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

Battle of the Trend Following Indexes: November 2025

Battle of the Trend Following Indexes: November 2025 The Battle of the Trend Following Indexes provides a monthly snapshot of the leading trend-following benchmarks. All figures reflect performance through 30 November 2025, with index histories rebased to 1,000 on 1 January 2020. November 2025 Result Quiet gains, narrowing dispersion, and late-year consolidation. November delivered a modest but broadly positive month across most trend-following benchmarks. SG Trend Index led monthly performance with a gain of 1.4 percent, followed by IASG Trend Following Index at 1.2 percent and TTU Trend Following Index at 0.9 percent. Systematic Momentum CTA Index added 0.6 percent, while SG CTA Index rose 0.3 percent and Barclay BTOP50 advanced 0.2 percent. Classic Trend Index was the only benchmark to finish the month negative, down 0.4 percent, following strong gains earlier in the quarter. Quarterly results remained constructive across the group. TTU TF and IASG TF shared the top quarterly return at 8.8 percent, narrowly ahead of SG Trend at 8.7 percent. Classic Trend delivered a solid 6.4 percent for the quarter, while Systematic Momentum posted 6.3 percent. SG CTA and BTOP50 recorded more moderate quarterly gains of 5.4 percent and 4.5 percent respectively. Year to date performance remains mixed. IASG TF Index holds a clear lead at 4.3 percent, followed by BTOP50 at 1.4 percent and SG Trend at 0.5 percent. Classic Trend is marginally positive at 0.1 percent. TTU TF, SG CTA, and Systematic Momentum remain negative for the year, reflecting the uneven trend environment experienced earlier in 2025. Over longer horizons, dispersion remains wide. Classic Trend Index continues to stand apart with a cumulative gain of 120.4 percent since January 2020 and a 14.3 percent CAGR. IASG TF follows at 51.7 percent, with SG Trend at 46.1 percent and BTOP50 at 39.3 percent. TTU TF, SG CTA, and Systematic Momentum remain clustered between 26.2 percent and 33.7 percent. Performance Highlights Here is how the indexes performed in November: Classic Trend Index−0.4 percent for November and +6.4 percent for the quarter. YTD +0.1 percent. Since January 2020 the index has gained 120.4 percent with a 14.3 percent CAGR. It continues to lead all major risk-adjusted measures with a MAR of 0.91, a Sharpe of 0.85, and a Sortino of 1.87. November reflected consolidation rather than structural weakness following strong multi-month advances. TTU Trend Following Index+0.9 percent for the month and +8.8 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. Performance benefited from improving trend persistence across commodities and rates, lifting quarterly results to the top of the peer group. IASG Trend Following Index+1.2 percent in November and +8.8 percent for the quarter. YTD +4.3 percent. Since 2020 the index has gained 51.7 percent with a 7.3 percent CAGR and a 14.5 percent drawdown. IASG continues to deliver the strongest balance of consistency and growth across the major benchmarks. SG Trend Index+1.4 percent for the month and +8.7 percent for the quarter. YTD +0.5 percent. Since 2020 the index is up 46.1 percent with a 6.6 percent CAGR and a 20.4 percent drawdown. Performance was supported by renewed strength across metals, energy, and selected FX trends. Systematic Momentum CTA Index+0.6 percent in November and +6.3 percent for the quarter. YTD −1.4 percent. Since 2020 the index has gained 26.2 percent with a 4.0 percent CAGR and a 16.7 percent drawdown. Momentum strategies showed continued stabilization but remain constrained by muted trend extension. SG CTA Index+0.3 percent for the month and +5.4 percent for the quarter. YTD −1.3 percent. Since 2020 the index is up 28.3 percent with a 4.3 percent CAGR and a 16.3 percent drawdown. Broader CTA blends delivered steady but unspectacular performance. Barclay BTOP50 Index+0.2 percent in November and +4.5 percent for the quarter. YTD +1.4 percent. Since 2020 the index has gained 39.3 percent with a 5.8 percent CAGR and the lowest drawdown of the group at 9.7 percent. With the highest proportion of winning months at 62.0 percent, BTOP50 continues to anchor stability within diversified allocations. Performance Snapshot The November VAMI chart shows continued convergence across the trend-following universe. After strong advances earlier in the quarter, performance moderated as markets transitioned into a more consolidative phase. Classic Trend Index remains well ahead on a