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>First Quarter Winners

These were the top managed futures programs as of the end of March, among all styles and all asset sizes. The information is from the database of Attain Capital, which calculates not only the common Sharpe ratio but also the Sterling ratio (returns divided by risk as measured by drawdown).

Since drawdowns tend to be a major concern for investors, a measure that incorporates them is advantageous. In addition to year-to-rate returns as of March, the table below shows Sterling ratios since inception. There is wide variation in the Sterling ratios, but to some extent this can reflect the length of the track record.

Another notable feature of the ranking is its global reach. Splendor Capital Management Ltd., for instance, is a CTA based in Shenzhen, China.