Following a 14.11 per cent gain in 2008, managed futures slipped 0.13 per cent in January, according to the Barclay CTA Index compiled by Iowa-based industry information provider BarclaPARA_BREAK_SENTINEL_9f8e7d6c Following a 14.11 per cent gain in 2008, managed futures slipped 0.13 per cent in January, according to the Barclay CTA Index compiled by Iowa-based industry information provider BarclayHedge. 'After a very successful three-month run at the end of 2008, most CTAs had trouble getting traction in 2009,' says Sol Waksman, founder and president of BarclayHedge. The agricultural traders index lost 0.42 per cent in January, systematic yraders were down 0.36 per cent, and diversified traders slipped 0.24 per cent. 'Interest rates, stock indexes and crude oil prices were moving back and forth rather than trending during January, creating problems for many managed futures strategies,' says Waksman. The Barclay Discretionary Traders Index gained 1.28 per cent to start the year, and was the only profitable managed futures strategy in the month of January. The Barclay BTOP50 Index, which monitors performance of the largest traders, lost 0.10 per cent in January following a 12.87 per cent return for 2008.
'Discretionary traders rely on judgment and market savvy to make trading decisions, in contrast to the trend-following momentum strategies employed by most CTAs,' adds Waksman.
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