The Deterioration of the Performance of Momentum Strategies

In terms of convexity, you want to have a positive beta in upmarket and negative beta in following markets. Over the past 10 years, there's been a deterioration in the performance of momentum strategies among funds that follow these strategies. And we saw a big divergence between how our internal trend following strategy performed with it really well during the period. We do believe that there are non-trained signals and strategies that can be profitable. For example, one of the strategies that we run is a cross-sectional strategy in equities, global equities, equity indices to be precise. It has significantly higher convexity than trend following as an example.