Spread and target:How to divide and conquer risk

The futures trading programme from Winton Capital Management has produced some impressive compound annual average returns of 20% in the 78 months it has traded to the end of May 2004.

Aimed at investors who would expect to remain invested for at least two years, the programme gained 0.27% in May, and 4.44% for the year to that date. Some of the fund's most impressive trading has come in recent months, with 11.86% in February and 10.27% in December 2003, with calendar year returns ranging

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