Hints and tips:
...The CTA stipulates that individuals who create new entities be reported to the government as “company applicants”....
...Trend-following/systematic-trading funds known as CTAs (commodity trading advisers) are really bearish on longer-term Treasuries....
...This is because CTAs are often long equities during such periods....
...It’s a major reversal in fortunes for CTAs, who were one of the global strategy golden boys last year as inflation surged....
...“For CTAs, both volatility and trend signals matter,” said Thatte....
...Okay, CTAs use leverage....
...CTAs are down 3.7 per cent on average this month, according to data group HFR, leaving them down 2.6 per cent this year....
...The rally in both gold and bitcoin also seems to have been driven by momentum traders such as commodity trading advisers, or CTAs, which have been strong buyers of futures contracts linked to both assets...
...., from volatility targeting funds, CTAs/momentum investors, short gamma flows from hedging puts and levered ETFs, discretionary investors, etc.) So that’s all right then....
...“At the start of March, most CTAs were short bonds and long stock indices,” said Carsten Schmitz, co-chief investment officer of CTA Winton, which manages $10bn in assets and whose funds are up this year...
...Today, 11,500 of the products which were filed for approval in 2020 are still awaiting validation, according to the Cannabis Trades Association (CTA)....
...CTA strategies are often pitched to investors as a way to diversify away from other assets....
...“CTAs were following last year’s trend into this year,” said Edward Al-Hussainy, a senior analyst at Columbia Threadneedle....
...CTAs were hit badly by sharp moves in Treasury markets, and a Société Générale index tracking the largest funds has fallen 4 per cent so far this year....
...; — 3) CTAs are quite net long GBP; — 4) UK data surprises likely to turn lower, as we progress through the late-cycle slowdown phase; what’s surprising is why isn’t there a bigger focus on the UK unemployment...
...this Barclays chart shows (zoomable version): As Griffin pointed out, hedge fund styles wax and wane in profitability and popularity (for example, macro was dead until it suddenly wasn’t, likewise with CTAs...
...As the screams of agony from macro hedge funds and CTAs have indicated, this month has been, well, mental for the Treasury market. It’s incredible what a small sudden banking crisis can do isn’t it?...
...Here, reproduced in full, is his bit about the potential spillover of credit events from tech PE and VC lending: Government debt, shadow banking/private equity, crypto, speculative tech, real estate, CTAs...
...“We have outperformed all 20 [underlying CTAs] on a net of fees basis,” he added. “We outperform in the smartest and most old-fashioned way: we are cheaper.”...
...A 9 per cent gain by macro funds (and we assume CTAs) have helped pare the average return of hedge funds monitored by Goldman to a 5 per cent drawdown so far in 2022....
...Some analysts even say that CTAs are to thank for the strength of August’s stock-market gains....
...That task, he says, is increasingly complicated by the oversized role played by equities flows from macro funds and from CTAs. “I’ve been doing this for more than 35 years, close to 40 years....
...Sanos, who also serves on the CTA Commodity Trading Advisory board and the Climate Neutral Commodity board, said institutional investors were thinking long-term....
...The more technical explanation — that CTAs were selling into holiday-thinned volume after oil breached various moving averages and turned their gamma negative — is probably more plausible, particularly since...
...We have CTAs. We have discretionary business. We have a private markets business. So I’m expecting each of those engines to be, one, doing what it says on the tin a little bit, right?...
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