Braga’s BlueTrend Leads Quant Fund Rebound With July Gain

Updated on

Leda Braga’s BlueTrend led a revival in computer-driven hedge funds in July, spurred by a slide in commodity prices and the strengthening dollar.

A former top trader at Michael Platt’s BlueCrest Capital Management, Braga, 49, saw her fund gain 6.2 percent last month, putting it 3.1 percent up for the year, according to a person familiar with the matter. Her Geneva-based Systematica Investments now runs almost $9 billion, said the person, who asked not to be identified because the data is private.

Computer-driven hedge funds rely on algorithms to make trades and generally make money when trends are consistent. Oil, currencies, bonds and stock indexes all reversed direction in June, in part because of Greece’s decision to walk out of talks with creditors and China’s stock market plunge.

Gains for Braga’s fund, which opened at the start of the year, were more than matched by the smaller $2.9 billion quantitative program run by U.K. firm Cantab Capital Partners, which earned 6.3 percent in July after an 8.6 percent June decline, according to an investor letter seen by Bloomberg. Aspect Capital’s $890 million Diversified Fund rose 9.2 percent last month, a spokeswoman at the London-based firm said.

The gains reflect a wider trend for quant funds. The Newedge CTA Index showed the funds, which trade on futures, gaining 3 percent in July after averaging a loss of 4.2 percent the previous month.