- Advertisement -
- Advertisement -

Related

Special Report: CTA & Macro Strategies 2016

Powering Hedge Funds

Stockholm (HedgeNordic) – Over the years, CTAs have been declared dead numerous times. Funny enough, the grave diggers tend to be most vocal around the same points in time as CTAs suddenly rebound. If one was to develop a timing indicator for CTA returns, by academics probably considered an unnecessary excercise, the number of google hits on ”ctas are dead” would be my suggestion for a leading indicator.

2014 was another one of those years when CTAs suddenly re-emerged from an extended period of non-performance, silencing a critical voice or two. The strenght carried into early 2015, just when we published the last CTA report the sky seemed to be the limit. But then the strategy was beaten to the ground in a volaitile second half of the year, finishing the year unchanged – at best.

In early 2016, CTAs are again the best performing hedge fund strategy, with the SG Prime Services CTA Index up 4.2% and the SG Prime Services Short Term Traders Index up 6%, at the time of writing in early March. The CTA sub-index of the Nordic Hedge Index (NHX) even being up a whopping 9,6%.

Macro strategies, also known for their potential to deliver lumpy returns, have dissapointed return-hungry investors in recent years. With central bank interventions creating an environment with few opportunities and suppressed volatility levels, many macro strategies have failed to deliver on their promises. But is Macro today another dead cat bounce in the making? Asking allocators and managers alike, there seems to be a common belief that the tide is about to turn to these managers ́ favor.

Often thrown in the same investment category bucket, Macro and CTA funds are typically viewed as having similar characteristics. Although there are similar traits, the strategies also differ in important aspects. An overview of the last 15 years performance shows that there is an apparent correlation of returns, however individual periods show significant performance dispersion. In this report we did combine the two strategies, each in itself of course anything but a homogenous group of traders.

As always in our Industry Reports we attempted to have a balanced mix of articles written by our own editorial team and others submitted by industry experts. In the heavy academic, research driven CTA and Macro space thirsting for ever more data data and insight a particularly greatful industry for such an approach.

To read the special report, please click here: CTA & Macro Strategies 2016

Picture: (c) Zastolskiy-Victor—shutterstock.com

Subscribe to HedgeBrev, HedgeNordic’s weekly newsletter, and never miss the latest news!

Our newsletter is sent once a week, every Friday.

Kamran Ghalitschi
Kamran Ghalitschi
Kamran has been working in the financial industry since 1994 and has specialized on client relations and marketing. Having worked with retail clients in asset management and brokerage the first ten years of his career for major European banks, he joined a CTA / Managed Futures fund with 1,5 Billion USD under management where he was responsible for sales, client relations and operations in the BeNeLux and Nordic countries. Kamran joined a multi-family office managing their own fund of hedgefunds with 400 million USD AuM in 2009. Kamran has worked and lived in Vienna, Frankfurt, Amsterdam and Stockholm. Born in 1974, Kamran today again lives in Vienna, Austria.

Latest Articles

Pasi Havia to Invest in Megatrend-Driven Stocks at United Bankers

After departing Helsinki Capital Partners (HCP) in late 2025 following more than a decade at the boutique, portfolio manager Pasi Havia is now joining...

The Grey Zone Between Long-Only and Hedge Funds Delivers in 2025

The universe of equity strategies spans a broad spectrum, ranging from passive investments in ETF wrappers to traditional long-only funds, as well as long/short,...

Atlas Global Macro’s Commodity Conviction Delivers a Comeback

Macro hedge fund Atlas Global Macro, co-managed by CIO Lars Tvede and portfolio managers Jakob Due and Jakob Sabroe, had significant exposure to Russian...

Nordea’s Rates Strategy Turns Relative Value into Strong Returns

A supportive market backdrop and improving investor risk appetite in 2025 led to tightening spreads in covered bonds, providing a strong tailwind for Danish...

BNP Paribas Appoints Struan Malcom to Lead Nordic Institutional Investor Coverage

BNP Paribas has announced the appointment of Struan Malcom to lead Sales and Client Coverage for Institutional Investors across the Nordic region. Malcom most...

A Photo Finish at the Top of Nordic Hedge Funds

The race for the title of best-performing Nordic hedge fund in 2025 went down to the wire, culminating in one of the closest finishes...

Allocator Interviews

In-Depth: Diversification

- Advertisement -

Voices

Request for Proposal

- Advertisement -
HedgeNordic
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.