Currencies and bonds bounce into the New Year after a happy holiday

CTAs

CTA managers enjoyed profits from trends in rebounding currency and bond markets at the end of 2004.

David Walsh, managing director and chief investment officer at Dublin-based Appleton Capital Management, says the firm's Global Opportunity Programme (GOP) returned the equivalent of 15.05% net in 2003 – including backtesting before the portfolio's May launch, according to figures from the firm.

"Last year was a good year, defined by the pull back in December. It was a good first and second qu