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In exchange for being one of the only assets up in Q1, would you trade being down in Q2? That's the position managed futures finds itself in after a 2nd straight month of being the only red on the board. Elsewhere, it was RISK ON across the board - although at much smaller levels than May, as stocks and hedge funds creeped closer to positive on the year. And just like that, one of the most volatile first halves of the year any of us can remember is done. What will the second half bring?