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Managed Futures Related News
in chronological order
See also:
Managed Futures Related Books,
Managed
Futures Related Scholarly Papers,
or
Managed
Futures Home Page.
Table of Contents:
- March
2007
- February
2007
- January
2007
- December
2007
- November
2007
- October
2007
- September
2007
- August
2007
- July
2007
- June
2007
- May
2007
- April 2007
- February 2007
- January 2007
- December 2006
- November 2006
- October 2006
- September 2006
- August 2006
-
July 2006
-
June 2006
-
May 2006
-
March 2006
-
February 2006
- January 2006
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Top Traders of 2007
March 2, 2006
From Black Enterprise:
Coming off of three
tough years for managed futures in general and trend followers
in particular, the CTA community had its best year since 2003
and many traders say this could the beginning of a long run.
While the universe of commodity trading advisors had its best
performance in recent years in 2007, many of the stalwart long-
term trend followers continued to struggle. Campbell & Co., John
Henry and Dunn all experienced double-digit losses on some
programs, but the larger CTA universe experienced strong returns
as the Barclay CTA index returned 7.57%, its best year since
2003.
The year started out poorly for most CTAs as bonds chopped
around, but soon many long-term trends emerged. Crude oil
bottomed out at about $50 in January and moved basically
straight up to $100 by year-end. Grain markets, particularly
soybeans, had a sustained rally for much of the year; most
currencies appreciated against the dollar and bond markets,
after chopping around for the first two quarters, experienced a
smooth trend for the second half of die year.
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Rydex sees
commodities, currencies in favor
February 29, 2006
From Reuters UK:
Investors are shying
away from equities and showing a preference for products that
offer exposure to alternatives such as managed futures and
currencies, the director of portfolio strategies at Rydex
Investments said on Friday.
Rydex, which oversees about $18 billion in assets, is known for
products such as inverse funds that move in the opposite
direction from a market, or that magnify the direction of a
move.
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A lighter shade
of high-risk trading
February 13, 2006
From The Globe and Mail:
Trading futures
contracts holds the promise of big gains, but the risks are
probably too high for the average do-it-yourself investor to
stomach.
However, one way to get a taste of the futures market while
mitigating the danger is through managed futures.
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Assets that zig when
stocks zag
February 8, 2006
From The Seattle Times:
In
recent months, stocks around the world have been heading in the
same direction: down. That has investors searching for
alternative assets that zig when stocks zag. Two assets that
have little correlation with stocks ...
Managed futures
In managed futures funds, commodity-trading advisers buy futures
contracts for currencies and commodities, such as oil or silver,
betting that the underlying assets will rise or fall in value
within a certain time frame. One provider, Rydex Investments,
has funds based on the S&P diversified trends indicator index.
Rydex says the index has a -0.08 correlation with the S&P 500. A
correlation of 1.0 means two items move in lock step; a
correlation of -1.0 means the two move in opposite directions. A
reading of 0 means they have no direct relationship. The index
likewise has a low 0.04 correlation with bonds, as measured by
the Lehman aggregate bond index. Rydex Managed Futures Strategy
Fund (RYMTX) has a 4.75 percent maximum front-end sales charge
and expenses of 1.81 percent.
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Justice Dept seeks change on futures exchanges: report
February 6, 2006
From Reuters:
The U.S. Justice Department has called for change in financial
futures exchanges, saying they should not own the trade clearing
business as it inhibits competition, The Wall Street Journal
reported on Wednesday.
The report said the Justice Department's recommendation could
affect the potential merger of CME Group Inc (CME.N: Quote,
Profile, Research), parent of the Chicago Mercantile Exchange,
and Nymex Holdings Inc (NMX.N: Quote, Profile, Research), parent
of the New York Mercantile Exchange.
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Managed-Futures Giant Hurt By Currencies in ‘07
February 4, 2006
From FINalternatives:
Managed-futures behemoth Campbell & Co. was hurt last year by
trades in the currency market, as well as in fixed-income and
equities. The firm’s $11 billion Financials, Metals & Energy
Large Portfolio was down 13.38% and its 22-year-old $1.5 billion
Global Diversified Large Portfolio lost 11.21%—its first losing
year since 1986.
“Losses for the portfolio from currency trading continued into
year-end as market participants sold high yielding currencies,
particularly the British pound,” wrote Teri Becks, president, in
an investor letter. “Fears that the U.K. housing market and
general economic growth would slow caused the Pound to finish
off 4% on the month. Smaller losses were experienced in
fixed-income trading and trading in equity indices as U.S. and
European stock markets were extremely volatile in December,
while Asian stocks continued to move lower.”
