TOP TRADERS OF 2005

摘要

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 returns. Pure long-term trend followers had an extremely difficult year. Trend followers that did well incorporated either countertrend elements or different time frames.