RT Journal Article SR Electronic T1 Performance of the Largest CTAs in Negative S&P 500 Months and Extreme Market Events JF The Journal of Wealth Management FD Institutional Investor Journals SP 44 OP 47 DO 10.3905/jwm.2004.412354 VO 7 IS 1 A1 Greg N. Gregoriou A1 Fabrice Rouah YR 2004 UL https://pm-research.com/content/7/1/44.abstract AB Since the early 1990s Commodity Trading Advisors (CTAs) have done well, but in recent extreme market events and negative S&P 500 months, they have significantly outperformed hedge funds and market indices. The authors conclude that the trend by pension fund managers as well as wealthy individuals toward increasing their exposure to CTAs as complementary alternative investment vehicles in traditional stock, bond, and hedge fund portfolios makes sense, suggesting that they have understood the diversification benefits inherent in these strategies.