Boca Raton, Fla.-based Haar Capital Management last month launched its third discretionary futures product for an insitutional investor, offering exposure to agricultural commodities, energies and metals.
Unfortunately, the firm’s newly launched Tangible Commodity program caught abrupt price reversals in commodity markets during the month when crude oil dropped 4.5% and gold fell 5.9% in one day. It finished its first month down 1.79% with $9.8 million in assets under management.
In general, agricultural traders lost 3.51% in March and discretionary traders were down 0.91%, according to the Barclay CTA Index.
Founder Stanley Haar said the program trades the same markets as its flagship predecessor, the $48.6 million Discretionary Commodity Trading program, without the financials sectors.
“There was an institutional investor who was in the Ag-only program but wanted exposure to energies and metals as an option for some of their other clients so that’s the reason why we launched that,” he said.
Haar also manages the $13.7 million Discretionary Ag Trading program, which launched in December and is down 0.2% year-to-date.