cumulative basis, while the remaining benchmarks continue to cluster tightly between roughly 26 percent and 52 percent since 2020. Dispersion narrowed slightly during November as leadership rotated and volatility compressed. Trend persistence remained present, but opportunities became more selective, particularly across rates and currencies. Statistical Highlights Classic Trend Index continues to dominate long-term risk-adjusted statistics. It maintains the highest CAGR at 14.3 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. This stability reinforces its role as a defensive core within managed futures allocations. IASG TF remains the strongest performer on a YTD basis, while Classic Trend retains leadership across longer horizons. Correlation to global equities remains low across all benchmarks, underscoring the diversification benefits of systematic trend exposure. November Reflections November marked a pause rather than a reversal. After a productive third quarter and a strong October, trend-following programs entered a phase of consolidation as markets digested earlier moves. Gains were modest, dispersion narrowed, and leadership rotated. The month reinforced a familiar pattern. Strong trend programs do not advance in straight lines. Periods of digestion are part of the compounding process, particularly following broad-based alignment across commodities and macro markets. For allocators, the message remains unchanged. Combine engines of long-term compounding with sources of structural stability. Classic Trend continues to provide the engine. BTOP50 continues to provide the ballast. “November reminded us that trend following is not about constant motion, but about staying positioned when structure pauses before its next move.” About the Indexes SG Trend

Battle of the Trend Following Indexes: October 2025

Battle of the Trend Following Indexes: October 2025 The Battle of the Trend Following Indexes provides a monthly snapshot of the leading trend-following benchmarks. All figures reflect performance through 31 October 2025, with index histories rebased to 1,000 on 1 January 2020. October 2025 Result Moderate gains across most trend benchmarks. October delivered a steady and broadly positive month for the trend-following complex. Classic Trend Index led the field with a gain of 1.6 percent, closely followed by TTU Trend Following Index at 1.5 percent and IASG TF at 1.5 percent. SG Trend and Systematic Momentum each advanced 1.4 percent, while SG CTA and BTOP50 both rose 1.2 percent. Quarterly performance remained strong across the cohort. Classic Trend Index recorded the top three month return at 11.2 percent, followed by SG Trend at 10.2 percent, TTU at 9.8 percent, and IASG TF at 9.5 percent. SG CTA and BTOP50 delivered more moderate quarterly results of 6.4 percent and 6.1 percent, while Systematic Momentum rose 7.8 percent. Year to date results remain mixed. IASG TF holds the strongest position at 2.4 percent, followed by BTOP50 at 1.6 percent and Classic Trend at 0.3 percent. All other indexes remain mildly negative, with YTD figures ranging from −0.9 percent for SG Trend to −1.9 percent for Systematic Momentum. The long horizon picture continues to show wide dispersion. Classic Trend Index stands out with a cumulative gain of 120.9 percent since January 2020 and a 14.5 percent CAGR, far exceeding the rest of the field. IASG TF follows at 49.0 percent, with SG Trend at 44.2 percent and BTOP50 at 39.6 percent. TTU, SG CTA, and Systematic Momentum remain clustered between 25.6 percent and 32.2 percent. Performance Highlights Here is how the indexes performed in October: Classic Trend Index+1.6 percent for the month and +11.2 percent for the quarter. YTD +0.3 percent. Since January 2020 the index has gained 120.9 percent with a 14.5 percent CAGR. It leads all major risk adjusted measures with a MAR of 0.92, a Sharpe of 0.87, and a Sortino of 1.87. Classic remains the structural standout due to strong compounding and fast recovery from drawdowns. TTU Trend Following Index+1.5 percent for the month and +9.8 percent for the quarter. YTD −1.8 percent and 12 month return of 0.9 percent. Since 2020 the index is up 32.2 percent with a 4.9 percent CAGR and a 20.9 percent drawdown. TTU benefitted from improving trends but remains in the middle of the pack over longer windows. IASG Trend Following Index+1.5 percent for the month and +9.5 percent for the quarter. YTD +2.4 percent. Since 2020 the index has gained 49.0 percent with a 7.1 percent CAGR and a 14.5 percent drawdown. IASG continues to offer