Despite regulatory uncertainty, managers are pushing forward with new registered investment company products that may face conflicting rules unless the futures and securities authorities harmonize rules (see cover story).
Altegris announced in July that it is was launching the Altegris Macro Strategy Fund, a global macro mutual fund. Altegris has been an early mover in the growth of managed futures mutual funds, launching its Managed Futures Strategy Fund, which has already grown to $765 million, last September.
There is some doubt whether these funds will be able to be offered without some harmonization between regulators.
John Locke Investments, a French-based commodity trading advisor/commodity pool operator, announced in July the launch of a UCITS-compliant fund based on its Cyril Systematic Fund.
UCITS, which stands for Undertakings for Collective Investment in Transferable Securities, is a European retail investment structure that, among other things, allows managers to offer managed futures programs to retail investors.
The core program has produced a compound annual return of 8.35% over 11 years and the recently approved UCITS fund already has accumulated €30million in assets under management.
François Bonnin, CEO of John Locke Investments, noted in a release, "CTA’s have proved their value within investor portfolios over the last 30 years and this was never more so apparent than during the recent market crisis in 2008. Our strategy is well suited to the UCITS structure."
Hot New CTAs
Futures is once again looking for the best new commodity trading advisors to profile in our annual feature: "Hot New CTAs." If you will have managed customers funds for at least one year as of the end of August and have less than $25 million under management, e-mail your disclosure document and audited track record to email@example.com, or send it to Futures Magazine, 222 S. Riverside Plaza, Suite 620, Chicago Il. 60606, Attn. Dan Collins. Deadline: Friday, Aug. 19