Here’s something interesting from the WSJ. After lagging behind their inhuman, algo-driven peers last year, discretionary macro funds have beaten CTAs over the past three months.
Mixed signals from the Fed, turmoil in the Eurozone, and a few acts of God have apparently sent CTAs into a nasty three-month losing streak, just as discretionary macro funds – who typically bet on the same instruments – found their footing.
Among the computerized fallen are Winton Capital’s flagship Winton Futures fund, which is down 0.7% for the year, as well as Man Group’s AHL Diversified fund, which saw its 8% first quarter gains wiped out and dragged down to – 6.3% thanks to Greece and the EU.
Hedge Fund Research data however still show macro funds underperforming the entire industry, proof positive that 2015 isn’t like 2009 or 2013, the most recent years when these guys were king.
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