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Managed futures tread water in July

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Managed futures traders had mixed results in July, averaging out to a 0.06 per cent loss, according to the Barclay CTA Index compiled by BarclayHedge.

Managed futures traders had mixed results in July, averaging out to a 0.06 per cent loss, according to the Barclay CTA Index compiled by BarclayHedge.

‘Intra-month price reversals in major futures markets made for a difficult trading environment in July,’ says Sol Waksman, founder and president of BarclayHedge.

Six of Barclay’s eight managed futures indices lost ground in July. The Diversified Traders Index fell 0.81 per cent, discretionary traders were down 0.54 per cent, systemic traders lost 0.30 per cent, and currency traders slid 0.06 per cent.

‘Global equity markets started the month on a down note, but better than expected economic data helped to drive the MSCI World Index to an advance of almost 15 per cent from its monthly lows,’ says Waksman. ‘Positive news on the economic front also fueled an increase in investor appetite for risk, helping to drive the US dollar lower against major currencies.’

Two managed futures strategies were profitable in July. Barclay’s Financial and Metals Traders Index gained 0.62 per cent, and agricultural traders were up 0.06 per cent.

‘On the commodity side, prices were down in the first part of the month, but rallied strongly in the last few days,’ says Waksman. ‘The CRB index jumped more than five percent in the final two trading sessions, ending the month with a three per cent gain.’

The Barclay BTOP50 Index, which monitors performance of the largest traders, lost 0.45 per cent in July, and is down 3.95 per cent in 2009.

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