White Paper: Managed Futures
It was an extraordinary 2017 bull market in equities. Throughout the year, equity markets moved “up and to the right,” with record low volatility levels and record low negative return days.
On the other hand, for the first three quarters the three other major asset classes (fixed income, commodities, and currencies) were trendless, which made it a tough environment for trend followers.
Fixed income and currencies remained within tight trading ranges, and commodities (specifically, energy and base metals) were choppy with no clear trend as well.
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