Tactical Analysis by Kettera Strategies - July 2020 Edition
In the financial world, July saw a mixed bag of results for various investment strategies. Let's delve into the performance of some key indices and strategy classes.
The month began with a note of anticipation for Systematic Trend Programs, particularly longer-term trend followers, who were eager for higher volatility. However, the volatility didn't quite produce as much as expected earlier in the year. Interestingly, July showed that some traditional players still managed to find success, a testament to their resilience.
The benchmark sources for this analysis include the Hedge Fund Intelligence Global Macro Index, HFI Currency Index, Societe Generale Trend Index, SG CTA Index, and Societe Generale Short-term Traders Index, among others. Unfortunately, the Kettera Strategies report does not provide specific information about the top-performing asset classes in discretionary macro, model-driven quant macro, systematic trend programs, metals & energy specialists, and equity long-short strategies in July.
Model-driven quant macro managers faced some challenges in July, with difficult sectors including fixed income and energy. On the other hand, Metals & Energy Specialists had a profitable month, with spread/RV traders and directional programs benefiting from precious metals. Energy markets presented a challenge for directional managers.
Discretionary Macro programs had a successful month, with many programs shorting USD and long EUR, CHF, GBP, or emerging markets, and long positions in precious metals also performing well. July was lucrative for Equity Long-Short generalists, particularly those with long positions in the U.S. information technology, healthcare, and industrial sectors.
It's essential to note that the views expressed in this article are those of the author and do not necessarily reflect the views of AlphaWeek or its publisher, The Sortino Group. The performance data is based on the monthly returns (net of fees) of programs either currently or formerly on the Hydra Platform, or under review with an expectation of being added to Hydra.
Indices and other financial benchmarks shown are unmanaged, reflect reinvestment of income and dividends, and do not reflect the impact of advisory fees. Index providers may update their reported performance from time to time. Hypothetical performance results of these style baskets have inherent limitations and should not be taken as a guarantee of profits or losses.
For those seeking the precise July rankings or top-performing asset classes, consulting the latest Kettera Strategies heat map or report for July 2025 directly would be necessary, as this information is not in the provided search results. The Eurekahedge AI Hedge Fund Index, Eurekahedge-Mizuho Multi-Strategy Index, CBOE Eurekahedge Relative Value Volatility Hedge Fund Index, BarclayHedge Currency Traders Index, BTOP FX Traders Index, Eurekahedge Long Short Equities Hedge Fund Index, S&P GSCI Metals & Energy Index, and S&P GSCI Ag Commodities Index are some of the indices mentioned in the report.
Lastly, it's important to remember that the "style baskets" mentioned are research tools created by Kettera Strategies for analysis and comparison purposes, not investible products or index products. Index data is reported as of the date of publication and may be a month-to-date estimate if all underlying components have not yet reported.
[1] For more detailed information about the July performance of these categories, please refer to the Kettera Strategies report or heat map for July 2025. Kettera disclaims any obligation to verify these numbers or to update or revise the performance numbers.
Investors considering data-and-cloud-computing solutions may find interest in the performance of the S&P GSCI Information Technology Index, as it reflects the returns of companies within the information technology sector. Additionally, the success of Equity Long-Short generalists hints at potentially lucrative opportunities in investing in technology-focused equity.
Given the profitable month for Metals & Energy Specialists, especially in precious metals trading, it's noteworthy that investors planning to invest in this sector might follow the S&P GSCI Metals & Energy Index for potential insights.
