October 2022 Report from Kettera Strategies - Strategic Assessment
In October, the financial markets presented a mixed bag of results for various hedge fund strategies, as reported by multiple financial benchmarks.
The Bridge Alternatives Commodity Hedge Fund Index, the Eurekahedge Asset Weighted Multi Strategy Asset Weighted Index, and the Societe Generale Trend Index, among others, served as key indicators of performance across different sectors.
For many quant macro programs, commodities markets appeared to be the most fertile ground. Performance in the commodities markets was mixed, with losses in energies and base metals markets, but gains in gold and grains/soft markets. Energy was positive for most diversified commodities programs primarily from long positions in crude and short positioning in natural gas. Grains trading was particularly profitable, with long corn and soybean complex positions being successful.
Short fixed income and interest rate positions generated profits for systematic trend programs. In contrast, shorting equities and equities indices was a popular position for discretionary programs, but October proved to be a tough month, with setbacks across all market sectors.
In the agricultural markets, October saw a considerable settlement, with corn and soybean futures being particularly calm. However, the agricultural specialists category faced challenges, with those who traded the softs, such as coffee and cotton, largely doing so unsuccessfully. In livestock markets, higher-than-expected harvest (slaughter) rates supported cash cattle prices, making long positioning profitable.
In the currency sector, short JPY (against nearly all other currencies) was a winning stance for most systematic trend programs. The Barclay Hedge Currency Traders Index, the Barclay Hedge Crypto Traders Index, and the Barclay Fund Multi Strategy Index all serve as benchmarks in these areas.
It's important to note that the specific performance trends by systematic trend managers, discretionary global macro managers, quantitative macro managers, commodities-only programs (diversified multi-sector and agricultural specialists), or other hedge fund styles for October of any given year, as reported by Kettera Strategies, were not found in the available information.
For detailed performance data, one would typically find it in Kettera Strategies' monthly or quarterly research reports, white papers, or hedge fund performance summaries published on their official website or specialized financial databases. These reports often include percentage returns or alpha generated by different hedge fund categories, comparative analysis of systematic vs. discretionary macro strategies, performance breakdowns for commodities-only and agricultural-focused programs, and insights into market conditions affecting trend and macro managers during the period.
October was likely a tough month for discretionary, fundamental macro managers, with most programs sustaining setbacks across all market sectors. The Eurekahedge Relative Value Volatility Hedge Fund Index, the Eurekahedge AI Hedge Fund Index, the Barclay Discretionary Traders Index, and the Eurekahedge Long Volatility Index all serve as benchmarks in these areas.
In conclusion, while October presented challenges for some strategies, it offered opportunities in others. A more comprehensive understanding of the performance trends can be gained by exploring Kettera Strategies' official publications or requesting their reports directly.
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