Kettera Strategies Heat Map - January 2025
In January, discretionary global macro funds faced a complex environment roiled by U.S. policy shifts and geopolitical tensions
Kettera Strategies Heat Map - December 2024
Quant global macro strategies experienced mixed to positive performance in December. Like their systematic trend cousins, quant macro seemed to find its best opportunities in currency markets but challenging conditions in metals
Kettera Strategies Heat Map - November 2024
Long term trend followers had a strong month in November, and the most interesting observation is how differently each program prospered. The one constant is that fixed income and interest rates was the laggard sector, negative for most programs
Kettera Strategies Heat Map - October 2024
Trend followers posted a negative October, with the clear underperforming sector being fixed income - both shorter-term rates and longer-term bond markets
Kettera Strategies Heat Map - September 2024
The discretionary global macro programs we follow were generally positive in September, primarily by being long fixed income and rates, short the US dollar on a highly anticipated Fed rate cut
Kettera Strategies Heat Map - August 2024
Long-term trend following programs suffered a difficult August, especially in currencies (long USD got slammed) and energies (long exposures did poorly)
Kettera Strategies Heat Map - July 2024
It was a challenging month for most trend following programs, as July was peppered with surprise developments
Kettera Strategies Heat Map - June 2024
Longer-term trend programs finished the month mixed, although with more negatives than positives - pulling this strategy bucket down into negative territory
Kettera Strategies Heat Map - May 2024
It appears that nearly all types of quantitative (or “model based”) macro programs had a difficult month in May
Kettera Strategies Heat Map - April 2024
Discretionary global macro managers generally performed well in April. Those programs that generated outsized gains appeared to have done so in commodities and currencies
Kettera Strategies Heat Map - March 2024
Long-term systematic trend followers had a profitable March with several notable “risk-on” market trends driving performance
Kettera Strategies Heat Map - February 2024
February was an extremely profitable month for many, if not most, long-term trend programs
Kettera Strategies Heat Map - January 2024
FX programs were all over the map last month. The consensus view by traders of US dollar weakness coming into January turned out to be misguided
Kettera Strategies Heat Map - December 2023
Discretionary Global Macro performance was positive in December, although there was wide dispersion between the best and worst performers
Kettera Strategies Heat Map - November 2023
Long term trend followers had a difficult month with the reversal of several long-standing trends simultaneously
