Equity markets continue to trend higher with yet another consecutive month of positive returns. Inflation fears seem to have subsided and the Fed is looking at tapering bond purchases which the market has already expressed.  

We seem to be at a crossroads as the global economy determines which direction we go. What will impact and stimulate growth?  Will G7 countries work together and how will the COVID variant(s) play out for the rest of the year.  It seems there is more uncertainty across a broad range of topics. It should make for an exciting remainder of 2021.

The IASG Agriculture Index top the month of August posting a 1.00% return. Managers diversified across grains, meats and softs led the way. The Trend Following index was subdued posting a +0.17% as trend in indexes contributed on the positive side while long energy and rates positions failed to contribute.  

This month marks the 20th anniversary of the September 11th attacks. It is hard to think 20 years have passed as we look back and reflect on how much has changed in this world since. May we all never forget.
 
Options Made Simple
For any profession, once you have done it for a while, some concepts become second nature to the point that you forget that not everyone (or very few) understands them at even a basic level. I find that options are the concept that confuses people the most and one that is perhaps most valuable to understand. The futures industry uses these instruments in a variety of ways that you can apply to your own portfolio as well.
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Established Track Record > 5 Years
CTA/ProgramAssetsAug-21YTDStyle/Sector
Adalpha Asset Management
Diversified Short-Term Program
$56.7M-0.566.20Short Term
Diversified
Genio Capital Ltd.
PRIMO (2L) Systematic Macro Program
$91M0.823.34Short Term
Diversified
Quantica Capital AG
Managed Futures
$812M0.708.46Systematic –
Long Term Trend
Fort LP
Global Contrarian
$2,543M-0.792.38Systematic –
Mean Reversion
AG Capital Management Partners, LP
Discretionary Global Macro Program
$84M1.35-2.28Discretionary Global Macro
S&P 500 Index 3.0424.49 

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.


Emerging Track Record < 5 Years
CTA/ProgramMin AcctAug-21YTDStyle/Sector
Cayler Capital
Systematic Energy Diversified
$250k14.84*Energy
Sigma Advanced Capital Management
Carbon Neutral Alpha Program
$400k5.436.53Carbon Neutral Strategy
Covenant Capital Management
Hedged Equity Program
$100k24.69*Short Term Vol/Index
Cazadores Investments Limited
Commodity Alpha
$1M1.547.86Systematic Commodity
Ravinia Investment Management
Algorithmic Multi-Strategy
$100k1.0516.15Short Term
Vol/Index
S&P 500 Index 3.0424.49 

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.


Top Programs Last MonthManagers with assets greater than $10M
CTA/ProgramAugustCARORWDD
Opus Futures LLC
Advanced Ag Futures Trading Program
5.2410.50-50.66
Martin Fund Management LLC
Options Program
2.83NA-5.25
Turk Capital LLC
US Equity Long/Short Strategy
2.526.12-20.47
Mulvaney Capital Management
Global Markets Fund
2.4711.93-45.20
Davis Commodities, LLC
Davis Trading Program
2.363.09-29.72
Tactical Investment Management
Tactical Institutional Commodity Program
2.3516.14-41.53

> See more

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.


Top Programs Last 12 MonthsManagers with assets greater than $10M
CTA/Program1yrSharpeWDD
Martin Fund Management LLC
Options Program
115.292.35-5.25
Opus Futures LLC
Advanced Ag Futures Trading Program
52.590.45-50.66
Mulvaney Capital Management
Global Markets Fund
49.560.47-45.20
Auspice
Broad Commodity Excess Return Index
35.710.06-42.88
Tactical Investment Management
Tactical Institutional Commodity Program
34.190.71-41.53

> See more

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.


Top Programs Last 36 MonthsManagers with assets greater than $10M
CTA/Program3yrSharpeWDD
Tactical Investment Management
Tactical Institutional Commodity Program
87.390.71-41.53
Superfund Group
Green SILVER SICAV
83.870.52-42.33
Superfund Group
Superfund Green GOLD SICAV
72.110.76-35.95
AG Capital Management Partners, LP
Discretionary Global Macro Program
67.860.74-25.27
Vivienne Investissement
MACH 3
65.510.71-29.61

> See more

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.


IASG Indexes
CTA/Program IndexAugustYTD1yr
Trend Following Strategy Index0.1710.9116.35
Diversified Trader Index0.188.3911.64
Systematic Trader Index0.376.819.08
IASG CTA Index0.407.0710.16
Discretionary Trader Index0.486.0010.36

> See all indexes

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.


Return Summary
Active CTAs/Programs 
As of September 10, 2021369
Through August ’21212 (57%)
Last 60 Days346 (94%)
August 2021 ROR 
Managers with (+)131
Managers with (-)80
Average (+)1.71%
Average (-)-1.54%
Highest12.20%
Average0.48%
Lowest-7.96%

> See latest stats


* Stats as of 9/10/2021 2PM CST

Photo by Taylor Siebert on Unsplash