Why 2022 was a vintage year for managed futures

As risk-on assets tanked and monetary policy gravity hit the bond markets, managed futures enjoyed a vintage year.   Managed futures, also known as CTAs, invest in the futures markets, where they take long and short positions on a wide array of asset classes, including equity indices, government bonds and interest rates, currencies and commodities.  Asset allocators should have seen it coming.  After all, managed futures have plenty of form. They have proved to be a reliable risk-mitigating strategy and outperformer when markets turn choppy.   Fed raises rates by 50 basis points...