The Lipper TASS Flash Estimate Report covers performance for CTA Programs, Single Manager Futures and Currency Funds with assets in excess of US$45 million under management, actively reporting into the Lipper TASS database.

• Managed Futures experienced positive performance for March; managers were able to capitalize on long exposures to equities and industrial metals as well as large speculative short trades in the euro, sterling, and Japanese yen. The Lipper Managed Futures/CTAs index registered a positive return of 2.43% for March, ending the quarter in negative territory (-0.88%), since January’s result more than offset positive performance for the remaining two months of the quarter.
  
• The degree of dispersion among individual fund returns increased further from the previous month’s reading. A 43.25-percentage-point monthly performance difference for March divided the top and bottom performers of the actively reporting managers tracked by Lipper.
  
• March confirmed February’s readings. Managers with assets in excess of US$45 million returned a better average performance at 2.76% month on month—40 basis points above the average reading for the strategy. “Large” Managed Futures managers returned a positive 0.80% on average for the 12-month rolling period at the end of March 2010.