type="file" data-entity-uuid="dc800c0d-18b6-4522-96df-1fea911d5651" src="https://www.alpha-week.com/sites/default/files/inline-images/Kettera-Strategies-HeatMap-2023-04-April.png" width="550" height="654" loading="lazy" /></span></span></span></span></p> <p><span style="font-size:11px;"><strong>NOTES: </strong></span></p> <p><span style="font-size:11px;"><strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">For the “style classes” and “baskets” presented in this letter: </span></strong><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The “style baskets” referenced above were created by Kettera <strong>for research purposes</strong> to track the category and are classifications drawn by Kettera Strategies in their review of programs on and for the Hydra Platform. The arrows represent the style basket’s overall performance for the month (e.g. the sideways arrow indicates that the basket was largely flat overall, a solid red down arrow indicates the basket (on average) was largely negative compared to most months, etc.). The “style basket” for a class is created from monthly returns (net of fees) of programs that are either: programs currently or formerly on Hydra; or under review with an expectation of being added to Hydra. The weighting of a program in a basket depends upon into which of these three groups the program falls<strong>. Style</strong> <strong>baskets are not investible products or index products being offered to investors. They are meant purely for analysis and comparison purposes</strong>. <strong>These also were not created to stimulate interest in any underlying or associated program</strong>. Nonetheless, as these research tools may be regarded to be “hypothetical” combinations of managers, HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY PRODUCT OR ACCOUNT WILL ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.</span></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Benchmark</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">sources:</span></span></p> <ol><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of Euerkahedge Macro Hedge Fund Index and IndexIQ Hedge Global Macro Beta Index</span></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Eurekahedge</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Marcro</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Inde</span><a href="https://cib.societegenerale.com/en/prime-services-indices/">x</a> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">can</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">be</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">found</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">at:</span> <a href="http://www.eurekahedge.com/Indices/IndexView/Eurekahedge/481/Eurekahedge-Macro-Hedge-Fund-Index">https://www.eurekahedge.com/Indices/IndexView/Eurekahedge/481/Eurekahedge-Macro-Hedge-Fund-Index</a></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The IndexIQ Hedge Global Macro Beta Index can be found at: </span><a href="http://www.newyorklifeinvestments.com/indices/">https://www.newyorklifeinvestments.com/indices/</a></span></p> <ol start="2"><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The IndexIQ Hedge Global Macro Beta Index: (same link as above)</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Societe</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Generale</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Trend</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">CTA</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Index</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">can</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">be</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">found</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">at:</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">https://cib.societegenerale.com/en/prime-services-indices/</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Societe Generale Short-term Traders Index: (same link as above)</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Hedge Currency Traders Index can be found at: </span><a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of Bridge Alternatives Commodity Hedge Fund Index and Barclay Discretionary Traders Index</span></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Bridge</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">CTA</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Index</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">can</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">be</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">found</span> <span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">at:</span> <a href="http://www.bridgealternatives.com/commodity-hedge-fund-index">https://www.bridgealternatives.com/commodity-hedge-fund-index</a></span></p> <p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Discretionary Traders Index </span><a href="http://www.barclayhedge.com/">can be found at:</a> <a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></p> <ol start="7"><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Agricultural Traders Index: (same link as above)</span></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Eurekahedge Commodity Hedge Fund Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of CBOE Eurekahedge Relative Value Volatility Hedge Fund Index and CBOE Eurekahedge Long Volatility Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Blend of Eurekahedge Asset Weighted Multi Strategy Asset Weighted Index and Barclay Hedge Fund Multi Strategy Index The Eurekahedge Asset Weighted Multi Strategy Asset Weighted Index can be found at: (same link as above)</span></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The Barclay Hedge Fund Multi Strategy Index can be found at: </span><a href="http://www.barclayhedge.com/">http://www.barclayhedge.com/</a></span></p> <ol start="11"><li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Eurekahedge Long Short Equities Hedge Fund Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> <li><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Eurekahedge Event-Driven Hedge Fund Index: </span><a href="http://www.eurekahedge.com/Indices/">https://www.eurekahedge.com/Indices/</a></span></li> </ol><p><span style="font-size:11px;"><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">INDICES AND OTHER FINANCIAL BENCHMARKS SHOWN ARE PROVIDED FOR ILLUSTRATIVE PURPOSES ONLY, ARE UNMANAGED, REFLECT REINVESTMENT OF INCOME AND DIVIDENDS AND DO NOT REFLECT THE IMPACT OF ADVISORY FEES. INDEX DATA IS REPORTED AS OF DATE OF PUBLICATION AND MAY BE A MONTH-TO-DATE ESTIMATE IF ALL UNDERLYING COMPONENTS HAVE NOT YET REPORTED. THE INDEX PROVIDERS MAY UPDATE THEIR REPORTED PERFORMANCE FROM TIME TO TIME. KETTERA DISCLAIMS ANY OBLIGATION TO VERIFY THESE NUMBERS OR TO UPDATE OR REVISE THE PERFORMANCE NUMBERS. </span></span></p> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--features.html.twig * field--node--field-tags.html.twig * field--node--features.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/hedge-funds-guest-articles" hreflang="en">Hedge Funds Guest Articles</a></div> <div class="field__item"><a href="/directory/kettera-strategies" hreflang="en">Kettera Strategies</a></div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <drupal-render-placeholder callback="flag.link_builder:build" arguments="0=node&amp;1=10037&amp;2=bookmark" token="gLUYXMspbGoRIbSOhzjCLfOGKcM2X0OC698wV1Ag61s"></drupal-render-placeholder> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-author--features.html.twig * field--node--field-author.html.twig * field--node--features.html.twig x field--field-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <a href="/author/kettera-strategies" hreflang="en">Kettera Strategies</a> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-content-role--features.html.twig * field--node--field-content-role.html.twig * field--node--features.html.twig * field--field-content-role.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-content-role field--type-list-string field--label-above"> <div class="field__label">Content role</div> <div class="field__item">Public</div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> Mon, 15 May 2023 11:19:28 +0000 AlphaWeek Staff 10037 at https://alpha-week.com