In the great battle between quants and discretionary managers for Managed Futures managers, it appears as if Man came out slightly ahead of the Machines. Machines generally exhibited greater variability in returns. Although Man came out slightly ahead, a flat result for the year is probably not something to write home about.
The Machines got a good start to the year, but then gave back much or their advantage after a tumultuous January. Discretionary managers, often complaining about a lack of volatility, sadly failed to capitalize on the systematically driven liquidations and went home approximately flat for the year.