By Hedge Fund Insight staff
Hedge fund asset flow data for November was unremarkable with one exception – the flows out of CTAs. There have been outflows from CTAs in aggregate in each of the last 6 months. The performance of CTAs in 2013 has been exceptional, but not in a good way, as the graphic below shows.
2013 year-to-date returns across strategies
Managed futures are the only major investment strategy making losses on the year-to-date. Whilst losses are tiny, down 0.99% YTD on the Eurekahedge CTA/Managed Futures Hedge Fund Index, the losses are part of a longer term trend. So, after losing money in four out of the last five years (at the index level) the marginal shift in allocations to the strategy has become negative. Eurekahedge data shows net ouflows of $3bn from CTAs in November.