Keeping up with beta remains challenging this year. All three of our proprietary strategies are still trailing the Global Beta 16 benchmark (G.B16). That’s not to say that the prop strategies don’t add value – they do, but not in raw performance, at least not so far this year. The risk-management edge, by contrast, remains intact, albeit in varying degrees and on different fronts across the trio of prop strategies. For details on strategy rules and risk metrics in the tables below, please see this summary.