Managed Futures Spotlight: Covenant Capital Management

Our weekly newsletter is up, and we’re taking a look at a manager that has continued to impress as time has gone on. It has been nearly two years since we first profiled Covenant Capital Management in March of 2010. At the time, Covenant Capital Aggressive Program was, in our opinion, an up and coming trend following program that had just completed their sixth year of trading and were ready to make a splash in the managed futures space.

Over the last 18 months, Covenant Capital has grown rapidly with assets climbing to $496 million under management- approximately, 2.5 times higher than they were when we first met them in 2009. The Covenant Aggressive program, which has been a favorite of Attain clients, has grown even more rapidly to $85 million (from $5mm) since we first met with program manager Scot Billington in our office in late 2009. Of course, success has a price, and for those interested in the Covenant program it comes in the form or rising minimum investment levels. Officially, the minimum investment for the Covenant Aggressive program has been raised to $3mm, which is a steep increase from the current $250k investment level. However, the good news is that there is still time for Attain clients to get involved at more moderate minimums ($500,000+), and we suggest that anyone who has been interested in Covenant Capital in the past take a close look now before the program is officially at $3mm.

Click here to read more:


  1. Error Fisher says:

    I think it is a little misleading not to mention that $360 millions of covenant capital aum is parked in their LONG only commodity program. Which I suspect is somewhat different from the advertised long short program you are describing above.

    • As you get further into the piece, we clarify what the breakdown is for the Aggressive program. If you have any further questions, please don’t hesitate to email us.

Speak Your Mind


Interested in distributing or reprinting this content? Check out our reprint policy here.


Forex trading, commodity trading, managed futures, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors.

The entries on this blog are intended to further subscribers understanding, education, and – at times- enjoyment of the world of alternative investments through managed futures, trading systems, and managed forex, and is not intended as investment advice, or an offer or solicitation for the purchase or sale of any financial instrument. Unless distinctly noted otherwise, the data and graphs included herein are intended to be mere examples and exhibits of the topic discussed, are for educational and illustrative purposes only, and do not represent trading in actual accounts. Opinions expressed are that of the author.

*The mention of specific asset class performance (i.e. +3.2%, -4.6%) is based on the noted source index (i.e. Newedge CTA Index, S&P 500 Index, etc.), and investors should take care to understand that any index performance is for the constituents of that index only, and does not represent the entire universe of possible investments within that asset class. And further, that there can be limitations and biases to indices such as survivorship and self reporting biases, and instant history.

The mention of general asset class performance (i.e. managed futures did well, stocks were down, bonds were up) is based on Attain’s direct experience in those asset classes, estimates of performance of dozens of CTAs followed by Attain, and averaging of various indices designed to track said asset classes.

It should be noted that past market performance is not indicative of future market movement.No market data or other information is warranted by Attain Capital Management as to completeness or accuracy, express or implied, and is subject to change without notice.

Managed Futures Disclaimer:

Past Performance is Not Necessarily Indicative of Future Results. The regulations of the CFTC require that prospective clients of a managed futures program (CTA) receive a disclosure document when they are solicited to enter into an agreement whereby the CTA will direct or guide the client’s commodity interest trading and that certain risk factors be highlighted. The disclosure document contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA.