Kettera Strategies' Heating Map Update - May 2020
In the financial landscape of July 2025, various hedge fund strategies demonstrated diverse results, as outlined in the Kettera Strategies report.
Systematic long-term trend followers showed positive and consistent performance attribution during this month. However, it's important to note that hypothetical performance results, such as those presented in the report, have inherent limitations. There are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.
The CBOE Eurekahedge Relative Value Volatility Hedge Fund Index, the Eurekahedge AI Hedge Fund Index, and the Societe Generale Trend Index, among others, were some of the benchmarks mentioned in the report. These indices, along with the Hedge Fund Intelligence Global Macro Index, HFI Currency Index, and Eurekahedge Equity Mkt Neutral Index, were for illustrative purposes only and do not reflect the impact of advisory fees.
Discretionary Macro strategies had returns scattered across the spectrum. Equity beta directional exposure and yield curve spread trades were key determinants in the returns of these strategies. Short-Term programs, on the other hand, were less profitable, with those closer to longer-term trend followers faring worse. Programs with an 'intraday to two-day' average trade period and ST breakout models did well, particularly in precious metals.
Quant Macro programs followed a pattern similar to their systematic trend brethren, with positive performance in equities and bonds outweighed by losses elsewhere, particularly in currencies. Most managers and styles did reasonably well in equities, with event-driven strategies being the standout. However, those discretionary strategies with greater commodities exposures did not perform as well.
In the realm of energy traders, focusing on crude oil presented challenges, while those in the nat gas market, especially in European markets, did better. Most agricultural markets were flat, but many ag spread programs did well.
It's worth mentioning that the style baskets and classes presented in the letter are research tools created by Kettera for analysis and comparison purposes, not investible products or index products. They are not meant to stimulate interest in any underlying or associated program.
The search results provide limited specific details on the key factors influencing the performance of discretionary macro, quant macro, systematic trend programs, short-term programs, and commodities strategies in the Hydra Platform as outlined in the Kettera Strategies report. For a more precise and report-specific answer, the Kettera Strategies heat map or detailed performance attribution from their July 2025 report would need to be accessed directly.
Investors may consider Systematic Trend programs for consistent performance in finance, as these strategies demonstrated positive results in July 2025 according to the Kettera Strategies report. On the other hand, those interested in Investing in Quant Macro programs should be aware of potential losses in currencies, as these programs faced challenges in this area during the same period.
