Discretionary Funds Lag Their Computer-Driven Counterparts
Among the largest CTA and macro funds, those with humans pulling the trigger on investment decisions are losing out on winning trades this year.
It is no secret that 2014 has turned out to be the year of the commodity trading advisers, or CTAs. We have been chronicling their comeback all year.
However, while the computer-driven macro funds have been mostly leading in an otherwise dismal year for most hedge funds, their human-driven counterparts — the so-called discretionary macro funds — have been greatly lagging the market.