Paper Title
Commodity Super Cycles And CTA Returns

Abstract
It is a known fact that commodities follow a long bear and bull market super cycles. So many investors have been trying to capture positive alpha and diversification by investing in commodities via hedge funds, CTAs. In this paper, we test market timing ability of these funds’ managers during these super cycles. Our result is mixed. We see themarket timing ability of hedge funds in a pooled time models whereas there is none in singleindex model of calendar time. Keywords - Hedge funds; market timing; commodities JEL classification: C2; G11; G12; G15; G23