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Best’n’Worst March 2023

March turned out to be a strange month, a short-lived banking crisis heavily influenced the result for trend-based trading strategies but did not impact the overall performance of other strategies.

Overall, our rankings provide a useful starting point for investors who are looking to compare and evaluate different investment strategies. However, it is important to keep in mind that no single metric or ranking can capture all of the nuances and complexities of the investment landscape, and investors should conduct their due diligence and consult with financial professionals before making any investment decisions.

All data is believed to be reliable, but cannot be guaranteed to be correct.

CTA

March 2023 was a month where the winners of 2022 gave back profits. We note that several of the best-performing systematic managers are now ranking close to the bottom of the list. In the end, the exposure to fixed income turned out to be the major determinant of March’s performance.  Here it should be noted that investors that have maintained exposure to those strategies, since early 2022, are still up significantly. 

P/E Investments : FX Strategy - Aggressive  :  13.05% [12400.00]<br> CTAFX.com : Managed FX Accounts II  :  12.30% [0.03]<br> DUNN Capital Management : WMA  :  11.41% [858.00]<br> DUNN Capital Management : Managed Futures Strategy (Arrow)  :  11.31% [0.00]<br> Altis Partners Jersey Limited : Enhanced Macro  :  10.99% [3.05]<br> Quantitative Investment Management : Global Program 3x  :  -9.79% [101.30]<br> Soaring Pelican : Overnight Advantage  :  -9.89% [900.00]<br> Superfund Capital Management : Green Silver SICAV  :  -10.27% [93.18]<br> AIS Capital Management : MAAP 3-6X  :  -16.37% [50.03]<br> FX NOR AS : Global Makro  :  -18.55% [0.00]<br> >


By studying the performance of individual CTAs, investors can gain a deeper understanding of the various factors that contribute to success in this space, including risk management, diversification, and the ability to adapt to changing market conditions. 

Skylar Capital Management : Natural Gas And Power  :  -1.12% [561.86]<br> Numberline Capital Partners : Numberline  :  -0.33% [0.65]<br> INSCH Capital Management SA : Kintore  :  1.59% [41.19]<br> WG Wealth Guardian : QT Program  :  -0.32% [1.50]<br> CTAFX.com : Managed FX Accounts II  :  12.30% [0.03]<br> Transtrend BV : Tulip Trend Fund  :  2.36% [127.23]<br> Superfund Capital Management : Green Silver SICAV  :  -10.27% [93.18]<br> Superfund Capital Management : Green SPC 1.5x  :  1.71% [87.89]<br> DUNN Capital Management : D'Best Futures Fund  :  10.31% [75.00]<br> Superfund Capital Management : Green SPC 2x  :  2.25% [2.65]<br> >

To explore the full list of CTAs and their rankings, including dynamic updates as new data becomes available, we invite you to visit our website at the Link provided. 

Market Neutral

Market Neutral is a popular strategy among investors due to its low volatility and steady returns over time. Unlike other strategies that may produce large gains or losses in a short period, Market Neutral tends to accumulate returns gradually over time.

RAM : Long Short European  :  3.55% [168.32]<br> AQR Capital Management : Equity Market Neutral  :  3.25% [0.00]<br> Aphilion : Aphilion SIF  :  3.02% [46.04]<br> DNCA Invest : Miuri  :  2.96% [347.70]<br> KLP Kapitalforvaltning AS : KLP Alfa Global Energi  :  2.79% [266.80]<br> PIMCO : PIMCO RAE Fundamental Advantage PLUS  :  -1.38% [0.00]<br> Seven : Fortress Fund  :  -1.48% [1.91]<br> LGT Capital Partners : LGT Sustainable Equity Market  :  -1.50% [108.19]<br> Wellington : Climate Market Neutral  :  -1.72% [33.62]<br> Maverick : QM Neutral (GS)  :  -3.76% [394.63]<br> >

While the average performance of Market Neutral funds is largely driven by factor performance, there are also specific funds that may be exposed to unique strategies that are not captured by academic factors.

Exane : Ceres  :  2.33% [243.32]<br> Zest : North America Pairs Trading  :  0.58% [33.54]<br> DNCA Invest : Miuri  :  2.96% [347.70]<br> Blackrock : Asia-Pacific Diversified  :  0.49% [30.39]<br> Pictet Asset Management : Agora  :  2.66% [0.00]<br> Cognios : Cognios Market Neutral Large Cap  :  -0.60% [0.00]<br> QQM Fund Management : QQM Equity Hedge  :  1.14% [63.90]<br> MarshallWace : Systematic Alpha Market Neutral  :  -0.50% [1149.97]<br> PIMCO : PIMCO RAE Fundamental Advantage PLUS  :  -1.38% [0.00]<br> Crossmark Steward : Equity MN Instl  :  0.18% [0.00]<br> >

To explore our extensive list of Market Neutral funds and their dynamic rankings, we invite you to visit our website at the link provided here

Equity Long/Short

Equity Long/Short strategies are investment approaches that involve taking both long and short positions in equities in order to potentially profit from the performance of individual stocks or the broader equity markets. 