balanced and consistent returns across diversified markets. SG Trend Index+1.4 percent in October and +10.2 percent for the quarter. YTD −0.9 percent and 12 month return of 3.9 percent. Since 2020 the index is up 44.2 percent with a 6.5 percent CAGR and a 20.4 percent drawdown. Conditions strengthened across major macro and commodity markets, supporting a solid quarter. Systematic Momentum CTA Index+1.4 percent in October and +7.8 percent for the quarter. YTD −1.9 percent and 12 month return of 0.4 percent. Since 2020 the index has gained 25.6 percent with a 4.0 percent CAGR and a 16.7 percent drawdown. Momentum strategies showed improvement but remain below water for the year. SG CTA Index+1.2 percent for the month and +6.4 percent for the quarter. YTD −1.6 percent and 12 month return of 1.5 percent. Since 2020 the index is up 27.9 percent with a 4.3 percent CAGR and a 16.3 percent drawdown. Broader CTA blends remain more muted relative to pure trend strategies. Barclay BTOP50+1.2 percent in October and +6.1 percent for the quarter. YTD +1.6 percent. Since 2020 the index has gained 39.6 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 61.4 percent, BTOP50 continues to serve as the stability anchor for many allocators. Performance Snapshot The October VAMI chart shows steady upward progress across the trend universe. Classic Trend Index maintains a commanding lead with a cumulative gain of 120.9 percent since January 2020. The remaining benchmarks remain closely grouped between 25.6 percent and 49.0 percent, reflecting more moderate but stable long term trajectories. Classic Trend is again approaching its prior high watermark. Its strong quarterly gains and efficient drawdown recovery highlight the advantages of broad diversification, simple rules, and persistent trend capture across global futures markets. Dispersion widened slightly during the month as the stronger trend programs extended their gains. Renewed persistence across commodities, interest rates, and currency markets provided fresh opportunities, while a pickup in volatility helped break several consolidating structures. Statistical Highlights Classic Trend Index continues to dominate the statistical leaderboard. It holds the highest CAGR at 14.5 percent and leads every major risk adjusted measure with a MAR of 0.92, a Sharpe of 0.87, and a Sortino of 1.87. Its long term compounding remains well ahead of all peers. Barclay BTOP50 maintains its position as the most stable benchmark. It carries the lowest maximum drawdown of 9.7 percent and the highest winning month ratio at 61.4 percent. This reliability reinforces its role as the low variability core for many diversified portfolios. IASG TF holds the strongest YTD return at 2.4 percent, while Classic Trend records the best 12 month gain at 5.7 percent. SG Trend, TTU, SG CTA, and Systematic Momentum recovered during the quarter but remain slightly negative for the year. October Reflections October carried forward the steady improvement that emerged during the third quarter. Trends strengthened across commodities, interest rates, and FX, allowing systematic programs to capture a series of clean directional moves that had been missing earlier in the year. Classic Trend again demonstrated the power of broad diversification and disciplined design. Its continued climb toward a new peak shows how consistent participation across many markets supports long term compounding.

Battle of the Trend Following Indexes: September 2025

Battle of the Trend Following Indexes: September 2025 In the Battle of the Trend Following Indexes, we present a monthly update on some of the most respected trend-following benchmarks. Figures reflect performance through 30 Sep 2025, with histories rebased to 1,000 on 1 Jan 2020. September 2025 Result Momentum revival lifts all boats. September delivered a broad-based rebound across trend-following benchmarks. Gains were strong across the board, with the TTU Trend Following Index taking top spot at +5.9%, followed closely by the SG Trend Index at +5.7%, Classic Trend Index at +4.9%, and IASG and Systematic Momentum both at +4.3%. The more defensive Barclay BTOP50 rose +3.5%, while the SG CTA Index gained +3.9%. The rebound extended into quarterly results. Over the last quarter, Classic Trend Index surged +9.7%, the strongest performer once again, while SG Trend added +8.6%, TTU rose +7.8%, and others advanced between +3.8% and +6.7%. The recovery narrowed year-to-date losses. BTOP50 now leads YTD at +0.4%, the only index in positive territory. All others remain