Battle of the Trend Following Indexes: September 2026

Battle of the Trend Following Indexes: September 2026 The Battle of the Trend Following Indexes is our monthly comparison of the leading trend-following benchmarks. All figures are through 30 September 2026, with each index history rebased to 1,000,000 on 1 January 2020. September 2026 Result September was the strongest month of the current sequence for the peer group, and the most uneven. Six of the seven indexes gained, five of them by 3% or more. The TTU Trend Barometer opened the month at 55, crossed into the favourable band at 59 on 11 September for the first time in the period tracked, fell 14 points to 45 a week later and closed the month at 52. September therefore held both the best environment reading of the sequence and its sharpest single-week fall, and the return table carries the marks of both. SG Trend led at +4.3%, followed by SG CTA at +4.1%, TTU at +3.8%, BTOP50 and Systematic Momentum at +3.0%, IASG at +1.2% and Classic Trend at -0.6%, the only loss in the group. The gap from best to worst widened to 4.9 percentage points from 2.5 in August, the widest of the four months since June. For a second month the ranking came close to inverting the one before it. The two strongest indexes in August, Classic Trend and IASG, were the two weakest in September. SG CTA rose from last to second and SG Trend from joint fifth to first. This series reads the seven benchmarks along a convexity spectrum. An index built from few constituents carries the market’s clearest trends in larger size than a broad ensemble, which magnifies the gain when those trends persist and the loss when they break. On that frame, a strong month for trend should favour the concentrated end. September did not. The most concentrated index, with three constituents, finished last, and IASG, with 50 programs, finished sixth. The leaders were SG Trend with 10 constituents and SG CTA with 20, while the 163-constituent Systematic Momentum sat level with BTOP50 in the middle. Constituent count explains very little of September’s order. The weekly record offers one reading consistent with the result, though not a proof of it. Persistence in September was concentrated and then interrupted. In the first fortnight it sat in a handful of places moving hard: the petroleum complex, where Crude Oil WTI rose more than 9% in each of the first two weeks, and Bonds, Metals and Equity Indices falling as complete blocs. In the second fortnight those blocs broke up, the petroleum contracts fell sharply from the upper end of their charts in the week to 25 September, and Grains and Copper pulled back at month end. A broad book holding many modest positions could collect the declines that persisted while absorbing the reversals in small size. A three-program index depends far more on which markets its programs held in size at the turning points, and the published data do not show those positions. Timing differences between three programs could produce a similar result. SG Trend’s final figure of +4.3% sat slightly below its last weekly estimate of +4.47% on 25 September. In August the final print had landed more than a point above it. The year-to-date table spread out sharply. SG Trend leads at 15.8%, with SG CTA at 15.6%, BTOP50 at 14.8% and TTU at 13.9%. A gap follows to Systematic Momentum at 11.5%, IASG at 8.7% and Classic Trend at 7.5%, now last. The range from first to last widened from 3.1 percentage points to 8.3 in a single month, reversing August’s compression. The trailing quarter now covers July to September. SG Trend leads it at +6.1%, and Classic Trend is last at +2.4%, with IASG at +2.9% close behind. The long-run hierarchy held at the top. Classic Trend continues to lead total return, CAGR, MAR, Sharpe and Sortino since 1 January 2020, although its September loss trimmed most of them, with total return easing from 147.0% to 145.6% and Sharpe from 0.84 to 0.82. Beneath it the order changed. SG Trend’s total return rose to 72.5%, opening a 6.5-point lead over IASG at 66.0% after a month in which the two were separated by one-tenth of a point. Every maximum drawdown is unchanged. BTOP50 retains the shallowest at 9.7%, the highest share of winning months at 63.0% and the strongest Last 2 Years return at 19.7%. Performance Highlights Here is how the seven indexes came through September: SG Trend Index September: +4.3%, the strongest result in the group, after finishing joint fifth in August. Trailing quarter: +6.1%, best of the seven. YTD: +15.8%, now the outright leader. Its Last 12 Months return of 21.3% leads the group for a fourth straight month. Since 2020, SG Trend has gained 72.5% at an 8.4% CAGR, second only to Classic Trend, with a 20.4% maximum drawdown. Its MAR rose to 0.41 and its Sharpe to 0.52, level with IASG. SG CTA Index September: +4.1%, second, after the smallest gain in the group in August. Trailing quarter: +5.7%. YTD: +15.6%, second and 0.2 percentage point behind SG Trend. Since 2020, the index has gained 50.0% at a 6.2% CAGR with a 16.3% maximum drawdown. Its Sharpe improved to 0.39, while its Sortino of 0.11 remains the lowest of the seven. Its Last 12 Months return of 18.7% now ranks third. TTU Trend Following Index September: +3.8%, third. Trailing quarter: +5.4%. YTD: +13.9%, fourth. Since 2020, TTU has gained 56.3% at a 6.8% CAGR with a 20.7% maximum drawdown, still the deepest in the group. Its Last 12 Months return of 19.8% is second only to SG Trend. Unlike August’s, the September figure reconciles with the year-to-date and since-2020 columns. Barclay BTOP50 Index September: +3.0% as reported, level with Systematic Momentum in fourth. Trailing quarter: +5.8%, second. YTD: +14.8%, third. Since 2020, BTOP50 has gained 62.5% at a 7.5% CAGR. It holds the lowest maximum drawdown at 9.7%, the highest share of winning months at 63.0% and

