As a service to our readers, we provide preliminary comments and data for the performance of CTA and Hedge Funds, based on a limited amount of manager data.
July seems to have delivered generally positive performance across strategies, with Long Only managers leading the race. CTAs recorded a positive month, with a 1.6% gain for July, however, the YTD result is modestly negative. This is preliminary data, based on daily “40-act” funds or UCITS strategies.

We have collected 51% of the funds that we expect to report for the month. 21% of the CTA programs have reported.

Most liquid alternative strategies are having a somewhat muted year, but most of them have bounced back significantly since the Covid induced sell-off. That said, all of our Daily Indices are down for the year.

Preliminary CTA performance can be found below.
Manager | Program | July | Jun | YTD |
WG Wealth Guardian | QT Program | 16.5% | -3% | 56% |
Future Trade AG | Thales Swing Trading Programme | 14.4% | 0% | -15% |
INSCH Capital Management SA | Kintore | 11.2% | 3% | 19% |
UBS | Currency Allocation Return | 7.6% | -6% | -11% |
Equinox Fund Management | Equinox Ampersand Strategy Fund | 7.1% | 6% | -1% |
Dorsey Wright | DWA Tactical | 6.5% | 2% | -2% |
Superfund Capital Management | Managed Futures Strategy | 6.1% | 2% | 12% |
Lynx Asset Management | Lynx | 6.0% | -1% | -1% |
Graham Capital Mgmt LP | Tactical Trend | 6.0% | -3% | -3% |
Tianyou Asset Management | Tianyou Fund | 5.7% | 4% | -29% |
Transtrend BV | Enhanced Risk | 5.5% | -2% | 3% |
WG Wealth Guardian | Strategic Volatility Master Program | 5.2% | -12% | 2% |
WG Wealth Guardian | Strategic Volatility Returns Program | 5.0% | -6% | 1% |
GuidePath | Managed Futures Strat | 4.8% | -1% | 8% |
Graham Capital Mgmt LP | Graham Macro UCITS | 4.8% | 0% | 11% |
John Locke Investments | Cyril Systematic UCITS Fund | 4.6% | 0% | 13% |
Transtrend BV | Tulip Trend Fund | 4.5% | -4% | -5% |
WG Wealth Guardian | Trend Fix Portfolio | 4.2% | 0% | 27% |
IPM Informed Portfolio Management | IPM Systematic Macro | 4.1% | -1% | -7% |
Bridgewater | Core Global | 4.0% | 2% | -8% |
Vortex FX AG | Currency Program | 3.8% | 5% | 8% |
Transtrend BV | Standard Risk | 3.7% | -1% | 1% |
First Quadrant LP | FQ Macro FX – 10% Risk | 3.7% | 1% | 23% |
James Alpha | Macro | 3.7% | 1% | -4% |
Cantab Capital Partners | CCP Core Macro | 3.6% | -2% | -5% |
Quality Capital Management | Global Diversified | 3.5% | 0% | 30% |
Man AHL | AHL Trend Alternative | 3.4% | -2% | -1% |
Claughton Capital | ARP Institutional Program | 3.2% | -4% | 31% |
Lemanik | Global Strategy | 3.1% | 0% | 16% |
Millburn Ridegfield Corporation | Diversified Program | 3.1% | 0% | -13% |
PIMCO | Trends Composite | 3.1% | -3% | 6% |
LoCorr Fund Management | LoCorr Macro Strategies | 3.0% | -1% | 3% |
Quantica Capital AG | Managed Futures Program | 3.0% | 0% | -1% |
Catalyst Capital Advisors | Multi-Strategy | 2.9% | 1% | -2% |
Fort LP | Global Futures | 2.9% | 2% | -3% |
Systematica Investments | BlueTrend Fund | 2.9% | -2% | 7% |
Mercantile Analytics and Trading | Global Diversified Commodity | 2.8% | 0% | 6% |