slightly negative, ranging from −0.9% (IASG) to −3.3% (TTU). The long-term picture remains consistent. Classic Trend Index continues to dominate with a remarkable +117.4% gain since January 2020, translating to a 14.5% CAGR. The next closest, IASG TF, stands at +44.2%, followed by SG Trend (+42.2%) and BTOP50 (+37.9%). Performance Highlights Here’s how the indexes stacked up for September: Classic Trend Index +4.9% in September, +9.7% for the quarter. YTD −1.3% yet an outstanding +117.4% since January 2020 with a 14.5% CAGR. It leads all risk-adjusted measures (MAR 0.92, Sharpe 0.86, Sortino 1.88). Classic’s long-term compounding and fast drawdown recovery continue to set it apart as the structural leader. TTU Trend Following Index +5.9% in September, +7.8% for the quarter. YTD −3.3%, 12-month −5.3%. Since 2020, +30.2% with a 4.7% CAGR and 20.9% max drawdown. The rebound helped restore momentum, but TTU remains mid-pack amid trend scarcity. SG Trend Index +5.7% for September, +8.6% for the quarter. YTD −2.3%, 12-month −2.0%. Since 2020, +42.2% with a 6.3% CAGR and 20.4% drawdown. A robust recovery month, confirming renewed directional persistence across diversified futures. Barclay BTOP50 +3.5% in September, +3.8% for the quarter. The only benchmark positive YTD at +0.4%, with a 5.8% CAGR since 2020. It retains the lowest drawdown (9.7%) and the highest percentage of winning months (60.9%). BTOP50 continues to demonstrate why allocators view it as the stabilizing anchor of the trend universe. IASG Trend Following Index +4.3% for September, +6.7% for the quarter. YTD −0.9%. Since 2020, +44.2% (6.6% CAGR) with a 14.8% drawdown. IASG remains a steady performer in the middle of the pack with balanced exposure across markets. SG CTA Index +3.9% for September, +5.3% for the quarter. YTD −2.8%, 12-month −2.9%. Since 2020, +26.4% (4.2% CAGR) with a 16.3% drawdown. Broader CTA blends remain subdued relative to trend-focused peers. Systematic Momentum CTA Index +4.3% for September, +6.2% for the quarter. YTD −3.2%, 12-month −5.0%. Since 2020, +23.9% (3.8% CAGR) with a 16.7% drawdown. Momentum purists remain below water but showed improving conditions late in the quarter. Performance Snapshot The September VAMI chart highlights renewed upward momentum across all benchmarks. Classic Trend Index still towers over peers at +117.4% since January 2020, while the rest remain clustered between +23.9% and +44.2%. Notably, Classic Trend is now tantalizingly close to reclaiming its all-time high watermark, the result of strong quarterly compounding and faster drawdown recovery. Its steady climb underscores why structural robustness and simple, diversified trend processes continue to outperform more constrained models over time. Dispersion widened slightly this month as stronger performers reclaimed ground. The rebound reflects improved persistence across commodities and macro sectors, with fixed income volatility creating additional breakout opportunities. Statistical Highlights The Classic Trend Index continues to dominate the leaderboard with a CAGR of 14.5%, the highest among all benchmarks. It also leads every major risk-adjusted measure with a MAR ratio of 0.92 and Sharpe and Sortino ratios of 0.86 and 1.88, respectively. The Barclay BTOP50 maintains its reputation for stability, posting the lowest maximum drawdown at 9.7% and the most winning months at 60.9%, reaffirming its role as the defensive anchor in the trend-following space. On the performance front, BTOP50 also holds the best year-to-date return at +0.4%, while Classic Trend records the lowest 12-month loss at just −0.1%, underscoring its remarkable consistency and recovery strength. September Reflections The September surge marks one of the strongest collective months of 2025. Momentum returned across commodities, rates, and FX, enabling trend systems to capture directional bursts absent for much of the year. Classic continues to illustrate the compounding advantage of structural diversification and systematic discipline — now edging closer to its prior peak. BTOP50 reinforces the importance of steady consistency through shallow drawdowns. Momentum- and CTA-blended indices remain sensitive to rotation and consolidation, but their September recovery signals a broad return of trending conditions. For allocators, the lesson persists: pair compounding power with resilience. Classic provides the engine, BTOP50 provides the ballast.   “September reminded us that the best edge in trend following is not prediction, but persistence. Structure wins when signals realign.” About the Indexes SG Trend IndexCreated by Société Générale, the SG Trend Index represents the largest trend-following CTA programs, focusing on systematic strategies with significant AUM. It captures broad market movements across various assets. More on SG Trend Index Barclay BTOP50 IndexManaged by BarclayHedge, this index follows the largest investable CTAs, emphasizing diversification across major futures markets. It’s a widely referenced benchmark for managed futures. More on BTOP50 Index TTU Trend Following IndexDeveloped by Top Traders Unplugged, the TTU TF Index includes programs with a 15-year track record, emphasizing resilience through experience and diversification across a large ensemble of programs. More on TTU TF Index SG CTA IndexAnother index by Société Générale, the SG CTA Index covers a broader array of CTA strategies, providing insight into the managed futures landscape beyond trend following alone. More on SG CTA Index IASG Trend Following IndexThis index, managed by IASG, tracks CTAs that primarily

Battle of the Trend Following Indexes: August 2025

Battle of the Trend Following Indexes: August 2025 In the Battle of the Trend Following Indexes, we present a monthly update on some of the most respected trend-following benchmarks. Figures reflect performance through 31 Aug 2025, with histories rebased to 1,000 on 1 Jan 2020. August 2025 Result Broad recovery, one index still towers above. Every index closed August in the green. Classic Trend Index once again led the pack with +4.4%. IASG followed at +2.8%, SG Trend at +2.7%, TTU at +2.3%, Systematic Momentum at +2.1%, BTOP50 at +1.3%, and SG CTA at +1.2%. Behind the bounce lies a broader market context: renewed commodity momentum, shifting FX trends, and volatility in fixed income gave systematic models a wider canvas to work with. The longer arc remains clear. Classic Trend Index dominates at +110.2% since January 2020, running a 14.0% CAGR. The rest cluster tightly between +18.9% and +38.7% over the same span. YTD numbers are still negative for all, from −2.9% (BTOP50) to −9.0% (TTU). Drawdowns tell the structural story: BTOP50 anchors with the shallowest max drawdown (9.7%), while Classic compounds strongly with moderate drawdowns (14.6%) and unmatched ratios. Performance Highlights Here’s how the indexes stacked up for June: Classic Trend Index+4.4% in August, +6.7% for the quarter. YTD −4.6% yet up +110.2% since 2020 with a 14.0% CAGR. It leads every risk-adjusted measure (MAR 0.96, Sharpe 0.83, Sortino 1.91) and is tied for the most winning months at 60.3%. Importantly, Classic has shown fast drawdown recovery, bouncing back far quicker than peers when markets re-align with trend. This resilience is the engine of its compounding edge. IASG Trend Following Index+2.8% for August, +4.1% for the quarter. YTD −4.8%. Since 2020, +38.7% (5.9% CAGR) with a 15.0% max drawdown. A steady mid-pack player with a balanced profile. SG Trend Index+2.7% for August, +4.3% for the quarter. YTD −7.6%, −6.4% over 12 months. Since 2020, +34.2% with a 5.3% CAGR, but a 20.4% drawdown limits efficiency. TTU Trend Following Index+2.3% in August, +3.2% for the quarter. YTD −9.0%, 12-month −9.8%. Since 2020, +22.5% (3.6% CAGR) with a 21.2% drawdown. A broad ensemble still struggling in trend-scarce conditions. Systematic Momentum CTA Index+2.1% in August, +2.6% for the quarter. YTD −7.1%, 12-month −7.4%. Since 2020, +18.9% (3.1% CAGR) with a 16.7% drawdown. Momentum purists remain out of sync despite the month’s gain. Barclay BTOP50+1.3% in August, +1.9% for the quarter. YTD −2.9% — best of the group. Since 2020, +33.3% (5.2% CAGR). The ballast index: lowest drawdown (9.7%) and tied for most winning months at 60.3%. SG CTA Index+1.2% for August, +2.3% for the quarter. YTD −6.4%, 12-month −5.5%. Since 2020, +21.7% (3.5% CAGR) with a 16.3% drawdown. A broader CTA blend that remains muted. Performance Snapshot The VAMI chart remains simple: Classic Trend Index towers at +110.2% since 2020. All others remain tightly grouped between +18.9% and +38.7%. Dispersion narrowed in August with universal gains, but the long-term spread remains vast. Classic’s ability to recover from drawdowns faster than peers is what keeps its compounding edge intact. Where others remain underwater for extended periods, Classic claws back quickly, demonstrating the structural advantage of pure, diversified trend. Statistical Highlights Best CAGR: Classic Trend Index:  14.0% Best MAR Ratio: Classic Trend Index:  0.96 Best Sharpe / Sortino: Classic Trend Index:  