Summary
The Barclay commodity trading advisors (CTA) Index was in the red through the summer and needed a return of 2.52% in the fourth quarter to end up at 1.94% and prevent finishing in negative territory for only the fourth time in its history. The growing field of option writing performed well as would be expected in a difficult environment for trend followers. John W. Henry & Co had a down year in 10 of its 11 programs. Richard Scully, principal of Scully Capital Management and a long term trend follower, was able to post a solid year at 26.32%. Ram Management Group earned 37.49% in its Aggressive program by profiting on both the long and short side of major market moves. Aref Karim, principal of Quality Capital Management, says advancements in his system exploited opportunities in 2005 leading to a strong return of 21.70%. The top CTA programs in 2005 are presented.
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Extract
Top Traders of 2005
Similar to 2004, many commodity trading advisors (CTA) needed a solid fourth quarter to post positive numbers in 2005. The Barclay CTA Index was in the red through the summer and needed a return of 2.52% in the fourth quarter to end up at 1.94% and prevent finishing in negative territory for only the fourth time in its history.
It has been harder trying to deconstruct 2005 because despite overall poor performance, many managers produced solid retu...See the full content of this document
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