SINGAPORE (June 30): The majority of trend-following hedge funds, commonly known as commodity trading advisers (CTAs), generated positive performance in the two days following the Brexit bombshell on June 23, when Britain voted to leave the European Union.

Global stock markets plunged while the pound nosedived to a three-decade low against the US dollar on June 24 and 27, but 90% of CTAs and 80% of short-term traders tracked by the Societe Generale (SG) Prime Services, which manages several hedge fund indices, turned in gains in both days.

The SG CTA Index was up 2.27% and 0.71% respectively on June 24 and 27, according to a recent report by SG Prime Services. The SG CTA Index calculates the daily rate of return of the largest 20 CTAs that are willing to provide daily returns and are open to new investment.

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