Managed futures are poised to build on a strong performance in 2014, with the BarclayHedge Index showing a positive return of 7.56%. Access to liquid alternative investments is improving as investor demand grows for the diversification, non-correlated returns, and risk-reducing potential these strategies offer. Our goal is to highlight these benefits, honor the top managers, and increase visibility into the managed futures space.
2015 winners are listed in bold for the following award categories:
2014 Best Diversified CTA ($500 million+ AUM)
2014 Best Diversified CTA (Less than $500 million AUM)
5-Year Best Diversified CTA ($500 million+ AUM)
5-Year Best Diversified CTA (Less than $500 million AUM)
2014 Best Single Sector CTA
5-Year Best Single Sector CTA
2014 Best Multi-Advisor Futures Fund
5-Year Best Multi-Advisor Futures Fund
2014 Best Options Strategy
5-Year Best Options Strategy
The BarclayHedge approach to selecting the 2015 Pinnacle Awards nominees is based on a group of quantitative performance metrics commonly used by investors. A mixture of interviews and surveys were conducted with professional asset allocators to determine (1) which criteria are most useful to them in the their selection process for managers and (2) how those criteria rank in order of importance.
Over 100 allocators participated in this process, and in the final phase, the top five performance metrics (based on their aggregate ranking score) were selected. Each metric was given a unique weight determined by its ranking and was incorporated to compute the final score of qualified CTA programs within the BarclayHedge database in each award category. The three programs with the best scores in each category were selected as the nominees, and the program with the top score will be named the winner.
The top five performance metrics as ranked by participating investors and applied towards eligible managers (based on 2014 data) to select this year’s nominees and winners per award category include (in alphabetical order):
For additional information on these metrics or the calculation process, please contact firstname.lastname@example.org.
The 2015 Managed Futures Pinnacle Awards honored top managers with a total of 14 awards, including the Pinnacle Achievement Award presented to Clifford Asness, Founder, Managing Principal, and Chief Investment Officer at AQR Capital Management. The night's host and comedian, Jay Mohr, provided entertainment throughout the program and standup comedy to end the night.
ABOUT CLIFFORD ASNESS
Cliff is a Founder, Managing Principal and Chief Investment Officer at AQR Capital Management. He is an active researcher and has authored articles on a variety of financial topics for many publications, including The Journal of Portfolio Management, Financial Analysts Journal and The Journal of Finance. He has received three Bernstein Fabozzi/Jacobs Levy Awards for best paper in The Journal of Portfolio Management, in 2004, 2005 and 2014. Financial Analysts Journal has twice awarded him the Graham and Dodd Award for the year's best paper, as well as a Graham and Dodd Excellence Award, the award for the best perspectives piece, and the Graham and Dodd Readers' Choice Award. In 2006, CFA Institute presented Cliff with the James R. Vertin Award, which is periodically given to individuals who have produced a body of research notable for its relevance and enduring value to investment professionals.
Prior to cofounding AQR Capital Management, he was a managing director and director of quantitative research for the Asset Management Division of Goldman, Sachs & Co. He is on the editorial board of The Journal of Portfolio Management, the governing board of the Courant Institute of Mathematical Finance at NYU, the board of directors of the Q-Group and the board of the International Rescue Committee. Cliff received a B.S. in economics from the Wharton School and a B.S. in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, graduating summa cum laude in both. He received an M.B.A. with high honors and a Ph.D. in finance from the University of Chicago, where he was Eugene Fama's student and teaching assistant for two years (so he still feels guilty when trying to beat the market).