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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The iMGP DBi Managed Futures Strategy ETF delivered 2.23% in Q2 and 10.11% year-to-date, outperforming benchmarks in an increasingly volatile and unpredictable market environment. Emerging markets exposure and currency positioning drove gains while crude oil detracted."
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.
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