Source
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Gold
futures close up 2% after hitting record
January 28, 2006
From MarketWatch:
Gold futures closed with gains after surging to a record $929.80
an ounce Monday, as a weaker dollar and expectations of another
Federal Reserve rate cut boosted demand for the precious metal.
Gold for February delivery hit the high of $929.80 an ounce on
the New York Mercantile Exchange, surpassing the record of
$924.30 set on Friday.
Source
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Make
It Eight Years In A Row For Managed Futures
January 23, 2006
From FINalternatives:
Managed futures gained 7.54% in 2007, making it eight straight
years of positive performance for the strategy, according to
year-end data compiled by BarclayHedge. In fact, over the past
28 years, the Barclay CTA Index has had only three losing
years–in 1992, 1999 and 1999, with minor losses of 0.91%, 0.65%,
and 1.19%, respectively.
“The managed-futures industry has provided comfortable, stable
growth for investors for many years,” said Sol Waksman, founder
and president of BarclayHedge. “Since the year 2000, managed
futures have provided an compound annual return of 5.67%.”
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Out of the Pit:
Futures Go Online
January 14, 2006
From Barron's Online:
ONE OF
THE LAST BASTIONS OF OPEN-outcry trading, the futures pits, will
be almost entirely automated by the end of 2008. That should
allow many more retail customers into a marketplace that's
traditionally been dominated by professionals.
Capitalizing on its experience making options trading more
accessible, Chicago's optionsXpress (www.optionsxpress.com) has
improved upon the futures-trading platform that's now integrated
with its other offerings and promises to help would-be traders.
From the trading tab on the optionsXpress menu, a customer can
click on "Futures" and get set to go.
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Canadian Futures Shop Launches Two New Programs
January 3, 2006
From FINalternatives:
Toronto-based Integrated Managed Futures Corp. today unveiled
two new trading programs. The IMFC Multi Strategy Program will
invest the bulk of its assets in the firm’s existing IMFC Global
Investment Program, and 10% in its new IMFC FxVol Program.
IMFC’s diversified trend following Global Investment Program,
which started trading last February, gained some 17% in 2007.
The program currently manages some C$4 million in assets under
management.
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Futures
stay put as Fed rate decision looms
December 11, 2006
From Yahoo! News:
Stocks
index futures were little changed on Tuesday as investors turned
cautious before the Federal Reserve's meeting later on Tuesday,
which is expected to bring an interest-rate cut.
Washington Mutual (WM.N), one of the largest U.S. home mortgage
lenders, fell before the opening bell after it said late on
Monday that it would cut its dividend by nearly three-quarters,
eliminate more than 3,000 jobs and raise $2.5 billion in new
capital.
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Despite returns, advisers bullish on managed futures
December 10, 2006
From InvestmentNews:
The
performance of managed futures is languishing, but that hasn't
diminished their appeal among financial advisers.
Assets in managed futures totaled $184.8 billion Sept. 30, up
from $170 billion at the end of 2006 and $130 billion at the end
of 2005, according to Barclay Hedge Ltd. of Fairfield, Iowa.
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Futures add to
gains on ADP jobs data
December 5, 2006
From Yahoo! News:
Stock index futures extended gains on Wednesday after a report
showed much larger private-sector employment growth in November
than economists were expecting.
S&P 500 futures were up 9.7 points, above fair value, a
mathematical formula that evaluates pricing by taking into
account interest rates, dividends and time to expiration on the
contract.
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US
dominance of managed futures funds under threat
November 29, 2006
From Financial Times:
US dominance of a fast-growing part of the computer-driven, or
quantitative, hedge fund industry is under threat from the
rising influence of managed futures funds based in London and
continental Europe.
North American managed futures programmes - hedge funds which
attempt to profit from computerised trading in futures markets -
have seen their share of the $185bn market drop from 74 per cent
in 2001 to 54 per cent at the end of the third quarter,
according to calculations by data provider Barclay Hedge.
Source
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New
Website Explains Benefits of Managed Futures
October 24, 2006
From SBWire:
Managed Futures are an asset class that people have been
flocking to for the last decade. As the stock market continues
to oscillate and daily price moves of hundreds of points become
more common, the wealthy are flocking to non-correlated assets.
The commodity markets are in one of the biggest bull markets
we’ve seen in decades so it makes sense that people are looking
to diversify into these areas and a professionally managed
futures account is a perfect solution for many people.
Commodity Trading Advisors are registered with the National
Futures Association to handle assets for the public. They are
required to have audited returns and to file a copy of their
disclosure document with the NFA. Periodic reviews and audits
insure that the investor can get a true feel for the way a
manager trades and what kind of risks they take to make those
returns. When reviewing the results of a managed futures account
an investor must make sure the program is registered with the
NFA and has an audited record.
