Key Takeaways
- • Tulip Trend Fund surged 8 percent in November, reducing its year-to-date loss to 7.6 percent, with gains driven by long positions in precious and base metals, short positions in Asian currencies, and synthetic long positions in U.S. interest rate instruments.
- • Quantedge Global Fund added 3.5 percent in November and has achieved double-digit gains for the full year 2025, outperforming broader CTA benchmarks.
- • The IASG CTA Index gained 0.49 percent in November and is up 2.2 percent year-to-date, while the IASG Trend Following Strategy Index rose 0.72 percent for the month and 3.24 percent for the year, marking six consecutive months of positive returns.
- • DUNN Capital's World Monetary & Agriculture Program (WMA) climbed 2.61 percent in November and is now up 2.31 percent for the year, with its half-leverage institutional version (WMA Institutional) up 1.36 percent for the month and 1 percent year-to-date.
- • Most CTA funds posted positive November results after being hurt by unexpected trend shifts in major liquid markets earlier in the year, though the majority remain in the red for 2025 with significantly smaller losses than recorded in earlier periods.
Summary
Commodity trading advisors delivered notable November performance, with Tulip Trend Fund and Quantedge Global Fund leading the sector's gains and reinforcing the broader positive momentum that has characterized recent months for systematic trend-following strategies.
Tulip Trend Fund's 8 percent November surge substantially improved its year-to-date position, cutting its cumulative loss to 7.6 percent despite a subsequent 3.7 percent decline in early December. According to the firm's client letter, November performance was driven by "diversification paid off again," with the largest contributions stemming from long positions in both precious and base metals, short positions across various Asian currencies, and synthetic long exposure to U.S. interest rate instruments paired against shorts in other regions. These gains were partially offset by losses from long cattle positions, short sugar exposure, and long volatility index futures positions.
Quantedge Global Fund's 3.5 percent November gain has positioned the fund solidly into double-digit territory for the full year, demonstrating consistent outperformance relative to broader CTA indices. The fund's sustained gains stand within the context of an industry that has largely recovered from earlier 2025 headwinds caused by unexpected shifts in major liquid market trends.
Broader benchmark performance confirms the sector-wide recovery. The IASG CTA Index gained 0.49 percent in November and is up 2.2 percent for 2025, while the IASG Trend Following Strategy Index advanced 0.72 percent in November and 3.24 percent year-to-date, extending its streak to six consecutive months of positive monthly returns. DUNN Capital's World Monetary & Agriculture Program reported 2.61 percent gains in November, bringing its year-to-date return to 2.31 percent, with the WMA Institutional half-leverage version contributing 1.36 percent for the month and reaching 1 percent year-to-date positive returns.
While most CTA funds posted positive November results and several have moved into the black for 2025, the majority of funds remain in negative territory for the year. However, losses have contracted significantly from earlier in the year, suggesting that the combination of trend stabilization and diversified positioning across commodities, currencies, and rates is providing a more stable foundation for performance going forward.
Tulip Trend Fund's 8 percent November surge substantially improved its year-to-date position, cutting its cumulative loss to 7.6 percent despite a subsequent 3.7 percent decline in early December. According to the firm's client letter, November performance was driven by "diversification paid off again," with the largest contributions stemming from long positions in both precious and base metals, short positions across various Asian currencies, and synthetic long exposure to U.S. interest rate instruments paired against shorts in other regions. These gains were partially offset by losses from long cattle positions, short sugar exposure, and long volatility index futures positions.
Quantedge Global Fund's 3.5 percent November gain has positioned the fund solidly into double-digit territory for the full year, demonstrating consistent outperformance relative to broader CTA indices. The fund's sustained gains stand within the context of an industry that has largely recovered from earlier 2025 headwinds caused by unexpected shifts in major liquid market trends.
Broader benchmark performance confirms the sector-wide recovery. The IASG CTA Index gained 0.49 percent in November and is up 2.2 percent for 2025, while the IASG Trend Following Strategy Index advanced 0.72 percent in November and 3.24 percent year-to-date, extending its streak to six consecutive months of positive monthly returns. DUNN Capital's World Monetary & Agriculture Program reported 2.61 percent gains in November, bringing its year-to-date return to 2.31 percent, with the WMA Institutional half-leverage version contributing 1.36 percent for the month and reaching 1 percent year-to-date positive returns.
While most CTA funds posted positive November results and several have moved into the black for 2025, the majority of funds remain in negative territory for the year. However, losses have contracted significantly from earlier in the year, suggesting that the combination of trend stabilization and diversified positioning across commodities, currencies, and rates is providing a more stable foundation for performance going forward.
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