Cleaves Asset Management : Cleaves Shipping Fund  :  13.75% [0.00]<br> Borea Asset Management AS : Borea Utbytte  :  8.61% [190.90]<br> Argonaut : Absolute Return  :  6.77% [108.57]<br> Symmetry Invest : Symmetry Invest AS  :  5.10% [107.70]<br> Redwood Partners : Redwood  :  4.89% [9.10]<br> Finlabo : Dynamic US Equity  :  -7.81% [4.01]<br> Coeli Asset Management : Coeli Absolute European Equity  :  -8.22% [148.60]<br> Prior & Nilsson Fond och Kapitalforvaltning : PriorNilsson Fastighet  :  -9.78% [1.80]<br> Jupiter : International Financials  :  -10.73% [30.37]<br> Redwood Partners : Redwood  :  -15.36% [7.80]<br> >

Therefore, while the performance of Long/Short equity strategies is influenced by the broader equity markets, the best and worst managers are typically those who are able to identify and capitalize on idiosyncratic security-specific situations, as opposed to simply relying on market trends.

HELSINKI CAPITAL PARTNERS : HCP Focus Fund  :  3.46% [9.60]<br> Pareto Asset Management AS : Pareto Total  :  4.21% [763.40]<br> Sherborne : Investors Guernsey  :  -0.79% [0.00]<br> Alkeon : Equity Long/Short  :  2.48% [56.85]<br> RiverPark : RiverPark Long/Short Opportunity  :  4.81% [0.00]<br> Zeal : Greater China (Lumyna)  :  -5.22% [11.60]<br> Forester : Forester Value  :  -3.19% [0.00]<br> Finlabo : Dynamic US Equity  :  -7.81% [4.01]<br> Accendo Capital : Accendo Capital  :  -3.88% [286.80]<br> Disciplined Alpha : U.S. Long Short  :  0.57% [5.39]<br> >

To explore our extensive Equity Long/Shortlist, with dynamic rankings, please see Link

Event Driven

Event-Driven managers are commonly exposed to various arbitrage/spread risks related to specialist situations securities. Managers with concentrated exposure tend to end up on this list and exploring the drivers of out or underperformance may yield insights.

Neuberger Berman : Distressed Debt Extended Life Shares  :  3.11% [0.00]<br> Portland : Hill Catalyst Driven  :  2.78% [26.20]<br> Ramius : Merger Arbitrage (Lumyna)  :  1.07% [49.82]<br> Formue Nord : Fokus  :  0.97% [75.20]<br> Kellner : Kellner Merger  :  0.88% [0.00]<br> Boussard Gavaudan : Absolute Return  :  -2.35% [117.35]<br> Cheyne : Cheyne Arbitrage (U Access)  :  -2.86% [81.10]<br> Third Point : Third Point  :  -4.17% [0.00]<br> Odey : Special Situations  :  -5.36% [76.86]<br> Oceanwood : Opportunities  :  -6.34% [131.44]<br> >

When a manager has concentrated exposure to a particular event or company, they may end up on a list of top performers or underperformers in the Event-Driven strategy. Exploring the drivers of their outperformance or underperformance may yield insights into the effectiveness of their investment approach.

Portland : Hill Catalyst Driven  :  2.78% [26.20]<br> CIAM : Satellite Event Driven  :  -1.95% [13.42]<br> Pictet : Agora  :  -1.78% [398.44]<br> Hadron : Alpha Select  :  -0.71% [6.27]<br> Camelot : Camelot Event Driven  :  0.65% [0.00]<br> Cheyne : Cheyne Arbitrage (U Access)  :  -2.86% [81.10]<br> Boussard Gavaudan : Absolute Return  :  -2.35% [117.35]<br> Neuberger Berman : Distressed Debt Global Shares  :  0.00% [0.00]<br> Oceanwood : Opportunities  :  -6.34% [131.44]<br> Third Point : Third Point  :  -4.17% [0.00]<br> >

Our Event-Driven list can be explore here: Link

Risk Premia

Risk Premia managers are commonly implemented well-explored and researched systematic strategies.

