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 YearsCTA/ProgramAssetsAug-21YTDStyle/SectorAdalpha Asset Management
Diversified Short-Term Program$56.7M-0.566.20Short Term
DiversifiedGenio Capital Ltd.
PRIMO (2L) Systematic Macro Program$91M0.823.34Short Term
DiversifiedQuantica Capital AG
Managed Futures$812M0.708.46Systematic –
Long Term TrendFort LP
Global Contrarian$2,543M-0.792.38Systematic –
Mean ReversionAG Capital Management Partners, LP
Discretionary Global Macro Program$84M1.35-2.28Discretionary Global MacroS&P 500 Index 3.0424.49 

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Emerging Track Record < 5 YearsCTA/ProgramMin AcctAug-21YTDStyle/SectorCayler Capital
Systematic Energy Diversified$250k—14.84*EnergySigma Advanced Capital Management
Carbon Neutral Alpha Program$400k5.436.53Carbon Neutral StrategyCovenant Capital Management
Hedged Equity Program$100k—24.69*Short Term Vol/IndexCazadores Investments Limited
Commodity Alpha$1M1.547.86Systematic CommodityRavinia Investment Management
Algorithmic Multi-Strategy$100k1.0516.15Short Term
Vol/IndexS&P 500 Index 3.0424.49 

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Top Programs Last MonthManagers with assets greater than $10MCTA/ProgramAugustCARORWDDOpus Futures LLC
Advanced Ag Futures Trading Program5.2410.50-50.66Martin Fund Management LLC
Options Program2.83NA-5.25Turk Capital LLC
US Equity Long/Short Strategy2.526.12-20.47Mulvaney Capital Management
Global Markets Fund2.4711.93-45.20Davis Commodities, LLC
Davis Trading Program2.363.09-29.72Tactical Investment Management
Tactical Institutional Commodity Program2.3516.14-41.53

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PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Top Programs Last 12 MonthsManagers with assets greater than $10MCTA/Program1yrSharpeWDDMartin Fund Management LLC
Options Program115.292.35-5.25Opus Futures LLC
Advanced Ag Futures Trading Program52.590.45-50.66Mulvaney Capital Management
Global Markets Fund49.560.47-45.20Auspice
Broad Commodity Excess Return Index35.710.06-42.88Tactical Investment Management
Tactical Institutional Commodity Program34.190.71-41.53

> See more

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Top Programs Last 36 MonthsManagers with assets greater than $10MCTA/Program3yrSharpeWDDTactical Investment Management
Tactical Institutional Commodity Program87.390.71-41.53Superfund Group
Green SILVER SICAV83.870.52-42.33Superfund Group
Superfund Green GOLD SICAV72.110.76-35.95AG Capital Management Partners, LP
Discretionary Global Macro Program67.860.74-25.27Vivienne Investissement
MACH 365.510.71-29.61

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PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

IASG IndexesCTA/Program IndexAugustYTD1yrTrend Following Strategy Index0.1710.9116.35Diversified Trader Index0.188.3911.64Systematic Trader Index0.376.819.08IASG CTA Index0.407.0710.16Discretionary Trader Index0.486.0010.36

> See all indexes

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Return SummaryActive CTAs/Programs As of September 10, 2021369Through August ’21212 (57%)Last 60 Days346 (94%)August 2021 ROR Managers with (+)131Managers with (-)80Average (+)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