The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 31, 2026
The iMGP DBi Managed Futures Strategy ETF gained 2.23% in Q2 2026 and 10.11% year-to-date, outperforming the SG CTA Index. The fund navigated an extremely volatile market environment characterized by war, commodity swings, AI-driven speculation, and geopolitical uncertainty. The manager emphasizes that the macro environment has become more unpredictable, with equity markets increasingly resembling venture capital where valuations are driven by wild predictions and small assumption changes can trigger violent price moves. Performance was driven primarily by long exposure to emerging markets, which rallied strongly, and short JPY/USD positioning as the yen weakened. Crude oil was the primary detractor as long positioning suffered during a sharp reversal, prompting the strategy to meaningfully reduce exposure. The manager argues that diversification and liquidity are essential for robust multi-asset portfolios, noting that bonds have failed as diversifiers over the past decade with 55% correlation to equities and 24% max drawdown. The fund was built to address both needs as allocators prepare for coming storms in this meme stock environment.
This managed futures fund is designed to provide diversification and liquidity in an increasingly unpredictable and volatile market environment where traditional diversifiers like bonds have failed.
The manager expects the unpredictable macro environment and meme stock conditions to continue for the foreseeable future, driving ongoing market volatility. The tone is cautious about market conditions but confident in the fund's ability to provide diversification and liquidity benefits that allocators need to weather coming storms.
Neutral / Balanced
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Top Conviction Themes
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