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Discretionary Commodities CTA Index

As a subset of our diversified Commodity CTA/Managed Futures index, we have carved out the Discretionary Commodity managers. The index, is as usual, based on the average returns of the underlying managers. We do not provide backtracked returns nor allow for “instant track records”. Managers are included that existed in the database in December of the prior year. The managers included in the index are based on strategies that we have identified as mainly focused on commodity trading from a Discretionary or Judgemental point of view. This is using our internal classification, so managers may have a divergent opinion if they belong in the index or not. The index was launched in January 2013 according to our standardized methodology.

To avoid confusion, these are managers that overwhelmingly are trading in actual commodity markets, rather than diversified managers that trade mostly in financial markets. Managers in this category tend to run specialized strategies in for instance grains or metals.

Commodity Cta index monthly returns
Commodity CTA index monthly returns
Number of managers for the commodity CTA index

These managers deploy discretionary strategies. Commodity managers typically originate from the physical side of the business and try to extract a risk premium from commercial hedgers.

The index is based on managers that are part of the database as of the end of the prior year. We do not impose minimum requirements on track records or aum for this subset. Managers that drop out of the index are replaced with the average return of the index.

The purpose of the index is to track funds that are reporting data publically and may thus exclude certain managers that have chosen not to do so.

Index Constituents

Alternative Capital AdvisorsStrategic Ag Program
Amapa Capital AdvisorsAmapa Investment Program
AndurandUCITS Fund
Arion Investment ManagementArion Copper Arbitrage
Blue Bar Futures Trading ManagementPrime Ag Program
Blue Bar Futures Trading ManagementU.S. Commodity Diversified
Bocken TradingDiscretionary Trading Program
Brent Trading PtyGrain Seasonal Spread Program
Carbon Cap ManagementWorld Carbon Fund
Commodity Asset ManagementFutures Only
CoreCommodity ManagementDiversified Portable Alpha
CoreCommodity ManagementFounders Absolute Return (FAR)
County CorkRLA I Program
Davis CommoditiesAgricultural Program
Demeter Capital ManagementLivestock & Grain Trading Program
Ditsch TradingAgricultural Trading Program
Evergreen Commodity AdvisorsDiscretionary Energy Select
Evergreen Commodity AdvisorsDiscretionary Energy Strategy
Four Seasons CommoditiesHawkeye Spread Program
Gamma QBreckhurst Commodity 2x
Geneva Alternative Asset ManagementAgricultural Relative Value
GZC Investment ManagementCommodities Enhanced
GZC Investment Management AGGZC Strategic Commodities Fund
HPX FinancialOld School Program
Husk CapitalLong Biased Commodities
Kopis Capital ManagementCommodity Long Short
M&R CapitalLivestock Trading Program
Macrocapital LimitedMacro Energy Commodities
Martin Fund ManagementMartin Options Program
McNeill TradingManaged Account
Mercantile Analytics and TradingGlobal Diversified Commodity
NickJen Capital Management & ConsultantsNatural Resource Discretionary Program – NDR1
Northern Trace CapitalNorthern Trace Strategy
Opus FuturesAdvanced Ag Trading Program
Pan Capital Management LPEnergy Fund
Polar Star ManagementPolar Star Fund
Polar Star ManagementPolar Star Spectrum Fund Limited
Quantix Commodities LPQuantix Commodity Alpha
RCMA CapitalMerchant Commodity Fund
Schindler Capital ManagementDairy Advantage Program
