Trading Insights: Systematic investing, with Aspect Capital’s co-founder Martin Lueck

Jul 15, 2025

Martin Lueck, Co-founder and Research Director at Aspect Capital, shares insights from his decades-long experience in systematic investing. He discusses the enduring power of trend analysis across asset classes and critiques the efficient market hypothesis. Lueck emphasizes the importance of balancing systematic strategies with human insight and adapting to market complexities. He also explores the future role of machine learning and AI in investment processes, highlighting the need for caution and collaboration in this evolving landscape.

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ANECDOTE

Martin Lueck's Career Beginning

Martin Lueck began his career by leaving a job at Nomura to join a small commodity broking business experimenting with statistical tests on chart strategies.
This experience led to founding AHL and later Aspect Capital to bring systematic investing to institutional investors.

INSIGHT

Why Trends Persist in Markets

Momentum or trend in markets is driven by human behavioral biases like fear of missing out and loss aversion.
Information dissemination happens unevenly, making trends persistent and an inherent market attribute.

INSIGHT

Challenges for Trend Strategy

Trend strategies struggle during periods of absent trends and sharp reversals, requiring time to adjust positions and assimilate new market information.
The recent reversal of the 'American exceptionalism trade' exemplifies these challenges.

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In this episode, Martin Lueck, co-Founder and Research Director at Aspect Capital, and formerly co-Founder of AHL, now part of MAN Group, is in discussion with Eloise Goulder, head of the Data Assets and Alpha Group at J.P. Morgan. They touch on why trend has been such a powerful market attribute through time, the power of harvesting these signals across multiple asset classes and where diversified strategies – those not correlated with momentum – still play an important part in the systematic investing process. Martin discusses the impact of machine learning, AI and LLMs on the investing process, and how the systematic investing landscape could evolve from here. Note that this episode follows an interview with Aspect CEO and co-Founder Anthony Todd in January 2024.

Shownotes

The Evolution of Systematic Strategies with Anthony Todd, CEO, Aspect Capital – Part 1

The Evolution of Systematic Strategies with Anthony Todd, CEO, Aspect Capital – Part 2

This episode was recorded on June 9, 2025.

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