As a subset of the NilssonHedge Discretionary CTA/Global Macro index, we have isolated the managers that are discretionarily trading markets from a global perspective.
As usual, our methodology is based on the average returns of the underlying managers. We do not provide backtracked returns nor do we 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 (mostly) Discretionary strategies and trading across all sectors (Commodities, Currencies, Fixed Income, Equities, Cryptos, etc). Index launched Jan 2023.





Discretionary managers are archetypical traders, using their judgment to implement positions and take risks in the markets. However, a lot of discretionary managers also use systems to get a view of positioning and drivers of markets.
Some discretionary managers may also allocate systematic strategies as a sub-allocation within their portfolios.
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
The Discretionary CTA Index starts in 2019, as a subset of the main CTA index. Below are the individual managers in the index for each year.
Aetolian Advisors | Newton Capital Partners LP |
AG Capital Investments | Discretionary Global Macro |
AIS Capital Management | MAAP 2-4X |
AIS Capital Management | MAAP 3-6X |
aiSource Funds | Coloma Relative Value Macro Fund |
Amundi | Absolute Return Multi |
Amundi | Global Macro Bonds |
Amundi | Global Macro Bonds Low Vol |
Anima | Global Macro |
Asia Genesis Asset Management | Macro Fund |
Astra Ventures Investment Partners | Discretionary Macro |
Atlas | Global Macro |
BIG Banco de Investimento Global S.A. | BiG Diversified Macro Fund |
Blue Edge Advisors | The Merlion Fund |
Bluebalance | Global Opportunities Fund |
Brevan Howard | Brevan Howard Macro |
Brevan Howard Asset Management | Absolute Return Government Bond |
Chelton Wealth | Chelton Wealth Alternativ |
Coloma Capital Futures | Hedged Volatility |
Crescit Asset Management | Crescit |
Davis Commodities | Macro Strategy |
Fulcrum Asset Management | Fulcrum Income Fund |
Goldman Sachs Management | Strategic Macro |
Graham Capital Mgmt LP | Graham Macro UCITS |
JPMorgan | Global Macro |
Le Mans Trading | Hyperion |
Le Mans Trading | Mustang |
Le Mans Trading | The Triple-T Fund |
Le Mans Trading | Triple-T |
Lemanik | Global Strategy |
M & G Investment Management | Episode |
Massar Capital Management | Macro Directional |
Massar Capital Management LP | Massar Macro Commodity |
Meyers Capital Management | Meyers Capital Management |
Meyers Capital Management | Strategic Edge |
Muddy River Trading | Managed Account Program |
Opus Futures | Macro Monitor Program |
Pacific | G10 macro rates |
Robust Methods | Robust Methods LLC |
Sonya Capital Management | Sonya Capital Partners LLC |
Typhon Capital Management | Leonidas Macro Fund |
Unigestion | Global Macro |
Vigo Capital | Fund |
Aetolian Advisors | Newton Capital Partners LP |
AG Capital Investments | Discretionary Global Macro |
AIS Capital Management | MAAP 2-4X |
AIS Capital Management | MAAP 3-6X |
Amundi | Absolute Return Multi |
Amundi | Global Macro Bonds |
Amundi | Global Macro Bonds Low Vol |
Anima | Global Macro |
Ark Capital Management | Macro Flex |
Atlas | Global Macro |
Bluebalance | Global Opportunities Fund |
Brevan Howard | Brevan Howard Macro |
Brevan Howard Asset Management | Absolute Return Government Bond |
Chelton Wealth | Chelton Wealth Alternativ |
Coloma Capital Futures | Hedged Volatility |
Crescit Asset Management | Crescit |
Davis Commodities | Macro Strategy |
Goldman Sachs Management | Goldman Sachs Mngd Futures Strat Instl |
Goldman Sachs Management | Strategic Macro |
Graham Capital Mgmt LP | Graham Macro UCITS |
Hornsby & Company | Ryan Alderson Intermediate Swing |
JPMorgan | Global Macro |
Lemanik | Global Strategy |
M & G Investment Management | Episode |
Massar Capital Management | Macro Directional |
Massar Capital Management LP | Massar Macro Commodity |
Meyers Capital Management | Meyers Capital Management |
Meyers Capital Management | Strategic Edge |
Muddy River Trading | Managed Account Program |
Opus Futures | Opus Macro Monitor Proprietary |
Pacific | G10 macro rates |
Robust Methods | Robust Methods LLC |
Typhon Capital Management | Leonidas Macro Fund |
Unigestion | Global Macro |
