London-based Sucden Financial has launched a futures fund to cash in on some of the high-flying returns generated by futures funds last year.
The commodity and financial futures and options broker’s Comfin Managed Futures Fund trades a diversified basket of 27 highly liquid commodity and financial derivative instruments, including commodities, equity indices, bonds and currencies, according to a fund factsheet obtained by FINalternatives. The fund’s managers use a proprietary technical model, which generates long and short trading signals, and use technical analysis to determine the fund’s market entry, exit and position sizing.
The fund made is debut in October with US$7 million in assets.
Overall, managed futures funds trounced their hedge fund peers last year, gaining 13.9% in 2008, according to the Barclay CTA Index, the best annual performance for CTAs since their 21% return in 1990. Industry veterans such as Mulvaney Capital Management and John W. Henry & Co. saw their funds gain between 40% and 100%, while the average hedge fund lost between 15% and 22%, depending on the indices.
Sucden is headed by Michael Overlander, chief executive and managing director. The firm was founded in 1973 as the London brokerage arm of Sucres et Denrées.