Long-term trend following programs suffered a difficult August, especially in currencies (long USD got slammed) and energies (long exposures did poorly)
Longer-term trend programs finished the month mixed, although with more negatives than positives - pulling this strategy bucket down into negative territory
Discretionary global macro managers generally performed well in April. Those programs that generated outsized gains appeared to have done so in commodities and currencies
May was one of the strongest months for FX managers in the past year, even while the choppy ranges in G7 currencies vs. the US dollar made trading difficult