Cian Walsh, Head of Hedge Funds and Private Debt at Formue, joins Alan Dunne to explore what it means to allocate capital when the macro regime, client expectations, and the structure of markets are all in flux. He explains why the 60/40 model obscures more than it reveals, how he is adapting institutional frameworks for thousands of private clients, and what changes when you view hedge funds not as a bucket, but as a function. From the discipline of sizing trend in a sideways regime to the slow shift from vintage private credit to evergreen, this is a conversation about building portfolios that can hold together when the ground moves.

-----

50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

-----

Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.

IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.

And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.

Learn more about the Trend Barometer here.

Send your questions to info@toptradersunplugged.com

And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.

Follow Alan on Twitter.

Follow Cian on LinkedIn.

Episode TimeStamps:

02:12 - Introduction to Cian Walsh

05:30 - How does institutional asset allocation stand out?

06:39 - Asset allocation in a shifting regime

09:33 - A move towards mass customization

10:26 - The 60/40 portfolio is dying - what is next?

13:28 - The challenges of implementing a total portfolio approach

17:16 - Dealing with underperforming strategies

20:09 - More growth or more all-weather?

23:30 - Why Walsh believes in systematic trading

28:51 - Do Walsh hold any long volatility strategies?

30:04 - Walsh's process for selecting managers

36:55 - Managing fees and the rise of Pod Shops

39:54 - Their approach to early stage allocation and risk

42:03 - How manager selection differs from asset allocation

44:32 - Their process of upholding expected returns and performance

46:55 - Balancing hedge fund allocation and private credit

50:20 - Does hedge fund allocation call for more caution?

52:46 - How to avoid sitting short on liquidity

54:48 - The pitfalls of the private credit space

58:19 - Will credit markets outperform growth equity markets?

01:00:27 - Walsh's key advice and book recommendations for other investors

----

PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:

1. eBooks that cover key topics that you need to know about

In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here

2. Daily Trend Barometer and Market Score

One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here

3. Other Resources that can help you

And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here

Disclaimer

Are Colleges Getting Disability Accommodations All Wrong? - By Alan Levinovitz