Institutional investors sent dichotomous signals in their positioning leading up to the election of Donald Trump. While hedge funds moved to establish risk-on positions – establishing notable long Trump trade exposure in S&P 500 futures contracts, for instance — it was more conservative institutional investors who ran from the election, embracing a risk-off stance. This occurred as managed futures CTA and CPO strategies piled into the industrial metal copper, a Bank of America Merrill Lynch report noted.

Also see Q3 2016 hedge fund letters

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