“Quant investing can be a black box, but we think it is crucially important to bring transparency, explanation and
understanding.” — ANTHONY TODD
Core launched in 2014, and there are “flat fee” products with no performance fee. It can also be applied to alternative markets (where the non-trend sleeve is 10%) and to Chinese futures (where non- trend models are partly calibrated to local markets). The Chinese futures strategies were originally onshore only but can now also be accessed via offshore vehicles.
The relative value systematic global macro strategy can be used to carve out currency capabilities including overlays. The fundamental research program is exploring alternative datasets, investor flows, news articles, and natural language processing. Broader research is expanding the machine learning capability, including a diversified machine learning program, and an intraday trading program, incubated within multi-strategy.
Customised solutions can be tailored to investors’ specific portfolio requirements and risk mitigation constraints, through funds of one, which may combine one or more of the trend strategies, systematic macro, short term trading, machine learning and volatility trading capabilities, amongst others.
Aspect thus aims to offer a menu of distinct and discrete strategies, which investors can then mix and match into their own combinations. “We are creating different building blocks rather than rolling it all into one single master fund,” says Lueck.
Honing and refining trend models Lueck, the ‘L’ in AHL, perhaps somewhat humbly, views the AHL success story as, “a happy accident of a systematic, repeatable, diversified, and diversifying strategy” and Aspect’s confidence in the key style of trend has been a constant, though its implementation has become more sophisticated in terms of models, frequencies and execution.
Alongside developing new strategies, the application of trend following is constantly being honed and refined. “Even after all this time, we still invest heavily into ongoing trend research. There is always something more to learn. And as investor appetites evolve, we refine models to continue offering utility,” says Lueck.
For instance, the expansion of the investment universe, into both traditional and alternative markets, in developed and emerging markets,
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