Battle of the Trend Following Indexes: August 2026

Battle of the Trend Following Indexes: August 2026 The Battle of the Trend Following Indexes is our monthly comparison of the leading trend-following benchmarks. All figures are through 31 August 2026, with each index history rebased to 1,000,000 on 1 January 2020. August 2026 Result August ended the losing run. All seven indexes finished positive after two consecutive negative months, and the TTU Trend Barometer recovered from 30 to 55, closing the month on the threshold of a favourable environment. The three-month sequence now reads plainly: up 23 points in June, down 25 in July, up 25 in August. June and July showed that the barometer and index returns could move in opposite directions. In August they finally moved the same way, although, as the weekly path shows, not at the same pace. Classic Trend led at +5.3%, followed by IASG at +5.1%, TTU at +3.6%, BTOP50 at +3.0%, SG Trend and Systematic Momentum at +2.9% and SG CTA at +2.8%. The gap from best to worst widened to 2.5 percentage points from 2.0 in July. The more striking feature is how closely August inverted July. The three weakest indexes in July, IASG, Classic Trend and TTU, were the three strongest in August. BTOP50 and Systematic Momentum, first and second in July, finished fourth and joint fifth. The ranking only partly followed the construction spectrum. At the ends it held. Classic Trend, with three constituents, led the recovery, while SG CTA, which blends pure trend with a broader systematic factor set, trailed. The middle did not follow constituent count. Two broad manager ensembles, IASG with 50 programs and TTU with 47, finished ahead of the 10-constituent SG Trend and the 20-constituent BTOP50. What August tracked more closely was the reverse of July’s order: the benchmarks that gave up most when trends failed recovered most when trends resumed. Two months are not enough to establish why. One explanation consistent with the pattern is convexity working through exposure rather than headcount, since a construction that carries trend risk in greater size, however many programs it holds, magnifies both the payoff when trends persist and the damage when they break. Differences in which markets each index happened to be positioned in could produce a similar result. The weekly record explains why returns lagged the recovery in the environment. The barometer rose every week: 34, 39, 50 and 55. SG Trend’s month-to-date estimate did not follow in proportion: -0.75% after week one, +0.83% after week two, +1.13% after week three and +1.66% at 28 August. The week in which the barometer rose most, an 11-point gain to 50, added only about 0.3 percentage point. The week with the most markets rising, 34 of 49, lost money. The final print of +2.9% then sat more than a point above the last weekly estimate. That gap combines the final session on 31 August with any revision from daily estimate to final figure, and the published data do not separate the two. What the path does show is that the barometer recovered steadily while SG Trend’s estimated return caught up much later. The year-to-date race tightened further at the top and compressed from below. BTOP50 and SG Trend share the lead at 11.1%, with SG CTA at 11.0%, ending its three-month run in first place by one-tenth of a point. TTU follows at 9.8%, IASG at 8.3%, Classic Trend at 8.1% and Systematic Momentum at 8.0%. The gap from first to last narrowed from 5.4 percentage points to 3.1 in a single month. Classic Trend moved off the bottom of the table and Systematic Momentum replaced it. Over the trailing quarter, June still dominates: BTOP50 leads at +0.9%, and Classic Trend is last at -0.9% with its June decline still inside the window. The long-run hierarchy held. Classic Trend continues to lead total return, CAGR, MAR, Sharpe and Sortino since 1 January 2020. Every index’s maximum drawdown is unchanged, as a month of gains across the board would suggest. BTOP50 retains the shallowest at 9.7% and the highest share of winning months, now 62.5%. Its Last 2 Years return jumped from 11.1% to 17.4% as a losing August 2024 rolled out of the window. SG Trend remains second on total return at 65.4%, only one-tenth of a point ahead of IASG. Performance Highlights Here is how the seven indexes came through August: Classic Trend Index August: +5.3%, the strongest result in the group and a sharp reversal of its placement in June and July. Trailing quarter: -0.9%, the weakest, with June’s loss still in the window. YTD: +8.1%, up from last to sixth. Since January 2020, Classic Trend has gained 147.0% at a 14.5% CAGR, more than twice the next-highest total return. It retains the strongest MAR at 0.92, Sharpe at 0.84 and Sortino at 1.35. Maximum drawdown is unchanged at 15.8%, and its +0.11 correlation to the S&P 500 Total Return remains the only positive reading in the group. IASG Trend Following Index August: +5.1%, second and only 0.2 percentage point behind the leader, after finishing last in July. Trailing quarter: 0.0%. YTD: +8.3%, fifth. Since 2020, IASG has gained 65.3% at a 7.8% CAGR, level with SG Trend on CAGR and one-tenth of a point behind it on total return. Its 15.7% maximum drawdown is the second-lowest in the comparison, and its MAR of 0.50 and Sharpe of 0.52 rank third behind Classic Trend and BTOP50. The long-run columns reconcile with the restated July series this month. TTU Trend Following Index August: +3.6% as reported, third. Trailing quarter: -0.3%. YTD: +9.8%, fourth. Since 2020, TTU has gained 50.7% at a 6.3% CAGR with a 20.7% maximum drawdown, still the deepest in the group. Its Last 12 Months return of 22.2% is second only to SG Trend. The reported monthly figure does not reconcile with the YTD and since-2020 columns, both of which imply an August return nearer 3.0%. The note below the table sets this out. Barclay BTOP50 Index August: +3.0%, fourth. Trailing quarter:

Battle of the Trend Following Indexes: July 2026

Battle of the Trend Following Indexes: July 2026 The Battle of the Trend Following Indexes is our monthly comparison of the leading trend-following benchmarks. All figures are through 31 July 2026, with each index history rebased to 1,000 on 1 January 2020. July 2026 Result July gave us the same result as June, but for almost the opposite reason. All seven indexes finished negative for a second straight month. In June, the TTU Trend Barometer surged from 32 to 55 while every index lost money. In July, it fell from 55 to 30, ending in Very Weak territory, and every index lost money again. A 23-point rise in one month and a 25-point fall in the next. Same sign on the ledger. Very different market underneath it. The difference was in the size and ordering of the losses. BTOP50 declined least at -0.6%, followed by Systematic Momentum at -0.9%, SG Trend at -1.1%, SG CTA at -1.3%, TTU at -1.6%, Classic Trend at -2.2% and IASG at -2.6%. The gap from best to worst narrowed to 2.0 percentage points from 2.8 in June. More importantly, the ranking stopped following the construction spectrum. June’s losses had lined up almost perfectly with concentration. July scrambled the order: a 50-constituent benchmark finished last, a 20-constituent benchmark first, and the most concentrated index sat between them. That is probably July’s most useful observation. It does not invalidate the framework. It tells us when the framework has something to work with. Convexity is conditional, not permanent. A concentrated construction carries the clearest trends in greater size, which magnifies the payoff when those trends persist and the damage when they break. But first there has to be a meaningful trend to hold. When the market offers no dominant move with persistence, the structural differences between these indexes have far less opportunity to express themselves. Dispersion compresses and ranking becomes noisier. July never produced that dominant move. Leadership changed hands every week, usually by reversing what had just worked. Orange Juice jumped 20.32% in the first week and fell 16.72% in the second. Cocoa surged 20.43% in week two and dropped 8.77% in week three. Energy led through the third and fourth weeks, then fell 3.10% in the fifth as crude surrendered most of a two-week breakout. All eight grain contracts rose in the second week. All eight fell in the fifth. July was not short of movement. It was short of movement that survived. The final two weeks make the point neatly. Breadth was 23 of 49 markets higher in the week to 24 July and 24 of 49 in the week to 31 July. One contract separated the readings. Yet across those same two weeks the SG Trend Index returned roughly +2.2% and then -2.7%. Neither breadth nor the barometer could explain that difference on its own. The decisive question was whether the moves on the board extended positions already held or turned against them. The year-to-date race tightened at the top and opened further at the bottom. SG CTA leads at 8.0%, with SG Trend and BTOP50 both at 7.9%. One tenth of a percentage point separates first from third. TTU follows at 6.6%, Systematic Momentum at 5.0%, IASG at 2.9% and Classic Trend at 2.6%. All seven are negative over the trailing quarter. Classic Trend moved from the best number in that column to the second-worst in a single month, from +4.0% to -4.8%, not because the index suddenly changed character, but because April’s +6.7% rolled out of the three-month window. A useful reminder that rolling statistics have memory, and sometimes what disappears matters as much as what arrives. The long-run hierarchy barely moved. Classic Trend continues to lead total return, CAGR, MAR, Sharpe and Sortino since 1 January 2020. BTOP50 still owns the shallowest maximum drawdown at 9.7% and the highest share of winning months at 62.0%. Classic Trend’s maximum drawdown remains 15.8% for a second consecutive month. Two losing months have hurt, but they have not pushed the index beyond its previous worst historical decline. Performance Highlights Here is how the seven indexes came through July: Barclay BTOP50 Index July: -0.6%, the smallest decline in the group and a return to the defensive end of the table after an unusually weak relative result in June. Trailing quarter: -1.8%, best of the seven. YTD: +7.9%, level with SG Trend and just 0.1 percentage point behind the leader. Since 2020, BTOP50 has gained 52.7% at a 6.6% CAGR, with the group’s lowest maximum drawdown at 9.7% and highest share of winning months at 62.0%. Its Last 2 Years return of 11.1% is also the strongest in the comparison. June has been revised from -1.8% to approximately -1.1%. Systematic Momentum CTA Index July: -0.9%, the second-smallest loss and a clear improvement on June’s bottom-half placement. Trailing quarter: -2.5%. YTD: +5.0%, fifth in the group. Since 2020, the index has gained 35.0% at a 4.7% CAGR with a 16.7% maximum drawdown. Its 163 constituents give it by far the broadest sampling of the systematic momentum universe. In a month without a dominant trend to carry in size, that breadth cost very little. Its Sortino ratio of 0.92 remains second-highest among the seven. SG Trend Index July: -1.1%. Trailing quarter: -2.0%. YTD: +7.9%, only 0.1 percentage point from the lead. Its Last 12 Months return of +22.8% remains the best in the group for a second straight month. Since 2020, SG Trend is up 60.7% at a 7.5% CAGR with a 20.4% maximum drawdown. The intra-month path tells July’s story better than the final number: -0.74% after week one, -0.46% after week two, -0.95% after week three, +1.24% after week four and -1.50% at the end of week five. The month crossed the flat line four times. SG CTA Index July: -1.3%. Trailing quarter: -2.0%. YTD: +8.0%, preserving the lead SG CTA has held for three months, although now by only 0.1 percentage point. Since 2020, the index has gained 40.2% at a 5.3% CAGR

