CCM Systematic Macro Plus Fund
Performance Summary
*The fund inception date is 9th May 2023. The backtest data inception is from 1st January 2021. These results are using the backtest data inception date. See Disclaimer below
Cumulative Returns
Drawdown
Fund Facts
| Name | Amount |
|---|---|
| Fund Inception Date | 9th May 2023 |
| Investment Manager | Cartwright Capital Management Pty Ltd |
| Benchmark | RBA Total Return Index |
| Suggested Investment Time-frame | 3 - 5 Years |
| Typical number of Investments held | 100 Instruments |
| Management Costs | 1.31% p.a. + GST |
| Performance fee | 15.00% over index subject to high watermark |
| Buy/Sell Spread | Buy 0.10% / Sell 0.10% |
| Applications/Redemptions | Monthly |
| Minimum Initial Investment | $250,000 |
| Minimum Additional Investment | $25,000 |
Investment Strategy
Cartwright Capital has created a managed futures fund similar to a core-satellite investment approach. It’s an investment vehicle that offers core growth with the defensive overlay of trend-following strategies. The CCM Systematic Macro Plus Fund differentiates by breaking down trend-following risks into asset sectors to overlay the core investment portfolio and by letting profits run for an extended period of time to seek out excess returns.
Trend Sector Exposure
February 28, 2025
Performance
* These results are using the backtest data. All returns are net of fees. See full Disclaimer below
ASX Cash Equity Sector Exposure
February 28, 2025
Portfolio Directional Risk (Phoenix Risk in Blue)
S&P Cash Equity Sector Exposure
February 28, 2025
Performance Attribution
*The sector performance attribution displayed on this graph is intended to be indicative and give an estimate of winning and losing components of the Fund. It does not include management fees, cash and other expenses.
Bonds are back as Cocoa gets bitter…
The CCM Systematic Macro Plus Fund closed February with a year-to-date performance of 0.3% p.a. Bond markets were the standout performer as their negative correlation with equity markets returned with a vengeance. While positive bond returns in the U.S. helped offset negative U.S. equity returns, the Fund declined by 2.7% in February 2025, primarily due to a pullback in several long commodity positions, including Cocoa, Live Cattle, Corn, and Crude Oil.
Another major theme in February was the divergence between equity and bond markets across different regions. For example, while U.S. bond markets found support and rallied, Japanese Government Bonds (JGBs) continued an aggressive decline in price (rising in yield). The yield on the 10-year JGB has now crossed above 1.5% for the first time since June 2009, as the Bank of Japan continues raising short-term interest rates to combat persistent inflation, starkly contrasting with the Federal Reserve, who appears more likely to cut rates than to raise them.
Further divergence was evident in equity markets, where the German DAX outperformed the S&P 500, driven by a change in Germany’s government to the more pro-growth Christian Democratic Union (CDU). Rather than relying on economic expertise about the CDU’s policies, our price-based analysis identified the breakout in German equities, and we continue to ride this trend. Similar long equity positions in the UK’s FTSE 100, Euro Stoxx 50, and the Swiss Market Index (SMI) made the long European equity positions the Fund’s largest trend-following exposure at the end of February. The strong performance in European equities helped cushion the S&P 500’s decline during February.
In metals, Gold has been a standout performer over the past 12 months, benefiting from geopolitical uncertainty. However, this has not been the case for all industrial metals, particularly Copper, which has experienced three
failed breakouts and breakdowns over the past year, resulting in choppy price action that detracted from Fund returns. February, however, told a different story as Copper contributed a positive 0.5% to the Funds’ performance. With the announcement of potential U.S. tariffs on Copper, bullish sentiment has returned, making this a market to watch.
A pullback in agricultural commodities was the main detractor from returns in February. Long positions in Cocoa, Live Cattle, Corn, Rice, and Wheat all suffered, leading to a partial unwinding of risk in these instruments. Geopolitical tensions stemming from tariff wars and ensuing currency fluctuations suggest that volatility in these markets will persist.
Energy markets were mixed in February, with an extraordinary rally in Natural Gas futures offset by a weakening Crude Oil price. Natural Gas prices have more than doubled from their October 2024 low of around $2 to over $4. A cold U.S. winter initially drove prices higher, but just as temperatures moderated, concerns over tariffs and potential surcharges on power imports from Canada reignited upward pressure. In contrast, Crude Oil prices are hovering near key support levels. As the U.S. remains the world’s largest oil producer, domestic crude has stayed off the tariff radar. However, if concerns about a global economic slowdown intensify, a significant drop in oil prices could follow.
As we move into March and the close of Q1 2025, geopolitical positioning continues to reverberate across asset markets. As new governments formulate their strategies and play their hands, the need for a systematic approach to a Global Markets’ strategy is becoming increasingly more popular. We are in a new regime of uncertainty. Trying to predict the thought processes of international political parties and their effects on asset classes can be a fruitless exercise. Instead, we remain committed to letting price action guide our positioning.
Through our unique portfolio construction tailored to capitalise on changes in market regimes combined with our rigorous risk management process, the Fund is poised to react to the next change in regime. The ability to be exposed to both bull and bear markets in equity, bond, commodity and currency markets via long and short futures positions, enables our Fund to capitalise on these market regimes when they occur.
Portfolio diversification is paramount, and with the return of the negative correlation of equity to bonds combined with global uncertainty, we may be on the verge of another equity bear and bond bull market. Only time will tell, but as always, we believe price movements and momentum remain our most reliable guide.
Why be long short equity when you can be long short all asset markets!
About Us
Troy Hamblion is an investment manager as well as the co-founder and Managing Director of Cartwright Capital Management. Troy is responsible for the day to day operation of the CCM Systematic Macro Plus Fund as well as driving the business growth and operational excellence. Troy has completed a Master of Applied Finance at Macquarie University and has had a long career in Deutsche Bank's Global Markets team. Troy has extensive experience in exchange traded and over the counter derivatives as well as balance sheet and liquidity management. Troy is based in Queensland Australia.
Nicolas Hernout is an investment manager as well as the co-founder and Managing Director of Cartwright Capital Management. Nico is responsible for day to day operations as well as maintainance of the quantitative functiontionality of the CCM Systematic Macro Plus Fund. Nico completed a five-year Mechanical Engineering degree, as well as a Master of Finance at ESSEC International Business School. Nico's career includes trading interest rate derivatives with Credit Agricole, Bank of America-Merryl Lynch and Deutsche Bank. Nico is based in Queensland Australia