That depends on what managed futures strategy we are talking about Robert. Managed futures itself is not a strategy, but just a big umbrella catch all that can refer to any strategy. Managed futures strategies use futures, but instrument commonality alone is not enough to make a judgement.
hfts_james, Are you asking because you are looking to start a business as a CTA or CPO or are you looking to make an allocation for yourself, a friend or a family member?
i'm exploring the possibility of investing. my friends invest in unit trusts, and managed futures are new to them. i would have recommended automated trading systems to them, but based on reviews it's not their thing. so i hope to have opinions from people who have invested in managed futures.
You can view different programs in databases like IASG, Autumngold, or BarclayHedge. Depending on how much you have to invest and your profile as an investor, many programs may not be open to you. The vast majority of better programs are 4.7 exempt, which means that you have to be a QEP to invest (maybe you are). The biggest managers tend to have very high managed account minimums. Keep in mind, that with most managed accounts you can use notional funding, so you can increase risk/returns exponentially from the stated performance, if you want. i.e. look at the risk adjusted returns.