Battle of the Trend Following Indexes: June 2026

Battle of the Trend Following Indexes: June 2026 The Battle of the Trend Following Indexes provides a monthly snapshot of the leading trend-following benchmarks. All figures reflect performance through 30 June 2026, with index histories rebased to 1,000 on 1 January 2020.   June 2026 Result June inverted May’s result without inverting its logic. All seven indexes finished the month negative, where in May all seven finished positive, and the month delivered the widest downside dispersion of the year. The complication is that it happened while the trend environment was improving. The TTU Trend Barometer traced 43, 43, 45, 55 across the four weeks, closing at the threshold where Neutral gives way to a favourable environment after ending May at 32. Conditions for trend following got better through June, and trend followers lost money. Classic Trend posted the largest decline at -3.8%, more than double the next-worst. BTOP50 and Systematic Momentum each fell 1.8%, TTU and IASG each 1.5%, SG Trend 1.2%, and SG CTA held the smallest loss at 1.0%. The spread from best to worst was 2.8 percentage points, against roughly one in May. The two facts reconcile once the barometer is read for what it measures. It counts the share of markets generating medium-to-strong trends in either direction, and says nothing about whether those trends are the ones a portfolio already holds. Almost all of June’s new trend strength was built on the downside: the petroleum complex extended a breakdown into a third week, the precious metals turned a shallow pullback into a sustained decline, the equity indices rolled over from records, and Bitcoin pressed lower. Each move added to the count of trending markets. Each ran against positioning the year’s advance had built. A new trend is rarely born into an empty market. It is born from the failure of the one before it. The barometer registers the new trend the moment it forms, while the book is still carrying its predecessor, so the climb from 32 to 55 was less a signal of returns to come than a tally of the reversals that were costing them. The year-to-date standings compressed rather than reordered. SG CTA continues to lead on 9.4%, SG Trend sits close behind and TTU only marginally lower, while Classic Trend has fallen to the bottom of that table at 5.0% after entering the month mid-field. The real story is not the leadership but how tightly the field closed up behind it. The trailing-quarter table runs the other way, with Classic Trend on top, because April’s +6.7% still dominates a window that now also contains June’s worst result. Over twelve months the lead has changed hands, SG Trend displacing Classic Trend at 24.1%. The long-run table is a different matter. Classic Trend still leads CAGR, MAR, Sharpe, Sortino and total return since 1 January 2020, while BTOP50 keeps the lowest drawdown and the highest win rate. Nothing at the top of that table moved. Everything on it got a little smaller. Classic Trend’s larger decline is simply the downside of its greater convexity, the same characteristic that allows it to outperform strongly when trends persist. It produced +6.7% in April and +1.2% in May, and the quarter has now shown all three states of that design in sequence: amplification, dormancy and drawdown. A concentrated construction carries the market’s clearest trends in larger size than a diversified one. That is an advantage while the trends persist and a cost in the week they turn. June was that week, repeated four times. Where an allocator sits on the spectrum remains a matter for their own judgement. Performance Highlights Here is how the indexes performed in June: Classic Trend Index -3.8% for June, the largest monthly decline among the seven benchmarks and more than double the next-worst result. Trailing quarter +4.0%, the best of the seven, with April’s gain still dominating the window. YTD +5.0%, now the lowest of the group. Since January 2020 the index has gained 139.9% with a 14.4% CAGR, and it retains leadership across the long-term risk-adjusted measures, with a MAR of 0.91, a Sharpe of 0.83 and a Sortino of 1.36, each below the May reading. The maximum drawdown of 15.8% is unchanged and third-lowest. The Last 12 Months return of 21.1% is fourth, on a horizon the index led a month ago. Barclay BTOP50 Index -1.8% for June, level with the weaker half of the group rather than ahead of it, an unusual placement for the most defensive construction in the comparison. Trailing quarter +0.3%, the lowest of the seven. YTD +7.8%. Since 2020 the index has gained 52.5% with a 6.7% CAGR, the lowest drawdown of the group at 9.7% and the highest proportion of winning months at 62.8%. The diversified, volatility-targeted profile that held positive ground through May’s fractured tape offered less protection in June, when the reversals arrived across equities, precious metals and crypto at once rather than splitting sector by sector. SG Trend Index -1.2% for June and +1.9% for the trailing quarter, the best of the seven. YTD +9.1%, second in the year-to-date table, and the Last 12 Months return of +24.1% is the highest in the comparison, a position taken from Classic Trend this month. Since 2020 the index is up 62.5% with a 7.8% CAGR and a 20.4% drawdown. The intra-month path is worth recording: +1.35% MTD after the first week, a give-back of 2.27 percentage points in the second, then 0.10 lower in the third and a further 0.50 in the fourth. The damage was concentrated in a single reversal week rather than spread across the month. SG CTA Index -1.0% for June, the smallest decline in the comparison, and +1.8% for the trailing quarter. YTD +9.4%, holding the lead it took in May. Since 2020 the index is up 42.0% with a 5.5% CAGR and a 16.3% drawdown, and the Last 12 Months reading of 18.3% sits below the trend-focused peers, the usual consequence of a broader systematic construction. That

