Kettera Strategies' Heat Map for March 2025: Key Trend Indicators
In a recent analysis by Kettera Strategies, a leading hedge fund research firm, various style categories of hedge funds have shown mixed performance in March 2025.
The Barclay Hedge Fund Index, a blend of the Bridge Alternatives Commodity Hedge Fund Index and the BarclayHedge Discretionary Traders Index, remained a notable performer. Two other managers, however, profited from bearish U.S. equity positions and interest rate differentials, such as short European bonds and long EUR/USD.
Currency managers faced challenges in March, but some FX programs on the Hydra Platform, where Kettera Strategies conducted its review, delivered small gains, primarily in precious metals and not exchange rates. The Barclay Currency Traders Index was also referenced in the analysis.
Core positions for these managers included long 2-year or 5-year U.S. Treasuries and short USD positions. The Societe Generale Trend CTA Index, the Societe Generale Short-term Traders Index, and the Intelligence Systematic Macro Hedge Fund Index were also cited in the report.
Discretionary Global Macro managers delivered positive returns in March, with some outperforming due to concentrated, high-conviction positions. On the other hand, long-term systematic trend followers faced a challenging month, with the biggest losses coming from long equity index and long USD positioning.
Some Asia-focused programs saw solid returns in Asia-focused positions, particularly in FX and local interest rates. Profitable positions for these managers were long precious metals, most notably gold, and long positions in base metals like copper.
Grains and livestock traders had close to flat returns overall in March, despite widespread market turmoil, primarily due to long corn exposures. Some programs with more exposure to physical commodities did well to be long live and feeder cattle.
The Intelligence Macro Hedge Fund Index, the Barclay Agricultural Traders Index, a blend of With Intelligence Institutional Equity Hedge Multi Strategy Index and BarclayHedge Multi Strategy Index, and a blend of With Intelligence Volatility Arbitrage Index and With Intelligence Long Volatility Hedge Fund Index were also mentioned in the analysis.
It is important to note that the "style baskets" referenced in the report are classifications drawn by Kettera Strategies for research purposes. They are not investible products or index products being offered to investors.
For detailed performance data for these style categories from Kettera Strategies in March 2025, it would typically be found in their official investor reports or detailed hedge fund performance disclosures, which are not included in the current search results. The Nilsson CTA Commodities Index was also referenced in the analysis.
Investors might find success in the financial realm by considering business strategies that involve investing in certain hedge fund styles. For instance, Discretionary Global Macro managers exhibited positive returns in March 2025, while long-term systematic trend followers faced challenges and recorded significant losses.
