SI394: The Quarter That Tested Every Trend Follower ft. Katy Kaminski & Harry Moore

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. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE ----- Follow Niels on Twitter , LinkedIn , YouTube or via the TTU website . IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here . And you can get a free copy of my latest book “ Ten Reasons to Add Trend Following to Your Portfolio ” here . Learn more about the Trend Barometer here . Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast. Follow Katy on LinkedIn . Follow Harry on LinkedIn. 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 Copyright © 2025 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey: 1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here 2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here 3. Other Resources that can help you And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here Privacy Policy Disclaimer

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SI394: The Quarter That Tested Every Trend Follower ft. Katy Kaminski & Harry Moore is an episode from Top Traders Unplugged by Niels Kaastrup-Larsen.

This episode is 01:13:48 long.

This episode was published on Apr 4, 2026.

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