Managed futures gained 0.48 per cent in December, but ended 2012 with a loss of 1.64 per cent. According to index compiler BarclayHedge, this is the first time in 33 years that the Barclay CTA Index has recorded a loss two years running; the index was down by 3.09 per cent in 2011.

Seven of Barclay’s eight CTA indices had a positive return in December. The Diversified Traders Index was up 0.58 per cent, Systematic Traders gained 0.58 per cent, Financial & Metals Traders added 0.57 per cent and Currency Traders gained 0.35 per cent. The one losing strategy was the Agricultural Traders Index, which was down 0.57 per cent for the month.

The Barclay BTOP50 Index, which measures performance of the largest CTAs, gained 0.45 per cent in December, but lost 1.84 per cent in 2012. CTAs trading agricultural markets were still successful managers in 2012, ending the year with a return of 5.40 per cent. On the losing side, the Diversified Traders Index fell by 3.94 per cent in 2012, Systematic Traders lost 3.11 per cent and the Financial & Metals Traders Index was down 2.74 per cent.