Portfolio Investment Opportunities in Managed Futures - David M. Darst - ebook

Portfolio Investment Opportunities in Managed Futures ebook

David M. Darst

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179,99 zł

Opis

New research and investment strategies for asset managers in managed futures In this handy new e-book, bestselling author David M. Darst provides the latest information on managed futures and their appropriate role within investment portfolios. The first section of the e-book covers select investment advantages and potential risks of managed futures, including historical background on futures, their advantages, risks involved, and key trends and drivers. The second section offers a summary of managed futures investment performance and correlation, including the performance of the major futures indices. The remaining sections provide an overview of the current investment landscape, a glossary of available indices, and important sources of further information. Portfolio Investment Opportunities in Managed Futures gives investors the information they need to make intelligent investment decisions in this important asset class. * Covers key factors investors need to know about managed futures, including advantages, risks, and investment performance * Written by David M. Darst, CFA, the bestselling author of The Little Book That Saves Your Assets * Perfect for individual investors, financial advisors, and CFAs interested in how managed futures can meaningfully improve the risk-reward profile of their portfolios

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Contents

Cover

Series

Title Page

Copyright

About the Author

Introduction

Chapter 1: Select Investment Advantages and Potential Risks of Managed Futures

Historical Background on Futures and Managed Futures1

Distinguishing between Physical Commodities, Futures, and Managed Futures

Select Advantages of Managed Futures

Potential Investment Risks of Managed Futures Funds2

Placing Managed Futures in an Investment Context4

Essential Differences between Managed Futures and Other Asset Classes6

Select Risk Management Strategies Pursued by Managed Futures Advisers7

Special Considerations Associated with Managed Futures Funds8

Fees and Expenses Associated with Managed Futures Funds10

Investment Approaches of Managed Futures Funds11

Select Insights into Managed Futures Returns Patterns12

Managed Futures Funds Compared with Hedge Funds13

Trend Characteristics and Underlying Drivers of Managed Futures

Evolution of the Futures Markets

Actively Traded Futures and Options Contracts in the United States

Chapter 2: Summary of Managed Futures Investment Performance and Correlation

Select Managed Futures Indices' Performance

Managed Futures Returns during Financial Market Dislocations

The Barclay CTA Index and Survivorship Bias14

Patterns of Managed Futures Returns

The CISDM CTA Equal-Weighted Index

Analysis of Select Asset Class Returns

Chapter 3: Overview of the Investment Landscape

Global Futures Exchanges and Clearinghouses

Chapter 4: Glossary of Indexes

Chapter 5: Select Information Sources

Web Sites

Books

Journals/Publications

Acknowledgments

The Wiley RealTime Finance series provides information, tools, and insights specifically for finance and investment professionals. Topics range from portfolio management to e-commerce, risk management, financial engineering, valuation and financial instrument analysis, and beyond.

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For more information, please visit www.wiley.com/go/wileyrealtime.

Cover image: <INSERT NAME> Cover design: Michael Freeland

Copyright © 2013 by David M. Darst. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions.

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ISBN 978-1-118-50297-6 (ePDF)

ISBN 978-1-118-50298-3 (Mobi)

ISBN 978-1-118-50294-5 (ePub)

Printed in the United States of America

About the Author

David M. Darst, CFA, is a Managing Director and Chief Investment Strategist of Morgan Stanley Wealth Management with responsibility for asset allocation and investment strategy, and was the founding president of the Morgan Stanley Investment Group. He joined Morgan Stanley in 1996 from Goldman Sachs, where he held senior management posts within the Equities Division and earlier, for six years as Resident Manager of their Private Bank in Zurich.

David is the author of seven books: The Complete Bond Book (McGraw-Hill, 1975); The Handbook of the Bond and Money Markets (McGraw-Hill, 1981); The Art of Asset Allocation, Second Edition (McGraw-Hill, 2008); Mastering the Art of Asset Allocation (McGraw-Hill, 2006); BenjaminGrahamon Investing (McGraw-Hill, 2009); and The Little Book that Saves Your Assets (John Wiley & Sons, 2008), which has ranked on the bestseller lists of the New York Times and BusinessWeek. His financial works have been translated into Chinese, Japanese, Russian, German, Korean, Italian, Indonesian, Norwegian, and Vietnamese. In 2012, Seapoint Books published David's seventh book, Voyager 3, which contains his creative writing.

David appears frequently on CNBC, Bloomberg, FOX, PBS, and other television channels, and has contributed numerous articles to Barron's, Euromoney, The Money Manager, Forbes.com, The Yale Economic Review, and other publications. He broadcasts and writes extensively on asset allocation in the firm's biweekly Investment Strategy and Asset Allocation Commentary and in the Morgan Stanley Smith Barney monthly publication, Asset Allocation and Investment Strategy Digest, the predecessors of which he launched in 1997.

David graduated from Phillips Exeter Academy, was awarded a BA degree in economics from Yale University, and earned his MBA from Harvard Business School. David has lectured widely at Wharton, Columbia, INSEAD, and New York University business schools, and for nine years, he served as a visiting faculty member at Yale College, Yale School of Management, and Harvard Business School. David is a CFA Charterholder and a member of the New York Society of Security Analysts and the CFA Institute.

Introduction

During the late 1970s, a number of commodity trading advisers (CTAs) were established, inaugurating the managed futures industry. CTAs are investment managers who use the global futures, options, and related markets as an investment medium to manage their clients' assets.

In the latter two decades of the twentieth century and on into the twenty-first, the managed futures industry has exhibited rapid growth, and as of the end of 2012, it was estimated that futures trading advisers had more than $300 billion under management globally. Many domestic and international corporations, financial institutions, trading firms, and securities broker-dealers are active participants in the managed futures marketplace. Hedgers rely on the futures markets to obtain protection against rising or falling prices, while speculators and traders seek to profit from their trading and investment strategies in the futures markets.