We have now reached the end of June 2015 and have compiled nearly 100% of the manager data for May 2014.  With five months of performance on record, the IASG CTA Index has turned negative YTD (Past Performance not indicative of future results).  We anticipate this trend to hold for the remainder of the month as investors focus now on the remainder of this year.

Here is a snapshot of the database as of 6/29/2015.  The IASG CTA Index which comprises the managers with a minimum track record of 3 years performance and that performance must be client based.  This helps to remove start up CTAs that are really in the strategy development and asset building stage.  It is too early in their business to say whether they are going to be available for years to come.  Stock Index, Option strategy, Agriculture, and Discretionary CTAs are atop the list of performers with Trend Following Strategies poised to post their 5th consecutive losing month in a row.  Here is a snapshot of the index with performance: