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Discretionary Macro CTA Index

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 AdvisorsNewton Capital Partners LP
AG Capital InvestmentsDiscretionary Global Macro
AIS Capital ManagementMAAP 2-4X
AIS Capital ManagementMAAP 3-6X
aiSource FundsColoma Relative Value Macro Fund
AmundiAbsolute Return Multi
AmundiGlobal Macro Bonds
AmundiGlobal Macro Bonds Low Vol
AnimaGlobal Macro
Asia Genesis Asset ManagementMacro Fund
Astra Ventures Investment PartnersDiscretionary Macro
AtlasGlobal Macro
BIG Banco de Investimento Global S.A.BiG Diversified Macro Fund
Blue Edge AdvisorsThe Merlion Fund
BluebalanceGlobal Opportunities Fund
Brevan HowardBrevan Howard Macro
Brevan Howard Asset ManagementAbsolute Return Government Bond
Chelton WealthChelton Wealth Alternativ
Coloma Capital FuturesHedged Volatility
Crescit Asset ManagementCrescit
Davis CommoditiesMacro Strategy
Fulcrum Asset ManagementFulcrum Income Fund
Goldman Sachs ManagementStrategic Macro
Graham Capital Mgmt LPGraham Macro UCITS
JPMorganGlobal Macro
Le Mans TradingHyperion
Le Mans TradingMustang
Le Mans TradingThe Triple-T Fund
Le Mans TradingTriple-T
LemanikGlobal Strategy
M & G Investment ManagementEpisode
Massar Capital ManagementMacro Directional
Massar Capital Management LPMassar Macro Commodity
Meyers Capital ManagementMeyers Capital Management
Meyers Capital ManagementStrategic Edge
Muddy River TradingManaged Account Program
Opus FuturesMacro Monitor Program
PacificG10 macro rates
Robust MethodsRobust Methods LLC
Sonya Capital ManagementSonya Capital Partners LLC
Typhon Capital ManagementLeonidas Macro Fund
UnigestionGlobal Macro
Vigo CapitalFund
Aetolian AdvisorsNewton Capital Partners LP
AG Capital InvestmentsDiscretionary Global Macro
AIS Capital ManagementMAAP 2-4X
AIS Capital ManagementMAAP 3-6X
AmundiAbsolute Return Multi
AmundiGlobal Macro Bonds
AmundiGlobal Macro Bonds Low Vol
AnimaGlobal Macro
Ark Capital ManagementMacro Flex
AtlasGlobal Macro
BluebalanceGlobal Opportunities Fund
Brevan HowardBrevan Howard Macro
Brevan Howard Asset ManagementAbsolute Return Government Bond
Chelton WealthChelton Wealth Alternativ
Coloma Capital FuturesHedged Volatility
Crescit Asset ManagementCrescit
Davis CommoditiesMacro Strategy
Goldman Sachs ManagementGoldman Sachs Mngd Futures Strat Instl
Goldman Sachs ManagementStrategic Macro
Graham Capital Mgmt LPGraham Macro UCITS
Hornsby & CompanyRyan Alderson Intermediate Swing
JPMorganGlobal Macro
LemanikGlobal Strategy
M & G Investment ManagementEpisode
Massar Capital ManagementMacro Directional
Massar Capital Management LPMassar Macro Commodity
Meyers Capital ManagementMeyers Capital Management
Meyers Capital ManagementStrategic Edge
Muddy River TradingManaged Account Program
Opus FuturesOpus Macro Monitor Proprietary
PacificG10 macro rates
Robust MethodsRobust Methods LLC
Typhon Capital ManagementLeonidas Macro Fund
UnigestionGlobal Macro
Aetolian AdvisorsNewton Capital Partners LP
AG Capital InvestmentsDiscretionary Global Macro
AIS Capital ManagementMAAP 2-4X
AIS Capital ManagementMAAP 3-6X
AlessiaAbsolute Return Macro
AmundiAbsolute Return Multi
AmundiGlobal Macro Bonds
AmundiGlobal Macro Bonds Low Vol
BlackrockMacro Opportunities
BovellGlobal Macro
Chelton WealthChelton Wealth Alternativ
Coloma Capital FuturesHedged Volatility
Crescit Asset ManagementCrescit
