As CTA strategies continue to rack up gains.....

Hedge Fund New York: Opalesque recently had the chance to speak with Patrick Welton, co-counder and CEO of Welton Investment Corporation, which manages a $500m global macro and managed futures portfolio. The strategy trades in approximately 100 markets spanning commodities, currencies, interest rates and stock indices. Welton’s Global Directional Portfolio (GDP) was incepted in 2004, has earned an average annual return of +15.44%, and has spent much of 2008 continuing to prove its strategy with gains of +0.87% in September, more gains in October, and YTD returns of approximately +11%. Welton Investment Corporation specializes in managed futures and global macro strategies and is based in Carmel, California.

In Part One of this piece Welton spoke about how global macro and managed futures overlap and how the foundations of the current macro events will take years to unwind, and provide opportunity to drive returns for years to come.

Can you give us an overview of the strategy and what markets you invest in? The overarching view of our strategy is a core coverage approach to managed futures and diversified global macro return opportunities. Core coverage of these spaces is grounded in diversification -- diversification not only by the markets we trade, but also the types of strategies that are used, how they are applied, the holding periods of the positions, and even the variety of our analysis inputs in viewing a market between fundamental or statistical approaches....

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As CTA strategies continue to rack up gains.....