Managed futures trades fell back after two previous months of gains, losing 0.72 per cent in September, according to the flash estimate for the Barclay CTA Index compiled by BarclayHedge.

“The Fed’s mid-month confirmation that it was unwinding QE precipitated trend reversals in bond yields, the US Dollar Index, and gold,” says Sol Waksman (pictured), founder and president of BarclayHedge. “In spite of the ongoing rally in global equities, there were several treacherous crosscurrents in motion during September and successful navigation was difficult.”
 
Agricultural (+0.40 per cent), Discretionary (+0.27 per cent) and Currency (+0.24 per cent) all recorded modest gains for the month while Financials and Metals (-0.10 per cent) was down slightly. Sharper losses were recorded in the Systematic (-0.99 per cent) and Diversified (-1.31 per cent) indices.
 
For the year, the Barclay CTA Index is down 1.26 per cent. Agriculture is the best performing sector of the year with a gain of 2.60 per cent. The Diversified Traders Index lags with a decline of 3.60 per cent.
 
The Barclay BTOP50 Index, which focuses on the largest CTAs, fell by 1.98 per cent for the month. Year to date through the end of September, the BTOP50 Index is down 4.03 per cent.