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Digital Subscriptions > The Hedge Fund Journal > Issue 125 - August 2017 > Garraway Financial Trends UCITS

Garraway Financial Trends UCITS

A concentrated, single strategy CTA


Earlier this year Garraway Financial Trends UCITS received The Hedge Fund Journal’s ‘UCITS Hedge’ award for best performing trend-following CTA under $100 million at the strategy level, based on its risk-adjusted returns in 2016. As at July 31st 2017 the strategy runs $32 million, and the fund has just passed its threeyear anniversary since this new strategy was implemented, though lead portfolio manager, Darran Goodwin, has been developing managed futures strategies for nearly ten years.

Garraway was amongst the top performing systematic hedge fund strategies in absolute as well as risk-adjusted terms in 2016, a year when volatility around Brexit, Trump and other events wrong-footed some systematic and quantitative strategies (not to mention many discretionary macro traders). Garraway’s model latched onto some of the largest market moves. Goodwin likes to be transparent on performance attribution and the biggest contributors were trades that were long the Japanese Yen, short the British Pound, and long government bonds. The short British Pound positions could be perceived as basically Brexit trades but as a trend-follower, Garraway was not short of ‘cable’ - the British Pound versus the US dollar – going into Brexit. The strategy was however short the Pound against the Yen before the vote, which illustrates the benefits of Garraway’s selection of markets including ‘cross-rates’: trading non-USD currencies against one another, as well as versus the USD.

Indeed, its investment universe is one element that distinguishes Garraway from other CTAs. While some CTAs trade as many as 400 or more markets (or even 700 plus including synthetic markets such as spreads), Garraway in July 2017 is trading 36, carefully chosen, markets. What makes Garraway still more selective is that the strategy does not have positions in all markets at all times.

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