Schindler Capital ManagementInstitutional Dairy Advantage
Sector Arc AdvisorsGlobal Lean Hog Ag
Sigma Advanced Capital ManagementCarbon Neutral Alpha Program
Sigma Advanced Capital ManagementGlobal Advanced Futures and Spread
Skylar Capital ManagementNatural Gas And Power
Statar CapitalNatural Gas Strategy
Svelland CapitalGlobal Trading
The Great O’NeillGreat O’Neill
Third Street Ag InvestmentsFundamental Discretionary Ag Program
Torsion TechnologiesNatural Gas Investment Portfolio
Typhon Capital ManagementLeonidas Energy Strategy
Typhon Capital ManagementPlutus Grain Strategy
Typhon Capital ManagementVulcan Metals Strategy
Typhon Capital ManagementZephyrus Livestock
Wharton Capital ManagementAgricultural Futures
Alternative Capital AdvisorsStrategic Ag Program
Amapa Capital AdvisorsAmapa Investment Program
Blue Bar Futures Trading ManagementPrime Ag Program
Blue Bar Futures Trading ManagementU.S. Commodity Diversified
Bocken TradingDiscretionary Trading Program
Brent Trading PtyGrain Seasonal Spread Program
Commodity Asset ManagementFutures Only
CoreCommodity ManagementDiversified Portable Alpha
CoreCommodity ManagementFounders Absolute Return (FAR)
County CorkRLA I Program
Davis CommoditiesAgricultural Program
Demeter Capital ManagementLivestock & Grain Trading Program
Ditsch TradingAgricultural Trading Program
Evergreen Commodity AdvisorsDiscretionary Energy Strategy
Four Seasons CommoditiesHawkeye Spread Program
Gamma QBreckhurst Commodity 2x
GZC Investment Management AGGZC Strategic Commodities Fund
HPX FinancialOld School Program
Husk CapitalLong Biased Commodities
Kopis Capital ManagementCommodity Long Short
M&R CapitalLivestock Trading Program
Martin Fund ManagementMartin Options Program
Mercantile Analytics and TradingGlobal Diversified Commodity
NickJen Capital Management & ConsultantsNatural Resource Discretionary Program – NDR1
Northern Trace CapitalNorthern Trace Strategy
Opus FuturesAdvanced Ag Trading Program
Pan Capital Management LPEnergy Fund
PIMCOCommodity Alpha Fund
Polar Star ManagementPolar Star Fund
Polar Star ManagementPolar Star Spectrum Fund Limited
Quantix Commodities LPQuantix Commodity Alpha
RCMA CapitalMerchant Commodity Fund
Rosetta Capital ManagementRosetta Macro Program
Rosetta Capital ManagementRosetta Trading Program
Schindler Capital ManagementDairy Advantage Program
Schindler Capital ManagementInstitutional Dairy Advantage
Sector Arc AdvisorsGlobal Lean Hog Ag
Sigma Advanced Capital ManagementCarbon Neutral Alpha Program
Sigma Advanced Capital ManagementGlobal Advanced Futures and Spread
Statar CapitalNatural Gas Strategy
The Great O’NeillGreat O’Neill
TresidesTotal Return Commodities
Typhon Capital ManagementLeonidas Energy Strategy
Typhon Capital ManagementPlutus Grain Strategy
Typhon Capital ManagementZephyrus Livestock
Wharton Capital ManagementAgricultural Futures
Alternative Capital AdvisorsStrategic Ag Program
Amapa Capital AdvisorsAmapa Investment Program
Arion Investment ManagementArion Copper Arbitrage
Blue Bar Futures Trading ManagementPrime Ag Program
Blue Bar Futures Trading ManagementU.S. Commodity Diversified
Bocken TradingDiscretionary Trading Program
Brisslen Capital ManagementBrisslen Energy Strategy
ButtonwoodEnergy Diversified
CoreCommodity ManagementDiversified Portable Alpha
CoreCommodity ManagementFounders Absolute Return (FAR)
County CorkRLA I Program
Davis CommoditiesAgricultural Program
Demeter Capital ManagementLivestock & Grain Trading Program
Ditsch TradingAgricultural Trading Program
Dynamica Global InvestmentsDynamica Energy Trading
e360 Powere360 Power Strategy
Evergreen Commodity AdvisorsDiscretionary Energy Strategy
