The 2020 CTA Challenge – January Newsletter

The 2020 CTA Challenge Begins

We’ve got an incredible lineup of over 100 trading programs participating in the 2020 CTA Challenge. The participants are properly registered alternative investment programs, trading solely futures contracts, that have convened from all over the globe to participate throughout the entirety of 2020. Portfolio managers of all shapes in sizes have signed up, with the hope that their program will finish in the top ranks.

Coquest will update our readers with the CTA Challenge progress each month as we evaluate and post the year-to-date rankings. Keep an eye out for key insight and commentary on how some of the participants are standing out, specifically when large market events push and pull at the performance and risk profiles throughout the year.

Stay tuned! Final 2019 rankings will be published at the end of January 2020.


2019 – Final Calculations Underway!

Of the 90 liquid alternative investment programs participating in the 2019 CTA Challenge, we saw performance range from -40% to +127% ROR since January 1st (gross performance numbers). Just like the futures market prices, the performance moves for CTA managed futures programs have been all over the place. Click here to see the list of 2019 participants.


2020 Participant List Confirmed!

We have 112 alternative investment programs now confirmed for the 2020 CTA Challenge. Participating programs have investment account sizes ranging from $50,000 up to $25,000,000. There are market specialist programs trading around only one futures contract as well as global diversified market programs trading over 100 different futures contracts. We have intraday, short term, medium term and long term holding programs. There are systematic and discretionary approaches, some quantitative/technical and some fundamental, with primary strategies deployed in trend-following, arbitrage, global macro, breakout, risk parity, risk premia, volatility or multi-strategy themes. Programs of all shapes and sizes, trading exclusively futures markets, are encouraged to participate. Click here to see the list of 2020 participants.


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 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:
Final Rankings Will Be Available At The End Of January 2020


Top 5 Ranking Through The End Of November

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

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

#3: Emil Van Essen LLC / Global Tactical Allocation Program *QEP*

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

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

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 CTA

Automaton Trading LLC is a Lithuania-based CTA, headed up by Dr. Aistis Raudys. Automaton’s Diversified Program uses extensive diversification through various different financial instruments and applying multiple completely different trading strategies. Thousands of different strategy variations catch trends, react to market waves, find repetitive patterns and seasonalities. These strategies are used on more than 40 different futures contracts. Put together, they create numerous independent trading patterns. Currently, more than 350 trading algorithms are used at once. They work on a daily to weekly basis. A single strategy will almost always suffer from periods of zero or negative returns. Having several hundred fundamentally different models in the portfolio allows Automaton to compensate one’s losses with gains of other models.


Featured Sponsor

Started in 1919 by Mr. D. Howard Doane, Doane Advisory Services was built with the vision of creating a more efficient, productive agriculture industry. Acquired by Farm Journal in 2015, Doane Advisory Services is a market leader for agricultural economic information and outlook. Doane’s economists combine Farm Journal’s deep farm-data content with its proven models and analysis – which distinguish Doane as the only advisory services with direct contact with America’s farmers and ranchers.

By focusing on the information clients truly need, Doane provides on-point analysis and advice without information overload. Our 5-year and 10-year market forecasts are a proven indicator of future market trends, while our short-term market analysis provides clients the timely information they need to make important decisions today.  Providing research, analysis and insight with a personal component is the promise delivered to each and every client. Every Doane Advisory Services client has a simple, one-step process to contact a Doane economist for an e-mail or phone consultation. Knowing our clients allows us to understand their information needs.


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

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


CTA Challenge Sponsors