Deutsche Bank places faith in ‘structurally changed’ CTAs

Outperformance no short-term trend, as industry has seen “fundamental changes”

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It seems it is still a bit embarrassing to be known as a commodity trading adviser (CTA). Even after the strategy had one of the strongest years since 2008, it appears it is not worth bragging about.

A trader who operates a fundamentals-based managed-futures strategy recently insisted his fund was not a CTA. He said: “Because we are trading futures, you could brand it as a quote unquote CTA but we don’t. It is a strategy that trades energy futures.”

The chief executive of Winton, David Harding, h