Four Seasons CommoditiesHawkeye Spread Program
Gamma QBreckhurst Commodity 2x
Geosol CapitalOnshore I
GZC Investment Management AGGZC Strategic Commodities Fund
HPX FinancialOld School Program
M&R CapitalLivestock Trading Program
Martin Fund ManagementMartin Options Program
Martin Fund ManagementRelative Value Agriculture Options
Mercantile Analytics and TradingGlobal Diversified Commodity
Mobius Asset MgtMCR Trading Program
NickJen Capital Management & ConsultantsNatural Resource Discretionary Program – NDR1
Northern Trace CapitalNorthern Trace Strategy
Opus FuturesAdvanced Ag Trading Program
Orgone Commodity ManagementOrgone AG 1
PackCreek CapitalComposite
Pan Capital Management LPEnergy Fund
Quantix Commodities LPQuantix Commodity Alpha
RCMA CapitalMerchant Commodity Fund
Rosetta Capital ManagementRosetta Macro Program
Rosetta Capital ManagementRosetta Trading Program
Schindler Capital ManagementDairy Advantage Program
Schindler Capital ManagementInstitutional Dairy Advantage
Sector Arc AdvisorsGlobal Lean Hog Ag
Shepherd EnergyShepherd Energy Portfolio
Sigma Advanced Capital ManagementGlobal Advanced Futures and Spread
Statar CapitalNatural Gas Strategy
The Great O’NeillGreat O’Neill
Third Street Ag InvestmentsFundamental Discretionary Ag Program
TresidesTotal Return Commodities
Typhon Capital ManagementLeonidas Energy Strategy
Typhon Capital ManagementPlutus Grain Strategy
Typhon Capital ManagementVulcan Metals Strategy
Typhon Capital ManagementZephyrus Livestock
Wharton Capital ManagementAgricultural Futures
Alternative Capital AdvisorsStrategic Ag Program
Amapa Capital AdvisorsAmapa Investment Program
Ardmore Systems TradingTrading Program
Arion Investment ManagementArion Copper Arbitrage
Aventis Asset ManagementDiversified Commodity Strategy
BlackBird Asset ManagementBlackBird Alpha Spread 2.5X
BlackBird Asset ManagementCommodity Spread
Blue Bar Futures Trading ManagementPrime Ag Program
Blue Bar Futures Trading ManagementU.S. Commodity Diversified
Bocken TradingDiscretionary Trading Program
Brisslen Capital ManagementBrisslen Energy Strategy
ButtonwoodEnergy Diversified
Commodity Asset ManagementFutures Only
CoreCommodity ManagementDiversified Portable Alpha
CoreCommodity ManagementFounders Absolute Return (FAR)
County CorkRLA I Program
Crow TradingCrow Trading Inc.
Crow TradingNon QEP
Davis CommoditiesAgricultural Program
Demeter Capital ManagementLivestock & Grain Trading Program
Ditsch TradingAgricultural Trading Program
Dynamica Global InvestmentsDynamica Energy Trading
e360 Powere360 Power Strategy
Evergreen Commodity AdvisorsDiscretionary Energy Strategy
Four Seasons CommoditiesHawkeye Spread Program
Geosol CapitalOnshore I
Gregory P Asset ManagementSeasonal Spread & Option Strategy
Hoss Capital ManagementTrading Program
HPX FinancialOld School Program
Kopis Capital ManagementCommodity Long Short
Kronos ManagementEMMA Program
M&R CapitalLivestock Trading Program
Martin Fund ManagementMartin Fund
Mercantile Analytics and TradingGlobal Diversified Commodity
Mobius Asset MgtMCR Trading Program
NickJen Capital Management & ConsultantsNatural Resource Discretionary Program – NDR1
Opus FuturesAdvanced Ag Trading Program
Pan Capital Management LPEnergy Fund
Polar Star ManagementPolar Star Spectrum Fund Limited
Quantix Commodities LPQuantix Commodity Alpha
RCMA CapitalMerchant Commodity Fund
Red Oak Commodity AdvisorsFundamental Trading Program
Rosetta Capital ManagementRosetta Macro Program
Rosetta Capital ManagementRosetta Trading Program
Schindler Capital ManagementDairy Advantage Program
Schindler Capital ManagementInstitutional Dairy Advantage
Sector Arc AdvisorsGlobal Lean Hog Ag
