Long term trend following strategies suffered a large “give back” month in November. There was a substantial and broad-based reversal in trends across all asset classes
Most systematic trend programs suffered some degree of setback in October in the equity index markets, due to short positions carried over from late September
FX specialists experienced one of their best months in years, as sharp trends emerged as G10 central banks all took different paths on monetary policies
Long commodities positioning, particularly in grains and crude markets, were by far the best performers for most longer-term trend programs during the month