Battle of the Trend Following Indexes: May 2026

Battle of the Trend Following Indexes: May 2026 The Battle of the Trend Following Indexes provides a monthly snapshot of the leading trend-following benchmarks. All figures reflect performance through 31 May 2026, with index histories rebased to 1,000 on 1 January 2020. May 2026 Result May was April’s opposite in the way that matters most. April’s story was dispersion; May’s was the absence of it. The seven indexes finished the month inside a band of roughly one percentage point, and the telling fact is not which one led but that none of them had much chance to. Classic Trend posted the largest gain for a second consecutive month at +1.2%, a fraction of April’s +6.7%. Systematic Momentum and SG Trend each returned +0.3%, SG CTA and TTU each +0.2%, and BTOP50 and IASG each +0.1%. Every index finished positive, but only just. The reason sits in the trend environment. The TTU Trend Barometer printed 43, 57, 45, 32 across the four weeks, ending the month inside Weak-environment territory for the first time in the current sequence, its rate of change classified as Falling Rapidly. Energy reversed direction in three of those four weeks as the Iran and Strait of Hormuz cycle alternated between escalation and diplomacy, and by month-end almost every sector had fractured into two-way internal splits. Persistent trends, the raw material of trend following, were scarce. Year to date, leadership has shifted. SG CTA now leads at +10.5%, narrowly ahead of SG Trend at +10.4% and TTU at +10.3%. Classic Trend sits at +9.1%, still rebuilding from its March drawdown, which the trailing-quarter window continues to carry: its Last Quarter reading of -1.3% is the lowest of the seven and one of only two negative prints, alongside IASG at -0.2%. The longer horizons are unchanged, and one has improved. Classic Trend has taken the Last 12 Months lead at +28.4%, the horizon on which it is most directly compared, and continues to lead every structural and risk-adjusted measure: CAGR 15.3%, MAR 0.97, Sharpe 0.89, Sortino 1.39, and total return of 149.3% since 1 January 2020. BTOP50 keeps the lowest drawdown at 9.7% and the highest win rate at 63.6%. One honest change at the margin: IASG’s 15.4% drawdown now edges Classic Trend’s 15.8% for second-lowest, a slot Classic held a month ago. Classic Trend’s result is the third state of a convex design. April was the upside expression of that profile and March the downside; May was neither. Convexity amplifies persistent trends, and May offered almost none to amplify, so the construction that produces the largest gains and the largest drawdowns alike produced a modest one. When the trend environment fractures, the distance between a concentrated, high-convexity index and a diversified, lower-convexity one narrows, because neither has clean direction to capture or to miss. That compression, not the leadership, is the signature of the month, and where each allocator sits on the convexity spectrum remains a matter for their own judgement. Performance Highlights Here is how the indexes performed in May: Classic Trend Index +1.2% for May, the largest monthly gain among the seven benchmarks for a second consecutive month, though in a far narrower field than April. Trailing quarter -1.3%, the lowest of the seven and a reminder that the March drawdown still anchors the trailing-quarter window. YTD +9.1%. Since January 2020 the index has gained 149.3% with a 15.3% CAGR. Classic Trend retains leadership across the long-term risk-adjusted measures, with a MAR of 0.97, a Sharpe of 0.89, and a Sortino of 1.39, and has moved into the lead on the Last 12 Months horizon at +28.4%. The maximum drawdown of 15.8% is the third-lowest in the comparison. The +1.2% is the muted reading of the same construction that produced +6.7% in April: in a month without persistent trends, it had little to work with. Barclay BTOP50 Index +0.1% for May, among the smallest monthly results in the group. Trailing quarter +0.9%. YTD +9.7%. Since 2020 the index has gained 55.3% with a 7.1% CAGR and the lowest drawdown of the group at 9.7%. With the highest proportion of winning months at 63.6%, BTOP50 again demonstrated the value of its defensive profile, holding positive ground in a month that gave most constructions very little. The diversified, volatility-targeted construction continues to do exactly what it is designed to do through a fractured trend environment: capture a small, steady portion of whatever directional movement remains, without taking on additional variance. SG Trend Index +0.3% for May and +1.5% for the trailing quarter. YTD +10.4%, a fraction behind the SG CTA Index at the top of the year-to-date table. Since 2020 the index is up 64.5% with an 8.1% CAGR and a 20.4% drawdown. The large-programme trend benchmark held its double-digit YTD reading despite a volatile intra-month path: the index moved from -0.61% MTD at the close of the first week, up to +2.13% in the second, then back to +1.19% and +0.38% as the energy whipsaw reversed twice more. The round trip inside the month left the headline almost where it began, a faithful reflection of a market that moved sharply without trending. SG CTA Index +0.2% for May and +2.0% for the trailing quarter, the best Last Quarter reading in the comparison. YTD +10.5%, the lead position in the year-to-date table. Since 2020 the index is up 43.4% with a 5.8% CAGR and a 16.3% drawdown. The broader CTA blend matched the trend-focused peers on the month and edged ahead of them on the trailing quarter and year to date, its diversification absorbing the May whipsaw more evenly than the concentrated benchmarks could. TTU Trend Following Index +0.2% for May and +0.5% for the trailing quarter. YTD +10.3%, having ceded the year-to-date lead it held at the end of April. Since 2020 the index has gained 50.5% with a 6.6% CAGR and a 20.7% drawdown, the highest in the comparison. The Last 12 Months reading of 26.1% sits roughly in line with the SG Trend Index.

