Auspice Managed Futures Excess Return Index (AMFERI)
Although 2013 ended strong, the AMFERI pulled back in Q1.
With global central bank participation subsiding and QE into tapering underway, the markets have been choppy. Equities traded up and down causing volatility in other sectors, including commodities and currencies. The commodity markets appear to be regaining momentum and a number of new components have been added across all three sectors covered. Asset class rotation is apparent and underway; the recent pullback appears to be a sign of this transition as position change occurs in response to shifting trends.