0.83 / 1.91 Lowest Max Drawdown: Barclay BTOP50:  9.7% Most Winning Months: Classic Trend Index & Barclay BTOP50:  60.3% Best YTD: Barclay BTOP50:  −2.9% Lowest 12-month loss: Classic Trend Index:  −0.4% and BTOP50:  −0.5% August Reflections August’s across-the-board green ink was a welcome shift. But the structural lessons remain unchanged: Classic proves again that compounding comes not just from catching outliers, but from recovering faster when losses hit. This rapid rebound is what turns persistence into exponential growth. BTOP50 shows why allocators lean on it as a stabilizer, with unmatched resilience. Momentum-focused and broader blends continue to show sensitivity to trend scarcity and rotation-heavy regimes. The allocator’s takeaway? A barbell approach…Classic as the compounding engine with fast recovery power, BTOP50 as the defensive anchor, captures the best of both persistence and resilience. “August showed the power of structure over signal. When all boats rise, the true differences lie in how quickly they recover from the storms.” About the Indexes SG Trend IndexCreated by Société Générale, the SG Trend Index represents the largest trend-following CTA programs, focusing on systematic strategies with significant AUM. It captures broad market movements across various assets. More on SG Trend Index Barclay BTOP50 IndexManaged by BarclayHedge, this index follows the largest investable CTAs, emphasizing diversification across major futures markets. It’s a widely referenced benchmark for managed futures. More on BTOP50 Index TTU Trend Following IndexDeveloped by Top Traders Unplugged, the TTU TF Index includes programs with a 15-year track record, emphasizing resilience through experience and diversification across a large ensemble of programs. More on TTU TF Index SG CTA IndexAnother index by Société Générale, the SG CTA Index covers a broader array of CTA strategies, providing insight into the managed futures landscape beyond trend following alone. More on SG CTA Index IASG Trend Following IndexThis index, managed by IASG, tracks CTAs that primarily use trend-following strategies, offering a focused benchmark within the managed futures space. More on IASG TF Index Classic Trend IndexThe Classic Trend Index, curated by the Aussie Turtles, is a benchmark for traditional trend-following strategies, focusing on consistent, systematic approaches across diversified asset classes. More on Classic Trend Index Systematic Momentum CTA IndexManaged by NilssonHedge, this index tracks CTAs focused on momentum-based strategies, providing a purist view of momentum trading within managed futures. More on Systematic Momentum CTA Index Stay tuned for next month’s Battle of the Trend Following Indexes to see which benchmarks emerge as the top performers in the trend-following landscape.

Battle of the Trend Following Indexes: July 2025

Battle of the Trend Following Indexes: July 2025 In the Battle of the Trend Following Indexes, we present a monthly update on some of the most respected trend-following benchmarks.  July 2025 Result Marginal gains, modest losses, and one index still standing apart. July delivered a mixed set of outcomes. Four of the seven indexes managed to scrape into positive territory, though gains were only marginal. Classic Trend Index led with a +0.3% return, while SG CTA and IASG each added +0.2%, and SG Trend was flat. On the downside, TTU slipped −0.4%, BTOP50 dropped −0.8%, and Systematic Momentum finished flat-to-negative at 0.0%. The real story remains the long arc. Classic Trend Index has now more than doubled since January 2020 (+101.3%), running a 13.3% CAGR and leading every risk-adjusted measure. The rest of the field remains tightly clustered between +16% and +36% over the same span. YTD numbers stay firmly negative across the board, from −4.0% for BTOP50 to around −10% for SG Trend and TTU. The drawdown profile is equally telling: Classic has absorbed a 14.6% max drawdown but still compounds well above the pack, while BTOP50 has kept its drawdown to just 9.7%, proving why it continues to be viewed as the defensive benchmark. Performance Highlights Here’s how the indexes stacked up for June: Classic Trend IndexManaged a small gain of +0.3% in July, only marginally ahead of its peers. The long-term record is where it shines: +101.3% since 2020 with a 13.3% CAGR. It leads every risk-adjusted measure (Sharpe 0.79, Sortino 1.94, MAR 0.91). Even when monthly wins are slim, its structure shows why pure trend persistence compounds over time. SG CTA IndexClosed July with a