Money managers under the microscope
At the turn of the year managed futures funds/CTAs were the talk of the town after a stonking 2008 in which they gained 18.33 percent while the average fund lost 19.07 percent.
Six months on and they have become one of 2009′s laggards, losing 5.23 percent while the average fund is up 6.72 percent.
The problem has been a lack of clear trends in futures markets, which CTAs follow to make their money.
The worst case scenario, which has happened in some markets this year, is an apparently long-term trend suddenly reverting, catching out those who’d been betting on something a bit longer-lasting.