Crabel Capital Mgmt | Crabel Advanced Trend | 2.8% | -2% | 13% |
Tom Capital AG | Moderate Model Portfolio | 2.7% | 0% | -21% |
Man AHL | AHL Diversity Alternative | 2.6% | -1% | -1% |
Quest Partners | AlphaQuest (ML Capital) | 2.6% | 1% | 8% |
Fort LP | Global Trend UCITS | 2.5% | 1% | 3% |
WG Wealth Guardian | SAFI2 Program | 2.4% | 0% | 10% |
Chesapeake Capital Corporation | Equinox Chesapeake Strategy | 2.4% | -1% | -7% |
Gresham Investment Management | Managed Futures Strat | 2.3% | -1% | 2% |
Capital Fund Management | IS Trends Fund InRIS | 2.3% | -1% | -1% |
Man AHL | American Beacon AHL Mgd Futs Strat Instl | 2.2% | -2% | 5% |
Stein Investment Management | Trading Evolution | 2.1% | 2% | 10% |
PIMCO | Em Mkts Ccy and S/T Invsmt (daily) | 2.0% | 2% | -5% |
Guggenheim Investments | Guggenheim Managed Futures Strategy | 2.0% | -1% | 3% |
Red Rock Capital | Systematic Global Macro | 2.0% | -1% | -5% |
Fort LP | Global Diversified UCITS | 1.9% | 1% | -9% |
Lumyna | Enhanced Equity Volatility | 1.8% | -1% | -15% |
Columbia | Managed Futures Strategy Fund | 1.8% | -2% | -4% |
Rational Advisors | Rational/ReSolve Adaptive Asset Allc | 1.7% | -1% | -5% |
Unigestion | Cross Asset Trend Follower | 1.7% | -1% | -5% |
Goldman Sachs | Alternative Trend | 1.7% | -1% | -1% |
Lupus | Alpha Volatility Risk | 1.7% | 1% | -14% |
Mondiale Asset Management | Leveraged Trading Proram | 1.6% | 1% | 17% |
Endeavour Capital | Pembroke Master Fund Ltd | 1.6% | 0% | 7% |
SEB Group | Asset Selection | 1.6% | -2% | -6% |
Mobius Asset Mgt | MCR Trading Program | 1.6% | -1% | -1% |
Garraway Capital Management | Garraway Financial Trends | 1.5% | -4% | -6% |
ADG Capital Management | ADG Systematic Macro | 1.5% | -3% | -10% |
Fulcrum Asset Management | Multi Asset Trend Fund | 1.5% | -1% | -5% |
Winton Capital Management | Winton Trend Fund | 1.4% | -1% | 1% |
Abbey Capital | Abbey Capital Futures Strategy | 1.4% | -1% | 4% |
AXA Chorus | Systematic Macro | 1.4% | -1% | -3% |
Goldman Sach Management | Goldman Sachs Mngd Futures Strat Instl | 1.3% | -2% | 0% |
Schot Capital Limited | Multi Diversified Program | 1.3% | -1% | 8% |
Allianz Global Investors | Managed Futures Strategy | 1.2% | -1% | -8% |
BNP Theam | Quant Volatility | 1.2% | -2% | -22% |
Lupus | Alpha Volatility Invest | 1.2% | 1% | -7% |
Jaguar Investments | Aegir Capital Strategy | 1.2% | 2% | 23% |
TRYCON GCM | Tungsten Trycon Basic | 1.1% | 1% | 4% |
RV Capital | Asia Opportunity | 1.1% | 1% | 3% |
Fort LP | Global Contrarian UCITS | 1.1% | 1% | 0% |
Schindler Capital Management | Institutional Dairy Advantage | 1.1% | 13% | 15% |
AQR Capital Management | AQR Managed Futures | 1.0% | -2% | 1% |
AQR Capital Management | AQR Managed Futures HV Strategy | 0.9% | -3% | 2% |
Aspect Capital Limited | Diversified Program | 0.9% | -2% | -3% |
Equinox Fund Management | MutualHedge Futures Strategy | 0.8% | -4% | -16% |
Amundi | Global Macro Bonds | 0.7% | 1% | 0% |
Amundi | Absolute Volatility Euro | 0.6% | 2% | 20% |
M & G Investment Management | Episode Macro Fund | 0.6% | 1% | 0% |
