March 2026: When Convexity Cuts Both Ways March ended trend following's two-month winning streak, with every benchmark finishing negative. A sustained three-week repricing of precious metals defined the month. Silver crashed 14.4% mid-March. Gold fell 9.6% in the same week. Energy pulled the other way, with WTI approaching $100 and Brent clearing $109. The dispersion across the seven benchmarks was 7.8 percentage points, the widest of the year. SG CTA was most defensive at -0.8%. Classic Trend gave back 8.6%, reflecting the larger embedded metals exposure carried in after February's explosive close. The TTU Barometer absorbed the pain and accelerated to 66% by month-end, a localised repricin

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