Kettera Strategies' June 2022 Heat Map
In the ever-evolving global macroeconomic landscape, various types of investment strategies have shown distinct trends and preferences in the current environment, as highlighted by Kettera Strategies' research.
Systematic Trend Managers
Systematic trend managers, relying on quantitative models to identify and follow market trends, have demonstrated a performance that can vary greatly depending on the market conditions and the effectiveness of their models. These managers typically focus on liquid markets such as futures, currencies, and indices, with technology, finance, and commodities being key areas of focus due to their sensitivity to economic conditions.
Discretionary Global Macro Managers
The discretionary global macro grouping faced challenges in July 2025, according to Kettera Strategies' Heat Map, with a negative overall performance. This suggests that many programs struggled, with only a few achieving slight positivity. Discretionary global macro managers often focus on sectors influenced by geopolitical events, monetary policy changes, and economic shifts. Key sectors might include currencies, government bonds, and commodities, as these are highly sensitive to macroeconomic conditions.
Commodity Specialists (Agricultural and Industrial)
Commodity specialists' performance can be influenced by supply-demand imbalances, geopolitical tensions, weather conditions for agricultural commodities, and industrial production levels. Agricultural commodities such as grains, soybeans, and coffee are crucial for these specialists. Industrial commodities like metals (e.g., copper, iron) and energy resources (e.g., oil, natural gas) also play significant roles due to their roles in manufacturing and global energy markets.
Shorter-Term Strategies
Shorter-term strategies focus on capturing short-lived market movements and trends. Their performance can be volatile and highly dependent on market conditions and liquidity. These strategies might focus on sectors with high liquidity and volatility, such as currencies, major indices, and highly traded commodities. The ability to quickly adapt to changing market conditions is crucial.
Kettera Strategies' research highlights the challenges faced by discretionary global macro managers, indicating a mixed performance landscape across different strategies. However, specific details on systematic trend managers, commodity specialists, and shorter-term strategies might not be directly mentioned in the provided search results, requiring further analysis of Kettera's full research for comprehensive insights.
It's important to note that style baskets created by Kettera Strategies are classifications, not investible products or index products. Furthermore, 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.
In the current global macroeconomic environment, various sectors have seen significant movements. Base metals sold off harshly on macroeconomic fears of recession and lower demand expectations. Precious metals, especially gold, sold off due to a strong USD and rising yields. On the other hand, successful programs were short fixed income and rates, particularly in Europe, and long USD vs. G10 and commodity currencies.
Many programs sustained losses in long energy and ag commodities positions, while energy traders, especially spread traders in natural gas, were generally able to profit from falling prices. Long-biased portfolios in grains lost on the month due to less damaging weather forecasts, increased recession fears, renewed lockdowns in China, and a benign USDA acreage report.
In conclusion, understanding the trends and preferences of various investment strategies is crucial for navigating the complex global macroeconomic landscape. Kettera Strategies' research provides valuable insights into these trends, highlighting the challenges and opportunities that lie ahead.
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