US-based CTA Drury Capital this month marks 25 years of trading its flagship Diversified Trend-Following Program.

The strategy, which was launched in 1997 by commodities trader and analyst Bernard Drury, was designed with a focus on the importance of commodities in the global economy, including their vulnerability to shocks and their interaction with financial markets. The programme has delivered favourable results over 25 years.

In addition to performing well in times of growth, the programme has shown itself to be resilient through hardship as well and managed to survive the dot-com bubble (up 15.8% in 2000) and even to thrive through the subprime mortgage crisis (up 75.7% in 2008). More recently, the programme has been successful in navigating the pandemic and its aftermath, including the fiscal and monetary policy responses, as well as the ongoing global supply chain disruptions from both the pandemic and the war in Ukraine (up 12.9% 2020, up 26.3% 2021, up 29.7% YTD through April).