Is There a Sweet Spot in AUM for the Systematic or Trend Following Fund?

There are capacity limits to how much a manager could be able to manage. There is a sweet spot. We often don't know where that is and it may vary from firm to firm, but it does exist. The most important from the investment perspective is liquidity capacity. What you find is that managers get larger and larger when they hit a certain threshold. They're going to have to focus more on the financials as opposed to the commodities. Our largest CTA has a financial bias relative to more equal weighted across asset classes. That's in favor of systematic fund side with trend followers. If someone had an experience that they invested with firm ABC, and then they have experience a drawdown,

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