TAILIEUCHUNG - Commodity Trading Advisors: Risk, Performance Analysis, and Selection Chapter 12

Chapter 12 focuses on managed futures. As one of many different trading strategies in the alternative investment universe, managed futures investing involves speculative investments in gold, oil, and other commodities that change in value in accordance with price fluctuations. | Three Managed Futures Investing Fees and Regulation Chapter 12 focuses on managed futures. As one of many different trading strategies in the alternative investment universe managed futures investing involves speculative investments in gold oil and other commodities that change in value in accordance with price fluctuations. Managed futures improve portfolio performance because they typically have zero correlation to traditional markets. The chapter also addresses various styles of CTAs classifying them as discretionary trend followers and systematic. However these categories tend to overlap. As investors become increasingly educated about the universe of alternative investments and in particular managed futures CTAs will continue to grow in popularity. Chapter 13 empirically investigates the effect of incentive compensation contracts of commodity trading advisors on their performance. The analysis an extension of Golec 1993 examines the effects of incentive compensation contracts on the risk and return of commodity trading advisors. The results of cross-sectional regression models shed light on how the management and incentive fees of CTAs are related both to the returns CTAs generate and to the volatility in those returns. Chapter 14 examines the Australian regulatory model for managed futures funds and other fiduciary investment products whose returns are 233 234 MANAGED FUTURES INVESTING FEES AND REGULATION derived from the trading of futures products. All fiduciary investment products are regulated in the same manner in Australia under a combination of the managed investment scheme and financial product provisions of the Australian corporations legislation. This chapter considers the difficulties of applying this model to the diverse range of fiduciary futures products and discusses recent proposals to reform the regulation of individually managed futures accounts. 12 Managed Futures Investing James Hedges IV Managed futures investing is increasing in .

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