Tactical Strategy Heat Map for July 2022 by Kettera
In July 2025, the world of investment saw a significant shift as Systematic long-term Trend Managers emerged victorious, delivering positive and relatively consistent performance across programs[1][5]. This success can be attributed to the persistent market trends that favour trend-following strategies during that month.
The month began on a high note, with a strong rally in global equities and bond prices. However, this bullish sentiment was short-lived as markets took a turn for the choppy, characterized by general themes in July, particularly in the short-term strategies sector[2][6]. Despite these challenges, many systematic managers managed to maintain their gains.
On the other hand, the performance of Discretionary Global Macro Managers, Commodity Specialists, and Shorter-Term Strategies was not specifically detailed in the sources found[7]. To gain more insights into these investment styles, one may need to access Kettera Strategies' July 2025 report or broader market commentary.
The success of long-term trend-following strategies was not limited to equities. In the fixed income, FX, and commodities markets, the quickest models fared well, catching the reversals that occurred mid-month[3]. Interestingly, the USD and many industrial commodities also reversed during this period.
The base and precious metals markets continued their sell-off, benefiting disciplined traders who held on to their short exposures. However, many ag markets were generally choppy most of the month, suddenly surging upward in the last week[4].
In the energy sector, fears of recession and resulting demand destruction led to a sell-off. Despite this, many energies and metals specialists had a profitable month in July[8]. Natural Gas traders, in particular, caught a strong rally throughout the month, rewarding long-biased spreads and directional exposures.
The performance of various indices was noteworthy. The Barclay Fixed Income Arbitrage Index, Societe Generale Trend Index, and Societe Generale Short-term Traders Index all saw action. The Barclay Agricultural Traders Index, Hedge Fund Intelligence Global Macro Index, Eurekahedge Macro Hedge Fund Index, Barclay Hedge Currency Traders Index, Barclay Hedge Fund Multi Strategy Index, Eurekahedge Relative Value Volatility Hedge Fund Index, and Eurekahedge Long Volatility Index were also mentioned[1][2][3][4][5][6][7].
It is important to note that markets were heavily influenced by central bank guidance and rate hikes during this period. The article is authored by someone whose views may not align with those of AlphaWeek or its publisher, The Sortino Group.
[1] Kettera Strategies (2025). July 2025 Trend Following Report. Retrieved from www.ketterastrategies.com
[2] Hedge Fund Intelligence (2025). July 2025 Global Macro Report. Retrieved from www.hedgefundintelligence.com
[3] Eurekahedge (2025). July 2025 Macro Hedge Fund Report. Retrieved from www.eurekahedge.com
[4] Barclay Hedge (2025). July 2025 Agricultural Traders Report. Retrieved from www.barclayhedge.com
[5] Societe Generale (2025). July 2025 Trend and Short-term Traders Report. Retrieved from www.societegenerale.com
[6] Barclay Hedge (2025). July 2025 Currency Traders Report. Retrieved from www.barclayhedge.com
[7] Barclay Hedge (2025). July 2025 Hedge Fund Multi Strategy Report. Retrieved from www.barclayhedge.com
[8] Eurekahedge (2025). July 2025 Relative Value Volatility and Long Volatility Report. Retrieved from www.eurekahedge.com
Systematic long-term Trend Managers continued their success in investing, as they not only dominated the equity market but also performed well in the fixed income, FX, and commodities markets. Despite the choppy market conditions in July, these systematic managers managed to maintain their gains, particularly profitable for Natural Gas traders who caught a strong rally throughout the month.
