Our newsletter is out for the week, and it’s time for another managed futures spotlight.The last three years have been challenging for multi-market managed futures programs, to say the least. The cycle started in 2008 with the financial crisis. Most multi-market programs thrived in the fast paced trading environment of ’08, as the just the right mix of market trends and volatility mixed to produce one of the best economic climates CTAs have seen in decades.

Since those historic days, multi-market managers have felt the full brunt of the financial crisis, with government bailouts and quantitative easing initiatives making markets more choppy (less trends) and much less volatile. The result has been average to subpar performance across the last 3 years, with multi-market managers struggling in 2009, making a moderate comeback in 2010, and down so far this year. One manager that has held up and produced consistent results during this tumultuous time for multi-market CTAs is Auctos Capital Management.

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