Inside Q1’s Chaos | Systematic Investor | Ep.394

Description

Markets rarely offer clarity when it matters most. In this episode, together with Katy Kaminski and Harry Moore, we reflect on a first quarter defined by sharp reversals, energy shocks, and rising dispersion across strategies. They explain how trend following adapted as leadership flipped across asset classes, and why results varied more than many expected. The conversation moves beyond performance to examine portfolio construction, from market selection and speed to the growing relevance of portable alpha. Along the way, they revisit periods of drawdown, investor behavior, and the role of liquidity in crisis environments, offering a grounded perspective on how systematic strategies respond when conditions change quickly. #toptraders #investing #trendfollowing Episode TimeStamps: 00:00 - Introduction and episode framing 01:38 - Market backdrop and Q1 volatility 07:29 - Trend following performance through Q1 09:36 - Diversification vs equities and bonds 11:21 - Dispersion across managers explained 14:32 - Trend vs non trend strategies 18:40 - A month that tested every component of trend 21:17 - Optimal market mix and research insights 30:00 - Macro factors and what trend captures 35:57 - Portable alpha and cash efficiency 42:23 - Risks in portable alpha construction 49:04 - Drawdowns and investor behavior 53:37 - Why trend recovers after shocks 01:00:51 - Measuring alpha in macro strategies 01:06:51 - Geopolitics and future opportunities Full episode can be found here: https://toptradsersunplugged.com/si394 Subscribe to our podcast: iTunes: https://itunes.apple.com/us/podcast/top-traders-unplugged-niels-kaastrup-larsen-engaging/id888420325?mt=2 Spotify: https://open.spotify.com/show/2OnOvLbIV3AttbFLxuoaBW Follow us on social media: TWITTER: https://twitter.com/TopTradersLive (@TopTradersLive) FACEBOOK: https://www.facebook.com/toptradersunplugged INSTAGRAM: https://www.instagram.com/toptradersunplugged SOUNDCLOUD: https://soundcloud.com/toptradersunplugged-com Follow Harry on LinkedIn http://linkedin.com/in/