Managed futures gained 2.15 per cent in November, according to the Barclay CTA Index compiled by BarclayHedge.

“Fears of a default by Dubai World coupled with growing confidence that central bankers would keep interest rates low provided excellent profits for properly positioned interest rate trades,” says Sol Waksman, founder and president of BarclayHedge.

Seven of Barclay’s eight managed futures indices gained ground in November. The Diversified Traders Index was up 3.70 per cent, systematic traders gained 2.56 per cent, financial and metals traders rose 1.62 per cent, and discretionary traders were up 1.30 per cent.

“Traders bet heavily against the US Dollar in November and pushed prices for gold and silver up almost 13 per cent,” says Waksman. “Weakness in natural gas prices resulting from a large inventory overhang and milder temperatures generated profits for momentum traders who have been short this market.”

Year-to-date, CTAs have gained an average of 1.25 per cent. Through November, the best and worst performing managed futures strategies are separated by less than three percent. Discretionary traders are up 1.30 per cent, while agricultural traders are down 0.98 per cent.

“It’s been a year of running in place for most CTAs,” says Waksman. “The performance of the managed futures sector has been choppy in 2009 – up a month or two, and then back down again.”

The Barclay BTOP50 Index, which monitors performance of the largest traders, lost 1.31 per cent in October, and is down 3.16 per cent in 2009.