Strategic Analysis Chart - February 2022 by Kettera Strategies
In a recent report by Kettera Strategies, discretionary global macro programs demonstrated generally positive trading results in the commodities sector for July 2025. This positive performance was observed despite notable volatility and dispersion across commodity sub-sectors.
According to Kettera's July 2025 heat map, there were broad gains in commodities trading, indicating an overall positive trend environment. The heat map also highlighted volatility and sector-specific dispersion, suggesting that not all commodities moved uniformly, but trend followers were able to capitalize on certain directional moves.
Moreover, multiple asset classes experienced trend reversals, implying active adjustment and responsiveness in the strategy portfolios. While detailed specifics on individual commodity trends or exact performance figures are not provided in the excerpts, the reports suggest that Kettera's trend following strategies leveraged discernible momentum in commodities markets during the month, outperforming amid ongoing market volatility and tariff uncertainties.
Long positions in metals, grains, and energies using momentum strategies were profitable. For instance, directional metals trading strategies that were long gold performed well, as gold broke out of a long-term choppy range. Similarly, long commodities positioning, particularly in grains and crude markets, performed well due to poor weather in South America and geopolitical turmoil.
However, spread traders in metals and grains did not fare as well. Spread traders short the front contracts in crude oil and long the back suffered badly, as the front end rallied much more strongly and quickly expanded the spread. Toward month-end, several programs short the front contract in wheat while long the back contracts and were caught in a record-breaking short squeeze in the front trading months.
In the FX markets, a strong and sudden reversal mid-month in USD-based exchange rates caused problems for many shorter-term trading systems. Foreign exchange trading was flat to negative, with the Australian dollar/USD exchange rate causing setbacks to many programs.
In contrast, fixed income and interest rates seemed to typically be the second-best performing market sector for discretionary global macro strategies. Short positions in U.S. and European markets seemed to do well.
Equities were a slightly negative sector for discretionary macro strategies, with long equities positions generally the biggest detractors to performance for most long-term trend programs.
The views expressed in this article are those of the author and do not necessarily reflect the views of AlphaWeek or its publisher, The Sortino Group. It is important to note that indices and other financial benchmarks shown in the letter are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and dividends, and do not reflect the impact of advisory fees.
For those seeking the exact commodities or numeric performance rankings from Kettera Strategies for the month, direct access to Kettera’s proprietary heat map report or forecast publication would likely be required. The summary available publicly via AlphaWeek notes the positive trend momentum but does not enumerate individual top performers.
References: [2] [Kettera Strategies Report, July 2025] [5] [AlphaWeek Summary, July 2025]
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