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Discretionary vs. Systemic Traders

This line-up of discretionary and systematic commodity trading advisors comes from the Managed Account Research database. The ranking is by three-year compounded annual return from October 2006 through September 2009.

While the top systematic CTAs listed here have higher compounded long-term returns than the top discretionary managers, there are two qualifications that should be noted. One, these systematic CTAs on the whole have less assets under management. Two, their returns may be significantly more volatile than the discretionary programs’ returns.

Managed Account Research provides information on an extensive range of alternative investments, including managed futures programs.