Living with Trend Following: History & Lessons From the Past 25 Years

9 July 2025

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This insight offers a rich macroeconomic backdrop to our piece Living with Trend Following: Lessons from the Past 25 Years. We explore four pivotal eras shaped by defining global events, examining the dominant macro forces, their impact on major asset classes, and how trend following strategies responded, demonstrating their ability to adapt and thrive through shifting regimes. While the path of returns is rarely smooth, marked by drawdowns of varying size and duration, the long-term story is one of resilience, with trend following proving its strength in turning disruption into opportunity. This historical lens provides valuable context for understanding the enduring relevance of trend strategies in today’s uncertain environment.

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