The 2020 CTA Challenge – January Commentary

The 2019 CTA Challenge – Leaderboard Examined

After the dust settled on December 31st, we put the lid on the data accumulation engine for the 2019 CTA Challenge and began the extensive process of analyzing the entire year’s worth of information using a fine tooth comb. Throughout the course of the year, the 90 participating investment programs generated 100s upon 100s of millions of bytes of data. All of this information funneled through database filters, analysis, more filters, further analysis and eventually produced the final ratings for each program in each of the seven categories utilized in the CTA Challenge. From there, the risk-adjusted weightings were applied and the final rankings were established. The below list represents the fruits of that labor, closing out the 7th year of the CTA Challenge.

We’d like to thank the generous sponsors of the 2019 CTA Challenge. Their support helps make this campaign possible.

 

2019 CTA Challenge – Top 10 Finalists (out of 90)

See below for managed account investment terms for the top 10 ranked programs in the 2019 CTA Challenge. Please contact Coquest by clicking here to receive more information about each of these programs.

  1. Quantica Capital AG [Managed Futures Program] *QEP* – WINNER!
    Systematic, Diversified, Trend Following
    Managed Account Minimum = $ 5,000,000 USD
  2. County Cork, LLC [Acclivity Program] *QEP*
    Systematic, Multi-Strategy, Sector Specialist
    Managed Account Minimum = $ 3,000,000 USD
  3. Fort, LP [Global Contrarian] *QEP*
    Systematic, Diversified, Trend Following
    Managed Account Minimum = $ 5,000,000 USD
  4. Automaton Trading, LLC [Diversified Program] *QEP*
    Systematic, Diversified, Short Term
    Managed Account Minimum = $ 500,000 USD
  5. AG Capital Investments, LLC [Discretionary Global Macro Program]
    Discretionary, Diversified, Fundamental
    Managed Account Minimum = $ 500,000 USD
  6. Emil Van Essen, LLC [Global Tactical Allocation Program] *QEP*
    Systematic, Diversified, Quantitative
    Managed Account Minimum = $ 2,000,000 USD
  7. Goldman Management, Inc [Stock Index Futures] *QEP*
    Discretionary, Fundamental, Sector Specialist
    Managed Account Minimum = $ 600,000 USD
  8. Dreiss Research Corporation [Global Diversified Program] *QEP*
    Systematic, Diversified, Trend Following
    Managed Account Minimum = $ 1,000,000 USD
  9. Gamma Capital, LLC [Gamma Global Macro] *QEP*
    Systematic, Diversified, Global Macro
    Managed Account Minimum = $ 600,000 USD
  10. Buckingham Global Advisors, LLC [Metis Tactical ES Program]
    Systematic, Short Term, Trend Following
    Managed Account Minimum = $ 200,000 USD

Please note: *QEP* designation indicates investment programs only open to qualified investors. QEP stands for Qualified Eligible Persons (or sometimes called Qualified Eligible Participants) which are investors that meet certain income, net worth or other criteria as defined by CFTC Regulation 4.7(a).

 

2020 Sponsorship Opportunities Still Available

A few spots remain open for companies interested in becoming a sponsor of the CTA Challenge. Service providers, industry brokerage groups, technology platforms, and more are welcome to apply. Please contact our team for more information by emailing ctachallenge@coquest.com or calling 1-214-580-4220.

 

The CTA Challenge at a Glance

The unpredictable nature of futures market price moves, both in direction and size, require CTAs to employ hefty risk controls if they want to protect customers from large losses in their investment accounts. In the CTA Challenge, we take a risk-adjusted approach to analyzing and ranking CTA programs to ensure we are evaluating performance and risk numbers achieved as well as performance and risk exposures. We are evaluating “what actually happened” and also looking at “what could have happened”. See below for the most recent top 5 ranked programs year-to-date in the CTA Challenge.

 

2019 CTA Challenge: Top 5 Ranking Through The End Of December

#1: Quantica Capital AG / Managed Futures Program *QEP*

#2: County Cork LLC / Acclivity Program *QEP*

#3: Fort LP / Global Contrarian Program *QEP*

#4: Automaton Trading LLC / Diversified Program *QEP*

#5: AG Capital Investments LLC / Discretionary Global Macro Program

See the full current rankings here

CTAs interested in participating, or investors interested in learning more about CTAs and Managed Futures investment strategies, should contact Coquest and the CTA Challenge by Clicking Here.

 

Featured Sponsor

Gemini Alternative Funds, LLC services the investment community as a Managed Account Platform (Galaxy Plus) working with dedicated managed accounts and co-mingled funds, as well as a structured product platform sponsor. Galaxy Plus provides a comprehensive platform of centralized operational services and distribution of products. The operational services provided directly by Galaxy Plus include transparency, uniform operational setup, risk and guideline management, and liquidity enhancements.

 

Upcoming Events – Mark Your Calendars!

MFA Network 2020
January 27-29, 2020
The Loews Miami Beach Hotel, Miami Beach, FL

Context Summits
January 29-31, 2020
Fontainebleau Hotel, Miami Beach, FL

Tactical Trading Investor Forum
April 21-22, 2020
Lotos Club, New York, NY

CTA Expo / Emerging Manager Forum
April 22-23, 2020
Stewart Hotel, New York, NY

 

CTA Challenge Sponsors

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