The NHX CTA Index gained in September 2025, supported by a broad-based trend environment. Most of the profits came from precious metals, as gold surged from record high to record high amid expectations of U.S. interest rate cuts and concerns over the Federal Reserve’s independence. With few exceptions, performance was positive across managers and sub-strategies.
Last month, Time-Series Momentum (TSMOM), as measured by RPM’s Market Divergence Index (MDI), increased steadily from ultra-low leve...
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