Kettera Strategies Geographical Analysis - June 2025
June 2025 was a month of mixed fortunes for various investment strategies, with some categories thriving while others faced challenges.
In the foreign exchange (FX) market, short-term, price-driven systematic programs navigated the USD slide by rapidly rotating out of the dollar into commodity currencies such as Mexican Peso (MXN), Canadian Dollar (CAD), Brazilian Real (BZL), and Chilean Peso, as well as major currencies like the British Pound and Euro, which both reached multi-year highs against the USD. However, the performance of FX-only managers was generally challenging during this period.
On the other hand, fixed income saw a mixed picture. Long positions in Euro bonds hurt performance as yields rose despite an EU rate cut. Conversely, long positions in US rates and bonds did well as yields dropped.
Discretionary macro managers generally posted positive results in June, outperforming their quant- and systematic-driven peers year-to-date. Medium-term trend programs outperformed the longer-dated trend programs.
In commodities, the energy sector performed well in the first half of the month, but was severely punished when a ceasefire between Israel and Iran was declared.
The performance of Quant Macro programs was strong in June, with more fundamentally-based programs that rely on econometric data more heavily than price-based technical signals leading the way.
Equities trading was positive in June, with long positioning in the US driving returns, offset by small losses in long Euro equity indices.
It's important to note that weightings are not discretionary and are equal for any approval category. Weightings reductions only occur if the manager is de-listed or shuts its doors. Past performance is not necessarily indicative of future returns.
One traditional "global macro 1.0" veteran on the Hydra platform gained over 5%, benefiting from a portfolio that was slightly short to neutral U.S. equities and long front-end rates, while also holding long positions in heavy CapEx commodities.
Managers stay as is regardless of performance. For detailed monthly returns by individual style categories, consulting the Kettera Strategies heat map directly or their official reports released around July 2025 would provide the most precise data.
The heat map published in July 2025 by AlphaWeek highlights that while trend following was generally positive, performance across Kettera Strategies' styles remained mixed, implying a nuanced market environment affecting each strategy differently. There is no explicit June 2025 performance breakdown publicly available for Discretionary Global Macro, Quant Macro, or FX Specialists categories in the provided search results.
Indices and financial benchmarks are provided for illustrative purposes only and do not reflect the impact of advisory fees. Hypothetical performance results have inherent limitations and do not account for financial risk. The views expressed in this article are those of the author(s) and not necessarily those of AlphaWeek or its publisher, The Sortino Group.
Sports enthusiasts found a slightly improved atmosphere in June 2025, as the mixed fortunes of the month seemed to resonate with the world of sports as well. For instance, the performance of major global sports teams slightly improved after a challenging few weeks, reflecting a more balanced environment, much like some investment strategies.