Battle of the Trend Following Indexes: April 2026

Battle of the Trend Following Indexes: April 2026 The Battle of the Trend Following Indexes provides a monthly snapshot of the leading trend-following benchmarks. All figures reflect performance through 30 April 2026, with index histories rebased to 1,000 on 1 January 2020. April 2026 Result Classic Trend Index gained +6.7% in April, leading every peer in the comparison and posting roughly twice the return of the next-best index. The TTU Trend Following Index returned +3.5%, the IASG Trend Following Index returned +3.4%, and the Systematic Momentum CTA Index returned +3.3%. The SG Trend Index posted +2.98%, the SG CTA Index +2.6%, and the Barclay BTOP50 +2.0%. Every index in the comparison finished April in positive territory. The dispersion is the story. April was the strongest single trend-following month of 2026 to date across the broader systematic universe. The SG Trend Index closed April at +2.98% for the month and +10.27% year-to-date, the first double-digit YTD reading of the year. Three of the seven indexes in this comparison are now into double-digit YTD territory: TTU at 10.8%, IASG at 10.3%, and SG Trend at 10.1%. Classic Trend Index sits at 7.8% YTD, still rebuilding from its March drawdown. That last point matters for honesty. Classic Trend’s +6.7% April is the largest single-month gain across the seven indexes, but its Last Quarter return of +2.6% is the lowest. The April recovery has not yet erased the March cost, and the quarter-on-quarter picture confirms that. The Last 12 Months reading places Classic at +25.1%, essentially tied with IASG at +25.5% and ahead of SG Trend at +24.4%, which is where the index is most directly compared on a like-for-like horizon. Across the longer-horizon and risk-adjusted metrics, Classic Trend continues to lead the comparison: Last 2 Years +12.6%, Since 1 Jan 2020 +146.3%, CAGR 15.3%, MAR 0.97, Sharpe 0.89, and Sortino 1.40. The Barclay BTOP50 retains the lowest maximum drawdown at 9.7%, against Classic Trend’s 15.8%. These structural readings have not moved materially since March; April has reinforced rather than altered them. The market context for the month was a five-week round trip in the trend environment itself. The TTU Trend Barometer traced the sequence 66, 55, 48, 55, 50, 55 across the weeks, finishing April back on the Neutral/Strong threshold it printed at the start. The path included a tariff-driven energy and metals spike, a ceasefire-driven reversal, a Hormuz reopening that pushed oil sharply lower, a Hormuz re-closure that drove petroleum back up, and a final week in which all six energy contracts moved higher in unison for the first time in the cycle. Metals reversed in late April after three weeks of uniform strength. The cycle ended with cleaner directional alignment than it had carried through any prior week of the month. Classic Trend’s monthly result is consistent with what a high-convexity, leveraged design is expected to deliver in a month that ends with directional alignment after fortnight-long disruption. The same design that produced March’s underperformance produced April’s outperformance. The peers, with lower convexity and more diversified construction, captured a steadier but smaller share of the same underlying directional moves. That is the trade-off in its working form, and the convexity spectrum is a matter for each allocator’s own judgement. Performance Highlights Here is how the indexes performed in April: Classic Trend Index +6.7% for April, the deepest monthly gain among the seven benchmarks. Trailing quarter +2.6%. YTD +7.8%. Since January 2020 the index has gained 146.3% with a 15.3% CAGR. Classic Trend retains leadership across long-term risk-adjusted measures with a MAR of 0.97, a Sharpe of 0.89, and a Sortino of 1.40. The same three-constituent, leveraged construction that absorbed the March repricing captured the April recovery. The 6.7% single-month result is consistent with the convexity profile the index has carried throughout its history: months of largest gain and months of largest drawdown both originate in the same concentrated design. Barclay BTOP50 Index +2.0% for April, the smallest monthly result among the seven benchmarks. Trailing quarter +4.3%. YTD +9.6%. Since 2020 the index has gained 55.1% with a 7.2% CAGR and the lowest drawdown of the group at 9.7%. With the highest proportion of winning months at 63.2%, BTOP50 once again demonstrated the value of its defensive profile. The modest April gain extended the year-to-date result toward the double-digit threshold without taking on additional volatility, and the index remains a textbook example of how volatility-targeted, diversified exposures deliver smoother equity curves through both reversal and trending months. SG Trend Index +2.98% for April and +5.2% for the trailing quarter. YTD +10.1%. Since 2020 the index is up 64.0% with an 8.1% CAGR and a 20.4% drawdown. The large-programme trend benchmark crossed into double-digit YTD territory for the first time in 2026. The gains accumulated in the second half of the month, once the energy whipsaw began to resolve, with the index moving from -0.15% MTD at the end of week one to +2.98% at month-end. The path reflects the systematic re-engagement that follows once directional alignment re-establishes itself after a disruptive period. SG CTA Index +2.6% for April and +5.2% for the trailing quarter. YTD +10.2%. Since 2020 the index is up 43.0% with a 5.8% CAGR and a 16.3% drawdown. The broader CTA blend’s diversified strategy mix delivered a result in line with the trend-focused peers, with the breadth of construction capturing the directional alignment of the late-month period without the concentration premium of the more focused trend benchmarks. TTU Trend Following Index +3.5% for April and +5.3% for the trailing quarter. YTD +10.8%, the lead position in the year-to-date table, and Last Quarter +5.3%, also the lead. Since 2020 the index has gained 51.7% with a 6.8% CAGR and a 20.7% drawdown. The 47-program ensemble’s breadth captured the April directional alignment effectively, and the index’s leadership across the YTD and Last Quarter tables reflects the consistency of contribution across the constituent set through the disruptive intra-month path. IASG Trend Following Index +3.4% in April and +4.9% for the trailing