Future Trade AGThales Swing Trading Programme
Graham Capital Mgmt LPGraham Macro UCITS
H2OForce 10
Hornsby & CompanyRyan Alderson Intermediate Swing
JPMorganGlobal Macro
LemanikGlobal Strategy
Massar Capital Management LPMassar Macro Commodity
Opus FuturesOpus Macro Monitor Proprietary
Ortus Capital Management LimitedOrtus Opportunity Fund
PacificG10 macro rates
Pavlik Capital ManagementPavlik Capital Partners LLC
Polar Asset Management ASValue
Robust MethodsRobust Methods LLC
Sandpiper Asset ManagementSandpiper Global Macro Program
Trigon Investment AdvisorsDiscretionary Macro
Typhon Capital ManagementLeonidas Macro Fund
Willowbridge AssociatesPrimary
Willowbridge AssociateswPraxis Futures Enhanced
Aetolian AdvisorsNewton Capital Partners LP
AG Capital InvestmentsDiscretionary Global Macro
AIS Capital ManagementMAAP 2-4X
AIS Capital ManagementMAAP 3-6X
Alpha Centauri Capital ManagementTactical Opportunities
Aspen Trading GroupAspen Trading FX / S&P 500 Alpha
Chelton WealthChelton Wealth Alternativ
Coloma Capital FuturesHedged Volatility
Crescit Asset ManagementCrescit
Danske Bank Asset ManagementDanske Invest Global Macro Hedge Fund
District Capital ManagementDiversified
Future Trade AGThales Swing Trading Programme
Graham Capital Mgmt LPGraham Macro UCITS
Kazmarck CapitalOpportunities Program
Macrotheme Capital ManagementMacrotheme Opportunity
Massar Capital Management LPMassar Macro Commodity
Mistell Management LPMistell Macro Directional
O’Brien Investment GroupDiscretionary Global Macro
Pavlik Capital ManagementPavlik Capital Partners LLC
Robust MethodsRobust Methods LLC
Sandpiper Asset ManagementSandpiper Global Macro Program
Tiverton TradingDiscretionary Macro Program
Trigon Investment AdvisorsDiscretionary Macro
Typhon Capital ManagementLeonidas Macro Fund
White River GroupDiversified Option Writing
Willowbridge AssociateswPraxis Enhanced
Aetolian AdvisorsNewton Capital Partners LP
AG Capital InvestmentsDiscretionary Global Macro
AIS Capital ManagementMAAP 2-4X
AIS Capital ManagementMAAP 3-6X
Alpha Centauri Capital ManagementTactical Opportunities
ArchSight Capital PartnersAbacus Trading Program
ArchSight Capital PartnersPrometheus Trading Program
Aspen Trading GroupAspen Trading FX / S&P 500 Alpha
Asymmetric Asset Management ASAsymmetric
Bamboo TradingDiscretionary Macro
Buckeye Partners GroupCabinet Blue Fund L.P
Coloma Capital FuturesHedged Volatility
Crescit Asset ManagementCrescit
Denali Asset ManagementDenali Partners Strategy
District Capital ManagementDiversified
Doherty AdvisorsCompass
Future Trade AGThales Swing Trading Programme
Graham Capital Mgmt LPGraham Macro UCITS
H2OForce 10
Kazmarck CapitalOpportunities Program
MastenLojkoFutures Discretionary Trading
MDC TradingMDLC Global
Mistell Management LPMistell Onshore Fund
O’Brien Investment GroupDiscretionary Global Macro
Ortus Capital Management LimitedOrtus Opportunity Fund
Robust MethodsRobust Methods LLC
Sandpiper Asset ManagementSandpiper Global Macro Program
Sonya Capital ManagementSonya Capital Partners LLC
Three Rock Capital ManagementGlobal Macro
Tiverton TradingDiscretionary Macro Program
Tom CapitalModerate Model Portfolio
Trigon Investment AdvisorsDiscretionary Macro
Tyche Capital AdvisorsGlobal Macro
Typhon Capital ManagementLeonidas Macro Fund
Valia Capital ManagementGlobal Tactical Program
White River GroupDiversified Option Writing