Macro and Managed Futures Strategies
Free CAIA Level I lesson in Hedge Funds. 36 min read, ~5,403 words.
Global macro is discretionary and top-down with three named risks (market, event, leverage); managed futures is systematic and rules-based. Discretionary vs systematic (judgment vs models) is a separate axis from fundamental vs technical (economic data vs price/volume). Three ways to access managed futures: public commodity pools (retail), private commodity pools...
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What this lesson covers
- Content
- Example 1
- Example 2
- Common Mistakes
- Check Your Understanding
- Exam Shortcuts
Learning objectives
- distinguishing
- short selling
- returns allocation
- multistrategy
- research
- indices
- macro overview
- macro
- managed futures
- systematic trading
- trend following
- mf dimensions
- systematic construction
- mf benefits
- mf evidence
- mf fund benefits
- event sources
- activist investing
- activism outcomes
- merger arb
- distressed securities
- event multi special
- rv overview
- convertible arb overview
- convertible arb drivers
- vol arb overview
- vol arb strategies
- fi arb
- rv multistrategy
- equity commonalities
- sources of return
- market anomalies
- anomaly strategies
- equity shorts
- three strategies
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