narrow +0.2% gain, trimming some of its YTD decline (−7.5%). Longer term it sits at +20.2% since 2020, but middling ratios and a 16.3% drawdown highlight its vulnerability in rotation-heavy regimes. IASG Trend Following IndexAlso up +0.2%. Its −6.8% YTD remains challenging, but the longer record is steadier: +35.0% since 2020, 5.5% CAGR, and relatively moderate drawdowns at 14.8%. SG Trend IndexFlat at 0.0% for July, leaving it −10.0% YTD and −13.0% over 12 months. It has gained +30.6% since 2020 but carries the highest drawdown in the group (20.4%), keeping risk efficiency muted. TTU Trend Following IndexDropped −0.4% in July. With YTD at −10.4% and a 12-month return of −14.9%, the broader program basket continues to struggle in low-trend conditions. Since 2020 it has returned +20.4% with a 3.2% CAGR. Barclay BTOP50Down −0.8% in July, but still the best positioned YTD at −4.0%. Its strength is resilience: the lowest drawdown (9.7%) and the highest win rate (59.7%), underlining its role as the ballast index. Systematic Momentum CTA IndexFinished the month flat at 0.0%. It remains down −8.9% YTD and −12.1% over 12 months. While cumulative return since 2020 is +16.6%, its Sharpe ratio (0.05) and lowest win rate (49.3%) confirm that momentum strategies remain out of phase. Performance Snapshot The VAMI chart continues to tell a simple story: Classic Trend Index stands alone. Its cumulative +101.3% since 2020 puts it far ahead of the +16% to +36% range occupied by the other six benchmarks. Beneath the leader, dispersion is narrow. The diversified indexes remain clustered together, with long-run gains erased by significant drawdowns. Within that pack, BTOP50 distinguishes itself with remarkable consistency: lowest drawdown, highest win rate, and the shallowest YTD decline. July’s small gains and losses did little to change the bigger picture — one index dominates by structure, the others rotate between resilience and retreat. Statistical Highlights Best CAGR: Classic Trend Index – 13.3% Best MAR Ratio: Classic Trend Index – 0.91 Best Sharpe / Sortino: Classic Trend Index – 0.79 / 1.94 Lowest Max Drawdown: Barclay BTOP50 – 9.7% Most Winning Months: Classic Trend Index & Barclay BTOP50 – 59.7% July Reflections July was about dispersion rather than recovery. A handful of indexes managed marginal gains, but all remain negative for the year. Classic Trend Index’s edge is not about winning every month — it’s about compounding relentlessly over time. For allocators, BTOP50’s steadiness once again proved its value as a defensive anchor, while broader blends like TTU struggled with trend scarcity. Momentum systems remain out of sync, reinforcing the need for robustness when reversals dominate. “Conviction does not need to shout. Process that survives is process that compounds.” About the Indexes SG Trend IndexCreated by Société Générale, the SG Trend Index represents the largest trend-following CTA programs, focusing on systematic strategies with significant AUM. It captures broad market movements across various assets. More on SG Trend Index Barclay BTOP50 IndexManaged by BarclayHedge, this index follows the largest investable CTAs, emphasizing diversification across major futures markets. It’s a widely referenced benchmark for managed futures. More on BTOP50 Index TTU Trend Following IndexDeveloped by Top Traders Unplugged, the TTU TF Index includes programs with a 15-year track record, emphasizing resilience through experience and diversification across a large ensemble of programs. More on TTU TF Index SG CTA IndexAnother index by Société Générale, the SG CTA Index covers a broader array of CTA strategies, providing insight into the managed futures landscape beyond trend following alone. More on SG CTA Index IASG Trend Following IndexThis index, managed by IASG, tracks CTAs that primarily use trend-following strategies, offering a focused benchmark within the managed futures space. More on IASG TF Index Classic Trend IndexThe Classic Trend Index, curated by the Aussie Turtles, is a benchmark for traditional trend-following strategies, focusing on consistent, systematic approaches across diversified asset classes. More on Classic Trend Index Systematic Momentum CTA IndexManaged by NilssonHedge, this index tracks CTAs focused on momentum-based strategies, providing a purist view of momentum trading within managed futures. More on Systematic Momentum CTA Index Stay tuned for next month’s Battle of the Trend Following Indexes to see which benchmarks emerge as the top performers in the trend-following landscape.