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Managed
Futures Bounce Back In September
October 19, 2006
From FINalternatives:
What a difference a
month makes: August heat gave way to a cooler September breeze
as managed futures gained 3.76% last month, according to flash
estimates from the Barclay CTA Index. The Index dropped 1.63% in
August.
All eight of Barclay’s CTA indices were profitable in September.
Diversified traders jumped 5.24%, systematic traders gained
4.14%, and the financial and metal traders index was up 2.31%.
Seven of the eight of Barclay managed futures indices show
modest gains for the year. The only exception is the
agricultural traders index, which is down 2.26% for the first
nine months of 2007.
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Exchange chief hints at futures trades for water
October 18, 2006
From Times Online:
The
prospect that water may eventually join crude oil, pork bellies,
orange futures and other commodities traded on global markets
was raised in Tokyo today by Craig Donohue, the chief executive
of the Chicago Mercantile Exchange.
Mr Donohue, who runs the world's largest commodities trading
exchange, declined to confirm directly that water would become a
tradeable commodity, but told The Times: "We are working on a
lot of products".
Source
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Stock futures
steady ahead of earnings
October 18, 2006
From BusinessWeek:
Wall Street moved toward a slightly higher open Thursday ahead
of another batch of third-quarter earnings reports and data that
will likely show regional manufacturing is slowing.
Investors will examine earnings reports from Bank of America
Corp., Bank of New York Mellon Corp., Google Inc., and Pfizer
Inc. About 60 members of the Standard & Poor's 500 index have
reported quarterly results so far this week.
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A
Look At The Next Generation of Commodity Indexes
October 11, 2006
From SeekingAlpha:
Investors seem to have a love-hate relationship with
commodities. Not me - long time readers know that I am a big fan
of both commodities and managed futures. Three months ago I
wrote an article on managed futures and how Renaissance was
planning on launching a $25 billion fund. Recently, Morningstar
(MORN) announced some new commodity indexes, and I thought I
would take a look under the hood.
[This is also a great example of a former alpha source becoming
commoditized and repackaged as alternative beta at a much lower
cost. If I ran a CTA/CPO, or was considering becoming a long
term trend-following CTA, I would focus on a system that has
zero or negative correlation to the long term trend-followers
(which the vast majority of CTAs are). Take note highly
compensated "alpha" managers everywhere, your jobs are in
danger!]
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Managed Futures: Pitfalls in Performance Evaluation
October 10, 2006
From The Market Oracle:
While the futures industry's regulatory rules provide clear
guidance as to the presentation of managed account composite
performance reporting, there are pitfalls in making investment
decisions based on a track record's outward appearance without
considering the potential for internal distortions.
In the first article of this three-part series about managed
futures we alluded to concerns about the intricacies of adept
CTA performance evaluation. This article further explores that
topic.
Source
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MF Global
acquires Australian futures broker
September 28, 2006
From Reuters:
MF
Global Ltd (MF.N: Quote, Profile, Research) said it acquired
BrokerOne Pty Ltd, a Sydney-based futures broker, strengthening
its position in the Australian futures and options market.
Further details of the deal were not disclosed. It expects the
deal to add to its earnings over the next 12 months, the futures
and options broker said in a statement.
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FUTURES s.r.o. has launched a new information portal about
managed futures
September 27, 2006
From PR-inside.com:
A consulting company
FUTURES s.r.o., a specialist in managed futures and hedge funds,
has launched a new information portal containing an overview of
available industry-related sources, the latest news concerning
managed futures, interviews with managers, as well as audio and
video files about this issue. The portal centre is the database
of managed futures programs (currently containing about 200
programs), where each of which is subject to a thorough
statistical analysis.
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Futures-based hedge funds buck trend with 6% gain
August 16, 2006
From FinancialNews-US.com:
Hedge funds
following the oldest computer-based strategy, managed futures,
have bucked the trend of quantitative firms’ losses by recording
gains of up to 6% this month, according to bankers.
French group Systeia Capital Management said its managed futures
fund had risen 5.97% from the beginning of August to the end of
trading on Friday. US quantitative asset manager First
Quadrant’s global macro fund is up 2% this month, say investors.
However, the UK’s Winton Capital said its fund was down 1% last
week.
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Listen to the music
August 12, 2006
From ArabianBusiness.com:
I was recently
interviewed by a reporter in Europe whose focus on investing
reflected the ideas of most people I meet. He wanted to know
what the next hot investment was going to be and how he should
get into it before everyone else does. But instead of phrasing
the question in that way he queried: "So where is the music
going to play next?"
My answer was the same one I've given for the past 11 years.
Those of us in managed futures are not clairvoyants, and we
don't have to be, because with managed futures funds, the music
plays everywhere.
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