• December Flash Report

    | | Flash Report

    December finally ends a year we are all looking to put behind us. Every facet of our lives was touched by the Pandemic and we are still learning to cope with affects of the virus. Along with Covid we faced, political turmoil in the U.S. with President elect Biden taking office in 2021 and Democrats having full control, Brexit finally materialized in the U.K., China following through with their trade agreement purchasing obligations we find ourselves entering 2021 with change across multiple fronts. It will be interesting to see how markets react in 2021 to what we left in 2020 … Read more December Flash Report
  • Investment Portfolio Design for an Unpredictable World

    | | Portfolio Management

    Investors are always faced with choices.  My experience tells me that these choices are often driven by simple quirks of human behavior.  Two of these that seem to be big drivers seem to be recency bias and a desire for simplification.  Both of these naturally make us poor investors. For example, in March of 2020 in the throes of the COVID-19 pandemic we spoke with a number of investors who were thinking of just taking their whole equity portfolio flat.  Today as we approach another all-time high that clearly would have been a bad time to sell.  That same period, … Read more Investment Portfolio Design for an Unpredictable World
  • November Flash Report

    | | Flash Report

    November saw a significant increase globally in equity market with many indexes reaching all time new highs. Much of the globe appears to be factoring in the widespread distribution of the COVID vaccine. Bonds have been for the most part unaffected and are not the balance to the equites markets as has been considered the historical norm. Agriculture and commodities in general have continued to show life particularly in the grains. Another common trend has been short USD. The IASG indexes showed strength across the board with Trend Following +3.37% leading the way followed by Stock Index Traders 2.64%. CTA … Read more November Flash Report
  • CTA Spotlight: Adalpha Asset Management

    | | CTA Spotlight

    Diversified Short Term Program Overview “The whole reason my algorithms work, the way they work in all environments, they’ve been working so long is because I’m a prop trader. And that’s what a CTA doesn’t have on me. “ Gary Polony describes in his quiet office on the 38th floor of the Chicago Board of Trade to explain the difference between someone who depends on trading success for a living as opposed to a fund generating high management fees on customer assets even when it doesn’t perform. As quiet pings from his collection of computer towers and screens indicate a … Read more CTA Spotlight: Adalpha Asset Management
  • September Flash Report

    | | Flash Report

    This month's return attribution saw reversals for many of the systematic managers with equity market pullbacks and US Dollar weakening contributing to losses. It was certainly a struggle across all trend/systems based strategies for the month with the Trend Index currently posting -3.02. One bright spot was in agriculture with the Agricultural Index up 1.06% for September. Managers focusing on grains and livestock have finally shown some life in what has been an otherwise uneventful last few years. China appears to be making good on their trade deal with the U.S. as seen in their corn and soybean purchases. China … Read more September Flash Report