Battle of the Trend Following Indexes: March 2026

Battle of the Trend Following Indexes: March 2026 The Battle of the Trend Following Indexes provides a monthly snapshot of the leading trend-following benchmarks. All figures reflect performance through 31 March 2026, with index histories rebased to 1,000 on 1 January 2020. March 2026 Result Three weeks of sustained precious metals repricing expose the cost of convexity, with Classic Trend giving back what its Feb positioning had built. March brought an abrupt halt to the powerful start that trend-following strategies enjoyed through January and February. After two consecutive months of universal gains, every benchmark finished March in negative territory. The month was defined not by a single violent reversal but by a sustained repricing of the precious metals complex, the very positions that had powered January’s and February’s outsized returns. Across three consecutive weeks, silver, gold, palladium, and platinum gave back substantial portions of the gains that had accumulated through the prior two months, with the third week of March delivering an historic session in which silver crashed 14.4 percent, gold fell 9.6 percent, and the full metals sector averaged minus 8.5 percent. Energy surged in parallel across three of the four March weeks, with heating oil, crude oil Brent, and crude oil WTI all posting multi-week gains of exceptional magnitude. Equities declined for four consecutive weeks. The net outcome was a month that redistributed returns across the peer group, with the programs that had the largest long metals exposure going in surrendering the most. Classic Trend Index bore the brunt of the reversal, giving back 8.6 percent for the month. The index had entered March with exceptional embedded profits in precious metals following February’s explosive final week, when silver surged 12.4 percent, platinum advanced 9.1 percent, and gold extended its historic run above 5,296 dollars. Those were precisely the positions that absorbed three consecutive weeks of selling pressure, culminating in the third week’s historic decline. Meanwhile, SG CTA Index was the most defensive of the peer group, finishing down 0.8 percent, followed by Barclay BTOP50 at minus 1.4 percent, SG Trend Index and Systematic Momentum CTA Index both at minus 1.6 percent, TTU Trend Following Index at minus 2.3 percent, and IASG Trend Following Index at minus 2.6 percent. The major energy contribution across the peer group, with crude oil WTI approaching 100 dollars, heating oil clearing 4.67, and Brent crude exceeding 109 at their March peaks, provided meaningful offset to metals losses for programs with established long petroleum exposure. The dispersion between benchmarks tells an important story about structural design choices. A 7.8 percentage point gap between the best and worst performing index reflects fundamentally different approaches to how unrealised equity is deployed. Classic Trend trades with high convexity, aggressively redeploying unrealised equity into winning positions to swing for the fences when trends extend. That design is what produced the outsized January and February results, and it is the same design that surrenders the most when brutal reversals strike. Programs using dynamic position sizing, volatility targeting, and similar forms of exposure dampening had been scaling winning positions down as they grew, locking in profits along the way. Neither approach is wrong. They are different points on the convexity spectrum, and March made that spectrum visible in the clearest possible terms. Trailing quarterly and year-to-date results still capture most of the early-year strength. SG CTA and IASG TF share the lead at 7.4 percent, followed by Barclay BTOP50 and TTU TF at 7.2 percent, SG Trend at 7.1 percent, Systematic Momentum at 6.1 percent, and Classic Trend at 1.0 percent. The compression reshuffled the order entirely from February’s ranking. Over the long horizon from January 2020, Classic Trend Index retains a substantial cumulative advantage. The index has now gained 130.8 percent since inception, a compound annual growth rate of 14.3 percent. IASG TF follows at 64.7 percent, with SG Trend at 59.5 percent and Barclay BTOP50 at 51.7 percent. TTU TF, SG CTA, and Systematic Momentum sit between 36.5 percent and 46.7 percent. Even after March’s setback, Classic Trend’s cumulative lead over the next-best performer exceeds 66 percentage points. Performance Highlights Here is how the indexes performed in March: Classic Trend Index -8.6 percent for March, the deepest monthly loss among the seven benchmarks. Trailing quarter +1.0 percent. YTD +1.0 percent. Since January 2020 the index has gained 130.8 percent with a 14.3 percent CAGR. Classic Trend retains leadership across long-term risk-adjusted measures with a MAR of 0.91, a Sharpe of 0.83, and a Sortino of 1.39. The concentration of long metals exposure that drove the 5.0 percent January and 5.3 percent February results was the concentration that absorbed March’s repricing. The index’s three constituents entered the month with substantial unrealised equity in silver, platinum, and gold positions, and the mid-March session in which silver crashed 14.4 percent and gold fell 9.6 percent accounted for the majority of the monthly loss. Barclay BTOP50 Index -1.4 percent for March. Trailing quarter +7.2 percent. YTD +7.2 percent. Since 2020 the index has gained 51.7 percent with a 6.9 percent CAGR and the lowest drawdown of the group at 9.7 percent. With the highest proportion of winning months at 62.7 percent, BTOP50 once again demonstrated the value of its defensive profile. The modest March loss preserved the bulk of the strong first-quarter result, and the index remains a textbook example of how volatility-targeted, diversified exposures can deliver smoother equity curves through reversal months. SG Trend Index -1.6 percent for March and +7.1 percent for the trailing quarter. YTD +7.1 percent. Since 2020 the index is up 59.5 percent with a 7.8 percent CAGR and a 20.4 percent drawdown. The large-programme trend benchmark navigated March’s reversal with limited damage, reflecting the systematic scaling down of winning positions that large-AUM programs tend to employ as exposure grows. The result is a retention of most of the early-year gains heading into the second quarter. SG CTA Index -0.8 percent for the month, the most defensive result of the seven benchmarks, and +7.4 percent for

Battle of the Trend Following Indexes: February 2026

Battle of the Trend Following Indexes: February 2026 The Battle of the Trend Following Indexes provides a monthly snapshot of the leading trend-following benchmarks. All figures reflect performance through 28 February 2026, with index histories rebased to 1,000 on 1 January 2020. February 2026 Result Metals explode, trends surge, and systematic strategies build on an exceptional start to 2026. February extended the strong momentum from January, with the trend-following community delivering another broadly positive month. Classic Trend Index retained its leadership position, advancing 5.3 percent to claim top billing for the second consecutive month. TTU Trend Following Index followed with a strong 4.6 percent gain, while SG Trend Index added 3.9 percent and IASG Trend Following Index rose 4.0 percent. Systematic Momentum CTA Index gained 3.6 percent, Barclay BTOP50 added 3.5 percent, and SG CTA Index posted 3.4 percent. Every benchmark finished in positive territory, marking a second consecutive month of universal gains across all seven indexes. The month unfolded across three distinct phases. An early pullback in energy, driven particularly by the violent reversal in natural gas, weighed on the first week of February, with the SG Trend Index briefly dipping to -0.43 percent month-to-date. The TTU Barometer retreated from 68 percent to 55 percent and then further to 43 percent by mid-month as trend conditions cooled and equity markets wobbled. However, the second half of February staged a decisive recovery. Metals ignited with particular force in the final week: silver surged 12.42 percent, platinum gained 9.08 percent, and gold extended its historic advance above $5,296, reaching fresh all-time highs for the fourth consecutive week. The TTU Barometer surged 16 percentage points in the final week, recovering from 45 percent to 61 percent and crossing back into Very Strong territory as bonds, grains, and energy contributed supplementary gains. Trailing quarterly results reflect the powerful momentum accumulated over the past three months. Classic Trend leads the three-month window at 14.6 percent, followed by TTU TF at 12.6 percent and IASG TF at 11.5 percent. SG Trend added 10.9 percent for the quarter, while SG CTA, Barclay BTOP50, and Systematic Momentum returned 9.6 percent, 8.3 percent, and 9.8 percent respectively. Year to date, Classic Trend continues to pace the field at 10.5 percent after two months. TTU TF follows at 9.9 percent, with SG Trend at 8.8 percent. IASG TF has gained 8.4 percent, while SG CTA stands at 8.3 percent, Systematic Momentum at 7.7 percent, and Barclay BTOP50 at 7.0 percent. Over the long horizon from January 2020, Classic Trend Index’s cumulative advantage has extended further. The index has now gained 152.6 percent since inception, a compound annual growth rate of 16.2 percent. IASG TF follows at 68.0 percent, with SG Trend at 62.1 percent and Barclay BTOP50 at 51.4 percent. TTU TF, SG CTA, and Systematic Momentum sit between 38.5 percent and 48.9 percent. Performance Highlights Here is how the indexes performed in February: Classic Trend Index +5.3 percent for February, retaining the monthly lead for the second consecutive month. Trailing quarter +14.6 percent. YTD +10.5 percent. Since January 2020 the index has gained 152.6 percent with a 16.2 percent CAGR. Classic Trend continues to lead all major risk-adjusted measures with a MAR of 1.03, a Sharpe of 0.98, and a Sortino of 1.80. The metals explosion in the final week of February, combined with strong trending conditions across bonds and grains, allowed the index to deliver its second consecutive month above 5 percent. The cumulative lead over the broader trend universe continues to expand, now exceeding 152 percent since inception. Barclay BTOP50 Index +3.5 percent for February. Trailing quarter +8.3 percent. YTD +7.0 percent. Since 2020 the index has gained 51.4 percent with a 7.0 percent CAGR and the lowest drawdown of the group at 9.7 percent. With the highest proportion of winning months at 63.5 percent, BTOP50 navigated the month’s volatility with characteristic stability, recovering from early weakness to post another positive result. Its defensive profile proved valuable during the mid-month barometer dip when trend conditions deteriorated. SG Trend Index +3.9 percent for February and +10.9 percent for the trailing quarter. YTD +8.8 percent. Since 2020 the index is up 62.1 percent with an 8.1 percent CAGR and a 20.4 percent drawdown. The large-programme trend benchmark weathered the intra-month turbulence and recovered strongly as metals surged in the final week. The year-to-date reading of 8.8 percent after just two months confirms an exceptional start to 2026 for systematic trend followers. SG CTA Index +3.4 percent for the month and +9.6 percent for the trailing quarter. YTD +8.3 percent. Since 2020 the index is up 40.6 percent with a 5.7 percent CAGR and a 16.3 percent drawdown. Broader CTA blends participated meaningfully in February’s recovery, benefiting from the precious metals breakout and bond strength in the latter half of the month. TTU Trend Following Index +4.6 percent for February and +12.6 percent for the trailing quarter. YTD +9.9 percent. Since 2020 the index has gained 48.9 percent with a 6.7 percent CAGR and a 20.8 percent drawdown. The large-ensemble benchmark delivered its strongest monthly contribution since January, reflecting the broad-based nature of February’s late-month trend acceleration. The 4.6 percent gain places TTU TF second among the seven benchmarks for the month. IASG Trend Following Index +4.0 percent in February and +11.5 percent for the trailing quarter. YTD +8.4 percent. Since 2020 the index has gained 68.0 percent with an 8.8 percent CAGR and a 14.9 percent drawdown. IASG continues its impressive balance of growth and consistency, adding meaningfully to January’s gains and maintaining the second-highest cumulative return among the seven benchmarks. Systematic Momentum CTA Index +3.6 percent in February and +9.8 percent for the trailing quarter. YTD +7.7 percent. Since 2020 the index has gained 38.5 percent with a 5.4 percent CAGR and a 16.7 percent drawdown. Momentum strategies participated in the month’s recovery, with the late-February metals explosion providing particularly strong tailwinds for momentum-oriented positioning across precious metals. Performance Snapshot The February VAMI chart shows Classic