Tendance Finance | Next AM Fund | 0.6% | 0% | 19% |
Metori Capital Management | Epsilon Global Trend (Lyxor) | 0.6% | -1% | 7% |
361 Capital | 361 Managed Futures Strategy Fund | 0.5% | 4% | -15% |
Crabel Capital Mgmt | Crabel Gemini | 0.3% | 2% | 5% |
Amundi | Global Macro Bonds Low Vol | 0.3% | 0% | -3% |
Amundi | Global Macro Forex | 0.3% | -1% | -2% |
Neuberger Berman Group | Diversified Currency | 0.3% | 0% | -1% |
Aspect Capital Limited | Aspect Core Trend Fund | 0.3% | -2% | 1% |
FS Investments | Managed Futures | 0.0% | 0% | 11% |
Blackrock | Macro Opportunities | 0.0% | 0% | -1% |
Ocean Areto | Arete Macro (Keplar) | 0.0% | 1% | 7% |
Absolute Insight | Currency | -0.1% | 0% | 0% |
Warrington Asset Management | Strategic | -0.1% | 1% | 1% |
Schindler Capital Management | Dairy Advantage Program | -0.1% | 13% | 20% |
AQR Capital Management | Global Macro Opportunities | -0.2% | -1% | -4% |
Kinkopf Capital Management | S&P Select Program | -0.2% | 0% | 16% |
Salus | Alpha Directional Markets | -0.3% | 0% | 12% |
LoCorr Fund Management | Long/Short Commodity Strats | -0.3% | -1% | 11% |
Pacific | G10 macro rates | -0.4% | 2% | 7% |
Campbell & Company | Campbell Dynamic Trend Fund | -0.4% | -2% | -3% |
Altegris Advisors | Evolution | -0.4% | -3% | -17% |
Tages | Paladin | -0.4% | 3% | 9% |
Winton Capital Management | Diversified Fund | -0.4% | -3% | -17% |
Longboard Asset Management LP | Managed Futures Strategy | -0.4% | -2% | -3% |
Berenberg | Dymacs Volatility Premium | -0.5% | 0% | -26% |
AQR Capital Management | Managed Futures UCITS | -0.6% | -2% | -2% |
Blake Capital Management | SRD Currencies | -0.6% | 0% | 0% |
Campbell & Company | Managed Futures | -0.6% | -2% | 1% |
Conservative Concept AG | Athena UI (UCITS) | -0.7% | 0% | 5% |
Sandpiper Asset Management | Sandpiper Global Macro Program | -0.7% | 1% | -6% |
Amundi | Absolute Volatility World | -0.9% | 2% | 26% |
Mainfirst | Contrarian Opportunities | -0.9% | 1% | -11% |
Ravinia Investment Management | Algorithmic Multi Strategy | -1.4% | 2% | 34% |
Dunn Capital Management | DUNN WMA Institutional (ML Capital) UCITS B | -1.4% | -1% | -2% |
Winton Capital Management | Absolute Return Futures | -1.4% | -2% | -12% |
WG Wealth Guardian | GVR Program | -1.4% | -8% | -10% |
Red Rock Capital | Commodity Long-Short | -1.7% | -2% | 16% |
Dunn Capital Management | Managed Futures Strategy (Arrow) | -1.8% | -4% | -6% |
Winton Capital Management | Winton Futures Fund | -1.9% | -2% | -17% |
Tresides | Total Return Commodities | -2.2% | -2% | -7% |
361 Capital | 361 Global Managed Futures Strategy Fund | -2.2% | 3% | -9% |
PanAgora | PanAgora Managed Futures Strategy | -2.3% | 1% | -4% |
Florin Court Capital | Florin Court BMS SHARE CLASS | -2.3% | -2% | -4% |
Aspect Capital Limited | Aspect Systematic Global Macro | -2.9% | 3% | 1% |
Melissinos Trading | Eupatrid Commodity | -3.1% | -2% | -16% |
Wellington | Global Currency Absolute | -4.1% | -3% | -3% |
CrossBorder Capital | AR Systematic Macro Strategy | -5.8% | -1% | 1% |
P/E Investments | FX Strategy – Standard UCITS | -7.1% | -4% | 1% |