These may be viewed as a general proxy for Hedge Fund exposure. Performance of specific factors may reveal differences and similarities to your own portfolio. To explore our extensive Risk Premia list please see Link

 

Nordea Asset Management : Nordea 1  Alpha 15 MA Fund  :  3.95% [5325.60]<br> Neuberger Berman : US Equity Put Write  :  3.16% [517.43]<br> Blackrock : Style Advantage  :  2.94% [95.06]<br> Nordea Asset Management : Nordea 1  Alpha 10 MA Fund  :  2.90% [5442.00]<br> Quadriga : Stable Return  :  2.04% [4.95]<br> Credit Suisse Multialternative : Credit Suisse Multialternative  :  -3.81% [0.00]<br> AQR Capital Management : Alternative Risk Premia  :  -5.92% [0.00]<br> AQR Capital Management : Style Premia  :  -6.83% [337.18]<br> AQR Capital Management : Style Premia Alternative  :  -6.90% [0.00]<br> Nomura : Fixed Income Risk Premia  :  -12.28% [1.35]<br> >

Quadriga : Stable Return  :  2.04% [4.95]<br> Catalyst Funds : Systematic Alpha  :  0.12% [0.00]<br> Blackrock : Style Advantage  :  2.94% [95.06]<br> Lumyna : Merrill Lynch MCLX  :  1.71% [277.30]<br> Neuberger Berman : US Equity Put Write  :  3.16% [517.43]<br> Credit Suisse Multialternative : Credit Suisse Multialternative  :  -3.81% [0.00]<br> Nomura : Fixed Income Risk Premia  :  -12.28% [1.35]<br> Capital Fund Management : Diversified  :  0.71% [79.10]<br> BNP Theam : Absolute Alpha  :  -2.50% [13.96]<br> BNP Theam : Quant Equity  :  -0.35% [19.30]<br> >

Crypto

Crypto managers are performing in the first quarter of 2023, erasing some of the losses suffered in 2022.

Returns tend to be double-digit (or even triple-digit for the best funds), simply due to the volatility of the asset class. To explore our extensive Crypto Strategy list, with dynamic rankings, please see Link

 

Digital Capital Management : CAF Class F  :  30.31% [10.29]<br> Value Token : AUREAPRIMA  :  27.27% [0.00]<br> 3iQ Corp : The Bitcoin Fund  :  23.00% [237.87]<br> Disguise Edg : MMALUNA  :  22.78% [0.00]<br> Ethereal Capital : Ethereal Capital DeFI Index  :  22.76% [0.00]<br> Sustainable Crypto Selection : SCS Sustainable Crypto Selection  :  -20.90% [0.00]<br> Coincident Capital : Coincident  :  -24.00% [220.00]<br> FlyingDutch : FLIGHINGDUTCH  :  -25.37% [0.00]<br> Low Fees Top Fundamentals : Low Fees Top Fundamentals  :  -26.37% [0.00]<br> INVESTMOX : INVESTMOXROLLERCOASTER INVESTMOX Rollercoaster  :  -27.70% [0.00]<br> >

TheCryptoOwl Strategy : THECRYPTOOWL  :  21.04% [0.00]<br> AbacusBlock Index : ABACUSBLOCK  :  6.20% [0.00]<br> Crush : CCC Crush Crypto Core  :  -16.84% [0.00]<br> Hole in One Josch : 554BC485571344C890D16DC3BE4460  :  12.16% [0.00]<br> Digital Capital Management : CAF Class F  :  30.31% [10.29]<br> Bank Genese : BANKGENESE  :  3.19% [0.00]<br> Sustainable Crypto Selection : SCS Sustainable Crypto Selection  :  -20.90% [0.00]<br> Coincident Capital : Coincident  :  -24.00% [220.00]<br> Low Fees Top Fundamentals : Low Fees Top Fundamentals  :  -26.37% [0.00]<br> INVESTMOX : INVESTMOXROLLERCOASTER INVESTMOX Rollercoaster  :  -27.70% [0.00]<br> >

Past performance is not indicative of future results. Based on the most recent return data that we have available, we provide an overview of the best and worst-performing strategies for each category, taking into account both monthly and yearly results. Our analysis is based on proprietary composite data streams that we have compiled, but we must note that there is always the possibility of errors or inaccuracies in our calculations. 

It is important to note that our rankings are not filtered for Asset Under Management, meaning that funds of any size can be included in our analysis. Our rankings are based solely on a simple return metric without adjusting for volatility, so some funds may have a higher risk profile than others.

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