Battle of the Trend Following Indexes: January 2026

Battle of the Trend Following Indexes: January 2026 The Battle of the Trend Following Indexes provides a monthly snapshot of the leading trend-following benchmarks. All figures reflect performance through 31 January 2026, with index histories rebased to 1,000 on 1 January 2020. January 2026 Result A powerful start to the year as all seven trend benchmarks rally in unison. January delivered an emphatic opening to 2026, with all seven trend-following benchmarks posting gains. Classic Trend Index and Barclay BTOP50 shared top billing at 5.0 percent each, followed closely by SG Trend Index and SG CTA Index at 4.7 percent apiece. TTU Trend Following Index added 4.5 percent, IASG Trend Following Index gained 4.3 percent, and Systematic Momentum CTA Index advanced 3.9 percent. The breadth of gains was notable, with no index finishing below 3.9 percent for the month. Trailing quarterly results continued to reflect strong momentum across the group. IASG TF led the rolling three-month window at 8.7 percent, followed closely by Classic Trend at 8.5 percent and SG Trend at 8.2 percent. TTU TF posted 7.5 percent, while Barclay BTOP50, Systematic Momentum, and SG CTA returned 6.6 percent, 6.5 percent, and 6.3 percent respectively. Year to date, the field is tightly bunched after a single month. Classic Trend and BTOP50 share the lead at 5.0 percent, with SG Trend and SG CTA at 4.7 percent, TTU TF at 4.5 percent, IASG TF at 4.3 percent, and Systematic Momentum at 3.9 percent. The compressed dispersion stands in contrast to the divergence that developed through 2025. Over longer horizons, the structure remains firmly established. Classic Trend Index extends its lead with a cumulative gain of 140.0 percent since January 2020 and a 15.5 percent CAGR. IASG TF follows at 62.1 percent, with SG Trend at 56.0 percent and BTOP50 at 48.7 percent. TTU TF, SG CTA, and Systematic Momentum remain clustered between 33.6 percent and 41.5 percent. Performance Highlights Here is how the indexes performed in January: Classic Trend Index +5.0 percent for January, sharing the monthly lead with BTOP50. Trailing quarter +8.5 percent. YTD +5.0 percent. Since January 2020 the index has gained 140.0 percent with a 15.5 percent CAGR. It continues to lead all major risk-adjusted measures with a MAR of 0.98, a Sharpe of 0.93, and a Sortino of 1.82. January’s strong start extends the index’s long-term dominance, now surpassing the 140 percent cumulative threshold. Barclay BTOP50 Index +5.0 percent for January, matching Classic Trend for the monthly lead. Trailing quarter +6.6 percent. YTD +5.0 percent. Since 2020 the index has gained 48.7 percent with a 6.7 percent CAGR and the lowest drawdown of the group at 9.7 percent. With the highest proportion of winning months at 63.0 percent, BTOP50 delivered an unusually strong month while reinforcing its role as the stability anchor within diversified allocations. SG Trend Index +4.7 percent for January and +8.2 percent for the trailing quarter. YTD +4.7 percent. Since 2020 the index is up 56.0 percent with a 7.6 percent CAGR and a 20.4 percent drawdown. The large-programme trend benchmark participated fully in January’s broad-based rally, building on the constructive close to 2025. SG CTA Index +4.7 percent for the month and +6.3 percent for the trailing quarter. YTD +4.7 percent. Since 2020 the index is up 35.9 percent with a 5.2 percent CAGR and a 16.3 percent drawdown. Broader CTA blends matched the pure trend benchmarks in January, signalling strength across a wider range of systematic strategies. TTU Trend Following Index +4.5 percent for January and +7.5 percent for the trailing quarter. YTD +4.5 percent. Since 2020 the index has gained 41.5 percent with a 5.9 percent CAGR and a 21.0 percent drawdown. After pausing in December, the large-ensemble benchmark returned to form with a strong January, reflecting broad participation across its constituent programmes. IASG Trend Following Index +4.3 percent in January and +8.7 percent for the trailing quarter, leading the rolling three-month window. YTD +4.3 percent. Since 2020 the index has gained 62.1 percent with an 8.3 percent CAGR and a 14.9 percent drawdown. IASG continues to deliver an impressive balance of consistency and growth, carrying momentum from its 2025 calendar-year leadership. Systematic Momentum CTA Index +3.9 percent in January and +6.5 percent for the trailing quarter. YTD +3.9 percent. Since 2020 the index has gained 33.6 percent with a 4.9 percent CAGR and a 16.7 percent drawdown. Momentum strategies participated in the January rally, with the index posting its strongest single-month gain in recent quarters. Performance Snapshot The January VAMI chart shows Classic Trend Index pushing decisively above the 2,400 level, extending its separation from the broader trend-following universe. The remaining benchmarks continue to cluster between roughly 1,340 and 1,620 since 2020, though all moved higher in January. Dispersion at the monthly level compressed significantly in January, with the gap between the strongest and weakest performer narrowing to just 1.1 percentage points. At longer horizons, however, Classic Trend’s cumulative lead remains commanding, now exceeding 140 percent since inception. Statistical Highlights Classic Trend Index continues to dominate long-term risk-adjusted statistics. It maintains the highest CAGR at 15.5 percent and leads across MAR (0.98), Sharpe (0.93), and Sortino (1.82) ratios. Its ability to compound while recovering efficiently from drawdowns remains unmatched across all benchmarks. Barclay BTOP50 again stands out as the most stable benchmark, with the lowest maximum drawdown at 9.7 percent and the highest winning month ratio at 63.0 percent. January’s 5.0 percent gain demonstrated that stability need not come at the expense of upside participation. IASG TF leads the trailing twelve-month window at 9.5 percent, while Classic Trend retains leadership across all longer horizons. Correlation to global equities remains low across all benchmarks, ranging from −0.03 to 0.08, underscoring the diversification benefits of systematic trend exposure. January Reflections January delivered a rare moment of unanimity across the trend-following landscape. All seven benchmarks advanced, dispersion compressed, and the breadth of gains suggested that trending conditions extended across multiple asset classes and timeframes. For allocators, it was a welcome reminder that

