# SG CTA Index Rises 15.7% in Nine Months Through Third Quarter

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/26960
Published: 2026-10-06T05:56:55.000Z
Updated: 2026-10-06T05:56:55.000Z
Section: Investing

> The benchmark outpaced the S&P 500, which gained 11.7% over the same period.

Trend-following strategies gained as moves in bonds, currencies and energy markets rewarded positions across futures, with the Societe Generale SG CTA Index returning 15.7% in the nine months through the third quarter.

The benchmark tracks major trend-following strategies. The S&P 500 rose 11.7% over the same nine-month period. Also known as commodity trading advisers or managed futures, trend-following funds use statistical models and price signals to trade futures in equities, bonds, commodities and currencies, seeking sustained moves in either direction.

The strategies entered September’s bond sell-off short on U.S. Treasurys. Earlier gains came from bullish dollar positions and crude oil purchases that began in January, before the Iran war.

“CTAs are crushing the rest of the hedge fund world this year,” said Andrew Beer, managing member at Dynamic Beta Investments. He described their oil and interest-rate positions as “early, contrarian and right.”

Nicolas Gaussel, CEO and CIO of Metori Capital Management, said short fixed-income positions helped the strategies navigate inflationary tensions. He also pointed to the negative correlation between stocks and oil as a factor supporting performance.

Equities and bonds have become positively correlated, reducing the diversification bonds traditionally provide long-only portfolios, Gaussel said. He said the ability to short bonds and short-term interest rates had benefited trend-following strategies in that environment.

Looking toward year-end, performance may hinge on energy prices and interest rates, said Yung-Shin Kung, chief investment officer at Mast Investments. Kung said connections between those markets were also affecting currencies and equities, while risk in many CTA portfolios had become more concentrated.