Key Takeaways
- • Man Group's AHL Diversified Programme, one of its largest trend-following funds, lost 7.8% in nine days of April 2025, bringing year-to-date losses to 15.15%, according to data published on the firm's website and reported by Bloomberg.
- • Other AHL strategies are also negative year-to-date: AHL Alpha (-9.35%), AHL Evolution (-8.30%) and AHL Dimension (-6.88%).
- • Peers are under similar pressure: Transtrend's DTP – Enhanced Risk Composite is down 18.2% through April 10, Aspect Capital's Diversified Trends fund is down nearly 11%, and the Societe Generale Trend Index is down 10.74% YTD.
- • Sudden reversals across equities, bonds, currencies and commodities, driven by renewed tariff rhetoric and geopolitical uncertainty, caught trend-following models off guard.
- • Man Group declined to comment on the performance figures.
Summary
Man Group's flagship quantitative strategies are posting steep losses in 2025, with several funds down double digits year-to-date as heightened market volatility tests the resilience of trend-following models, according to a Bloomberg report. The report cites data published on the firm's website showing that the AHL Diversified Programme lost 7.8% in nine days of April, bringing its year-to-date losses to 15.15%. Other AHL strategies are also in negative territory, including AHL Alpha (-9.35% YTD), AHL Evolution (-8.30%) and AHL Dimension (-6.88%).
The losses highlight pressure on quantitative strategies as markets whipsaw in response to renewed tariff rhetoric and geopolitical uncertainty. Sudden reversals across equities, bonds, currencies and commodities have caught many trend-following models off guard, leaving them unable to adjust quickly enough to shifting momentum.
Man Group is not alone. Transtrend's DTP – Enhanced Risk Composite is down 18.2% for the year up to April 10, while Aspect Capital's Diversified Trends fund has declined nearly 11%. The Societe Generale Trend Index, a widely tracked CTA benchmark, has dropped 6.37% in April and is down 10.74% YTD.
Abhijeet Gaikwad, CIO of ADG Capital Management's Quant Multi-Strategy fund and a former Man Group executive, said: "These models are built to follow patterns over months, not weeks." He added: "The sheer size of some of these funds can also hinder their ability to pivot quickly."
Man Group declined to comment on the recent performance figures.
The losses highlight pressure on quantitative strategies as markets whipsaw in response to renewed tariff rhetoric and geopolitical uncertainty. Sudden reversals across equities, bonds, currencies and commodities have caught many trend-following models off guard, leaving them unable to adjust quickly enough to shifting momentum.
Man Group is not alone. Transtrend's DTP – Enhanced Risk Composite is down 18.2% for the year up to April 10, while Aspect Capital's Diversified Trends fund has declined nearly 11%. The Societe Generale Trend Index, a widely tracked CTA benchmark, has dropped 6.37% in April and is down 10.74% YTD.
Abhijeet Gaikwad, CIO of ADG Capital Management's Quant Multi-Strategy fund and a former Man Group executive, said: "These models are built to follow patterns over months, not weeks." He added: "The sheer size of some of these funds can also hinder their ability to pivot quickly."
Man Group declined to comment on the recent performance figures.
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