Battle of the Trend Following Indexes: December 2025

Battle of the Trend Following Indexes: December 2025 The Battle of the Trend Following Indexes provides a monthly snapshot of the leading trend-following benchmarks. All figures reflect performance through 31 December 2025, with index histories rebased to 1,000 on 1 January 2020. December 2025 Result A strong finish to the year as trend programs close 2025 with broad-based gains. December delivered a positive month across all trend-following benchmarks, capping a constructive fourth quarter. Classic Trend Index led monthly performance with a gain of 3.7 percent, followed by IASG Trend Following Index at 2.5 percent and SG Trend Index at 1.9 percent. SG CTA Index added 1.2 percent, while Barclay BTOP50 rose 1.0 percent and Systematic Momentum CTA Index advanced 0.6 percent. TTU Trend Following Index finished the month flat at 0.0 percent, pausing after a strong third quarter. Quarterly results reflected steady performance across the group. IASG TF led Q4 with a return of 5.5 percent, followed closely by Classic Trend at 5.1 percent and SG Trend at 4.8 percent. TTU TF and SG CTA each delivered 2.7 percent for the quarter, while Systematic Momentum posted 2.5 percent and BTOP50 recorded 2.4 percent. Year to date performance shows clear separation among the benchmarks. IASG TF Index holds the lead at 6.7 percent, followed by Classic Trend at 3.7 percent and BTOP50 at 2.8 percent. SG Trend finished the year at 2.4 percent. SG CTA, TTU TF, and Systematic Momentum ended the year negative at −0.2 percent, −0.6 percent, and −0.8 percent respectively, reflecting the challenging trend environment experienced earlier in 2025. Over longer horizons, dispersion remains wide. Classic Trend Index continues to stand apart with a cumulative gain of 128.5 percent since January 2020 and a 14.8 percent CAGR. IASG TF follows at 55.3 percent, with SG Trend at 49.0 percent and BTOP50 at 41.2 percent. TTU TF, SG CTA, and Systematic Momentum remain clustered between 26.9 percent and 33.7 percent. Performance Highlights Here is how the indexes performed in December: Classic Trend Index +3.7 percent for December and +5.1 percent for the quarter. YTD +3.7 percent. Since January 2020 the index has gained 128.5 percent with a 14.8 percent CAGR. It continues to lead all major risk-adjusted measures with a MAR of 0.94, a Sharpe of 0.89, and a Sortino of 1.85. December marked a strong close to the year, reinforcing its position as the standout performer across all horizons. TTU Trend Following Index Flat for the month and +2.7 percent for the quarter. YTD −0.6 percent. Since 2020 the index is up 33.7 percent with a 5.0 percent CAGR and a 21.1 percent drawdown. December’s pause followed a strong run earlier in the quarter, with the index consolidating gains as trend persistence moderated into year end. IASG Trend Following Index +2.5 percent in December and +5.5 percent for the quarter. YTD +6.7 percent. Since 2020 the index has gained 55.3 percent with a 7.6 percent CAGR and a 14.5 percent drawdown. IASG finishes 2025 as the strongest performer on a calendar-year basis, continuing to deliver an impressive balance of consistency and growth. SG Trend Index +1.9 percent for the month and +4.8 percent for the quarter. YTD +2.4 percent. Since 2020 the index is up 49.0 percent with a 6.9 percent CAGR and a 20.4 percent drawdown. December gains were supported by continued strength across commodities and selected macro trends heading into year end. Systematic Momentum CTA Index +0.6 percent in December and +2.5 percent for the quarter. YTD −0.8 percent. Since 2020 the index has gained 26.9 percent with a 4.1 percent CAGR and a 16.7 percent drawdown. Momentum strategies showed modest gains but remain constrained by limited trend extension throughout 2025. SG CTA Index +1.2 percent for the month and +2.7 percent for the quarter. YTD −0.2 percent. Since 2020 the index is up 29.8 percent with a 4.4 percent CAGR and a 16.3 percent drawdown. Broader CTA blends closed the year with steady December gains, narrowly missing positive territory for 2025. Barclay BTOP50 Index +1.0 percent in December and +2.4 percent for the quarter. YTD +2.8 percent. Since 2020 the index has gained 41.2 percent with a 5.9 percent CAGR and the lowest drawdown of the group at 9.7 percent. With the highest proportion of winning months at 62.5 percent, BTOP50 continues to anchor stability within diversified allocations. Performance Snapshot The December VAMI chart shows Classic Trend Index extending its lead over the broader trend-following universe. After climbing steadily through the fourth quarter, Classic Trend now stands well above the 2,200 level, while the remaining benchmarks continue to cluster between roughly 1,270 and 1,550 since 2020. Dispersion widened during December as Classic Trend outperformed, reinforcing the gap between the top performer and the rest of the field. Trend persistence remained selective, with stronger programs capitalising on opportunities across commodities and macro markets into year end. Statistical Highlights Classic Trend Index continues to dominate long-term risk-adjusted statistics. It maintains the highest CAGR at 14.8 percent and leads across MAR, Sharpe, and Sortino ratios. Its ability to compound while recovering efficiently from drawdowns remains unmatched. Barclay BTOP50 again stands out as the most stable benchmark, with the lowest maximum drawdown at 9.7 percent and the highest winning month ratio at 62.5 percent. This stability reinforces its role as a defensive core within managed futures allocations. IASG TF finishes 2025 as the strongest performer on a YTD basis, while Classic Trend retains leadership across longer horizons. Correlation to global equities remains low across all benchmarks, ranging from −0.03 to −0.08, underscoring the diversification benefits of systematic trend exposure. December Reflections December brought a fitting conclusion to a year of contrasts. After navigating a difficult first half, trend-following programs rallied through the second half of 2025, delivering meaningful gains for patient allocators. The fourth quarter reinforced the value of staying positioned through periods of uncertainty. The year highlighted an enduring truth about trend following. Annual returns are shaped by a handful of meaningful moves. Programs that maintained discipline