In the 7 #recessions identified by the US NBER since 1973, for example, #CTAs have offered traditional investors much needed protection, with an average return of 11.6% p.a., thus outperforming a 60/40 portfolio 8.3%, chart @FT bit.ly/3Ny0Thd

When a 60% #equities 40% #bonds portfolio does poorly, #CTAs (#commodity trading advisers), the so-called managed futures investment strategies, generally outperform, chart @FT bit.ly/3Ny0Thd