Shepherd EnergyShepherd Energy Portfolio
Sigma Advanced Capital ManagementGlobal Advanced Futures and Spread
Statar CapitalNatural Gas Strategy
The Great O’NeillGreat O’Neill
Third Street Ag InvestmentsFundamental Discretionary Ag Program
Tlaloc CapitalGrains Program
Typhon Capital ManagementLeonidas Energy Strategy
Typhon Capital ManagementPlutus Grain Strategy
Typhon Capital ManagementVulcan Metals Strategy
Typhon Capital ManagementZephyrus Livestock
Wharton Capital ManagementAgricultural Futures
AlphaGen Capital LimitedLong Short Agriculture Fund
Alternative Capital AdvisorsStrategic Ag Program
Amapa Capital AdvisorsAmapa Investment Program
Andurand Capital ManagementCommodities
Aventis Asset ManagementDiversified Commodity Strategy
Bighorn Capital PartnersDenali Program
Blue Bar Futures Trading ManagementPrime Ag Program
Blue Bar Futures Trading ManagementU.S. Commodity Diversified
Bluenose Capital ManagementBNC CL Program
Bocken TradingDiscretionary Trading Program
Brisslen Capital ManagementBrisslen Energy Strategy
ButtonwoodEnergy Diversified
Catalyst Capital AdvisorsHedged Commodity Strategy
Cogent Energy Investment ManagementCommodity Strategy
Commodity Asset ManagementFutures Only
County CorkRLA I Program
Crow TradingCrow Trading Inc.
Crow TradingNon QEP
Davis CommoditiesAgricultural Program
Demeter Capital ManagementLivestock & Grain Trading Program
Ditsch TradingAgricultural Trading Program
Dynamica Global InvestmentsDynamica Energy Trading
e360 Powere360 Power Strategy
Enduring InvestmentsEnduring Commodity Alpha Fund LP
Evergreen Commodity AdvisorsDiscretionary Energy Strategy
Gamma QBreckhurst Commodity
Gamma QBreckhurst Commodity 2x
Geosol CapitalOnshore I
Geosol CapitalSMA
Gregory P Asset ManagementSeasonal Spread & Option Strategy
GZC Investment Management AGGZC Strategic Commodities Fund
HB Capital ManagementDiversified Program
Hehmeyer Capital ManagementChelsea Creek
Hehmeyer Capital ManagementHOGO
HPX FinancialOld School Program
Ilgenwald TradingIlgenwald Trading Program
Jaguar InvestmentsUltro Capital Strategy
Jaguar InvestmentsVario Strategy
Kopis Capital ManagementCommodity Long Short
Kronos ManagementEMMA Program
M&R CapitalLivestock Trading Program
Mercantile Analytics and TradingGlobal Diversified Commodity
Mobius Asset MgtMCR Trading Program
MoongateMG Commodity IC SICAV
NickJen Capital Management & ConsultantsNatural Resource Discretionary Program – NDR1
Opus FuturesAdvanced Ag Trading Program
Orgone Commodity ManagementOrgone Commodity Management
Pan Capital Management LPEnergy Fund
PIMCOCommodity Alpha Fund
Polar Star ManagementPolar Star Fund
RCMA CapitalMerchant Commodity Fund
RCube Asset ManagementCommodity Spread
Red Oak Commodity AdvisorsFundamental Trading Program
Robot FuturesCLIMALOGIX
Rosetta Capital ManagementRosetta Macro Program
Rosetta Capital ManagementRosetta Trading Program
RVI Partners LPRVI Partners LP
Schindler Capital ManagementDairy Advantage Program
Schindler Capital ManagementInstitutional Dairy Advantage
Sector Arc AdvisorsGlobal Lean Hog Ag
Shepherd EnergyShepherd Energy Portfolio
Sidewinder Investment AGSidewinder Energy Fund Ltd
Sigma Advanced Capital ManagementGlobal Advanced Futures and Spread
The Great O’NeillGreat O’Neill
Third Street Ag InvestmentsFundamental Discretionary Ag Program
Tlaloc CapitalGrains Program
Tyche Capital AdvisorsTCA Institutional Spreads
Typhon Capital ManagementLeonidas Energy Strategy
Typhon Capital ManagementPlutus Grain Strategy
Typhon Capital ManagementVulcan Metals Fund
Typhon Capital ManagementVulcan Metals Strategy
Typhon Capital ManagementZephyrus Livestock
Wharton Capital ManagementAgricultural Futures