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Bailey McCann, Opalesque New York:

To say that things have been rocky in managed futures recently is putting it mildly. In June, the industry saw its worst month on a performance basis in the past four years. Then yesterday, S&P's Jodie Gunzberg came out with the following data: "The S&P GSCI has lost 13.6% month-to-date through July 27, 2015, bringing its level to the lowest since February 25, 2002. It has now exceeded the bottom of the 2008 global financial crisis."

That makes July the seventh worst performing month for the GSCI since 1970. In fact, it's pretty bad across the board - again Gunzberg: "Every single one of the 24 commodities is negative for the month except lean hogs, which is just barely positive by 18 basis points BUT only when taking into account the positive roll yield; otherwise that is negative too, by 14.5%. Throughout the history of the index, 23 commodities have been negative together in a month only once in September 2008, and all 24 were negative together only once in the following month of October 2008."

Given that managed futures funds only just saw their first rebound in a few years, investors would be forgiven for being a little bit skeptical about where things are at, especially when coupled with the commodities data discussed above. Yet, ......................

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