Aetolian Advisors | Newton Capital Partners LP |
AG Capital Investments | Discretionary Global Macro |
AIS Capital Management | MAAP 2-4X |
AIS Capital Management | MAAP 3-6X |
Alessia | Absolute Return Macro |
Amundi | Absolute Return Multi |
Amundi | Global Macro Bonds |
Amundi | Global Macro Bonds Low Vol |
Blackrock | Macro Opportunities |
Bovell | Global Macro |
Chelton Wealth | Chelton Wealth Alternativ |
Coloma Capital Futures | Hedged Volatility |
Crescit Asset Management | Crescit |
Future Trade AG | Thales Swing Trading Programme |
Graham Capital Mgmt LP | Graham Macro UCITS |
H2O | Force 10 |
Hornsby & Company | Ryan Alderson Intermediate Swing |
JPMorgan | Global Macro |
Lemanik | Global Strategy |
Massar Capital Management LP | Massar Macro Commodity |
Opus Futures | Opus Macro Monitor Proprietary |
Ortus Capital Management Limited | Ortus Opportunity Fund |
Pacific | G10 macro rates |
Pavlik Capital Management | Pavlik Capital Partners LLC |
Polar Asset Management AS | Value |
Robust Methods | Robust Methods LLC |
Sandpiper Asset Management | Sandpiper Global Macro Program |
Trigon Investment Advisors | Discretionary Macro |
Typhon Capital Management | Leonidas Macro Fund |
Willowbridge Associates | Primary |
Willowbridge Associates | wPraxis Futures Enhanced |
Aetolian Advisors | Newton Capital Partners LP |
AG Capital Investments | Discretionary Global Macro |
AIS Capital Management | MAAP 2-4X |
AIS Capital Management | MAAP 3-6X |
Alpha Centauri Capital Management | Tactical Opportunities |
Aspen Trading Group | Aspen Trading FX / S&P 500 Alpha |
Chelton Wealth | Chelton Wealth Alternativ |
Coloma Capital Futures | Hedged Volatility |
Crescit Asset Management | Crescit |
Danske Bank Asset Management | Danske Invest Global Macro Hedge Fund |
District Capital Management | Diversified |
Future Trade AG | Thales Swing Trading Programme |
Graham Capital Mgmt LP | Graham Macro UCITS |
Kazmarck Capital | Opportunities Program |
Macrotheme Capital Management | Macrotheme Opportunity |
Massar Capital Management LP | Massar Macro Commodity |
Mistell Management LP | Mistell Macro Directional |
O’Brien Investment Group | Discretionary Global Macro |
Pavlik Capital Management | Pavlik Capital Partners LLC |
Robust Methods | Robust Methods LLC |
Sandpiper Asset Management | Sandpiper Global Macro Program |
Tiverton Trading | Discretionary Macro Program |
Trigon Investment Advisors | Discretionary Macro |
Typhon Capital Management | Leonidas Macro Fund |
White River Group | Diversified Option Writing |
Willowbridge Associates | wPraxis Enhanced |
Aetolian Advisors | Newton Capital Partners LP |
AG Capital Investments | Discretionary Global Macro |
AIS Capital Management | MAAP 2-4X |
AIS Capital Management | MAAP 3-6X |
Alpha Centauri Capital Management | Tactical Opportunities |
ArchSight Capital Partners | Abacus Trading Program |
ArchSight Capital Partners | Prometheus Trading Program |
Aspen Trading Group | Aspen Trading FX / S&P 500 Alpha |
Asymmetric Asset Management AS | Asymmetric |
Bamboo Trading | Discretionary Macro |
Buckeye Partners Group | Cabinet Blue Fund L.P |
Coloma Capital Futures | Hedged Volatility |
Crescit Asset Management | Crescit |
Denali Asset Management | Denali Partners Strategy |
District Capital Management | Diversified |
Doherty Advisors | Compass |
Future Trade AG | Thales Swing Trading Programme |
Graham Capital Mgmt LP | Graham Macro UCITS |
H2O | Force 10 |
Kazmarck Capital | Opportunities Program |
MastenLojko | Futures Discretionary Trading |
MDC Trading | MDLC Global |
Mistell Management LP | Mistell Onshore Fund |
O’Brien Investment Group | Discretionary Global Macro |
Ortus Capital Management Limited | Ortus Opportunity Fund |
Robust Methods | Robust Methods LLC |
Sandpiper Asset Management | Sandpiper Global Macro Program |
Sonya Capital Management | Sonya Capital Partners LLC |
Three Rock Capital Management | Global Macro |
Tiverton Trading | Discretionary Macro Program |
Tom Capital | Moderate Model Portfolio |
Trigon Investment Advisors | Discretionary Macro |
Tyche Capital Advisors | Global Macro |
Typhon Capital Management | Leonidas Macro Fund |
Valia Capital Management | Global Tactical Program |
White River Group | Diversified Option Writing |