CTAs: A ‘Tail’ Of Two Drawdowns

If you're searching for the quintessential manifestation of the macro-policy about-face behind November's "everything rally" (and who isn't, right?) look no further than the managed futures universe. Earlier this month, I mentioned that the abrupt November reversal across the US rates complex led to a sharp drawdown for CTAs, where legacy positioning was obviously short (into the inflation shock, bond rout and Fed hiking campaign). Fast forward a few weeks and the scope of the legacy trend tra