CTAs Positive in June, Discretionary Still Ruling the Roost
Posted by Colin Lambert. Last updated: July 25, 2025
After a run of tough months, CTAs managed to eke out gains in June, although they remain deep in the red for the year-to-date, with just two of eight indices in the Barclay CTA Index managing positive performance.
The CTA Index, created and managed by BarclayHedge, was up 0.68% in June with just under 90% of funds reporting results, however year-to-date it remains down, at -2.68%, thanks largely to a poor April, but also reflecting the fact that this is just the second month of the year (January was the first), that the Index gained ground.
Just one sub-index was down in June (Agri Traders), with performance led by the Discretionary Traders Index, which continued its good year at +1.29% for the month, and a leading +3.47% year-to-date.
The other index in positive territory for 2025 is the Currency Traders Index, which continued its steady progress, rising 0.48% in June for +0.71% year-to-date.
While discretionary traders have thrived in the volatile conditions, the same cannot be said for their systematic brethren, however June was a better month, with the Systematic Traders Index rising 0.53% and the MPI Barclays Elite Systematic Trader Index, which seeks to capture the returns of the biggest 20 systematic funds, up 0.59%. Neither is making much of a dent on year-to-date performance, however, with the former still at -4.67% and the latter at -7.62%. Only the Cryptocurrency Traders Index (+0.69% in June) is underperforming the systematic traders, at -6.6% for the year.
The BTOP50 Index, which seeks to replicate the overall composition of the managed futures industry with regard to trading style and overall market exposure, also had a better month, rising 1.55% in June. Although the index has had one more positive month in 2025, year-to-date the BTOP50 is also struggling, sitting at -3.19% as at the end of June.
Elsewhere, the SG Macro Trading Index continued a good run, rising 1.54% in June for +3.41% year-to-date. As is the case with the BarclayHedge indices, the positive performance is solely from the discretionary world, although quant traders did have a better month.
The SG Macro Trading Index (Quantitative) rose 0.91%, but remains in negative territory at -0.52%. Again though, discretionary traders outperformed, with the SG Macro Trading Index (Discretionary) rising 1.98% in June for +5.75% year-to-date.
