CTAs caught out by stocks and energy gains in July

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Trend-followers and other CTAs declined in July, caught out by rising equities and commodities to end a three-month run of gains.

Societe Generale’s CTA Index was down 1.1% in July, and the same year-to-date after ending H1 roughly even. Its index of large trend-followers fared worse in July’s price moves, down 1.6%, leaving it down 1.5% for the year.