Lynx Asset Management, best known for its flagship trend-following program Lynx, has in recent years expanded its product offering with the launch of Lynx Constellation and Lynx Systematic Macro. Both strategies faced challenging conditions immediately after inception, but this October they celebrate important anniversaries on the back of solid performance.

“For both strategies, we were humbled right out of the gate,” recalls David Jansson, CIO at Lynx Asset Management. “Lynx Constellation launched just before the COVID-19 pandemic and had difficulty as markets behaved as they never had in the past.” The Constellation models had, in fact, been employed within the flagship Lynx Program since 2011, during which time they had never produced a negative annual return in aggregate, until the pandemic struck. After a rocky beginning, Constellation rebounded strongly, returning 18.4 percent in 2022, 10.5 percent in 2023, and 9.9 percent in 2024. The strategy has continued to stand out in 2025, a year that has otherwise been challenging for many CTAs.

“For both strategies, we were humbled right out of the gate. The recent success of both programs and the upcoming anniversaries are even more rewarding for the team because of the challenging early days.”

David Jansson, CIO at Lynx Asset Management.

The launch of Lynx Systematic Macro also came with its share of early challenges. “While the start for Lynx Systematic Macro wasn’t as dramatic, early performance was uninspiring, albeit largely in line with industry benchmarks,” Jansson recalls. “The early challenges forced us to examine and reevaluate every aspect of each strategy to validate our conviction in what we had built.” Now approaching its three-year anniversary, Lynx Systematic Macro has delivered strong results after a more challenging 2023, posting a 22.5 percent return in 2024 and a gain of 4.6 percent so far in 2025 through the end of September. “The recent success of both programs and the upcoming anniversaries are even more rewarding for the team because of the challenging early days,” says Jansson.

Explaining why both strategies have held up well relative to peers in 2025, a tough year for trend-followers, Jansson says, “while Lynx Constellation has a positive correlation to trend-following, the strategy is uniquely based on machine learning techniques.” The models are trained on market returns that have been “filtered” to remove noise, allowing the system to focus on meaningful trends and other patterns, similar to those used in the flagship Lynx Program. “What makes Constellation stand out is its ability to spot both linear and non-linear market relationships, capturing not just trend opportunities but also patterns that most traditional trend managers miss,” he adds.

“What makes Constellation stand out is its ability to spot both linear and non-linear market relationships, capturing not just trend opportunities but also patterns that most traditional trend managers miss.”

David Jansson, CIO at Lynx Asset Management.

Lynx Systematic Macro, by contrast, does not seek to capitalize on trends explicitly. “Instead, it uses fundamental data to identify and exploit macroeconomic opportunities,” explains Jansson. “Our unique approach compared to our peers has resulted in some differentiated performance over the past couple of years.”

While the firm’s $6.1billion in assets remain concentrated in its flagship program, Lynx Asset Management continues to innovate by developing standalone products such as Constellation and Systematic Macro. “Both Lynx Constellation and Lynx Systematic Macro have the ability to generate attractive, differentiated results which could be very valuable in a broader portfolio context,” says Jansson. “With Constellation’s particularly strong performance in 2022, we believe that it can help mitigate some downside risk for investors in traditional assets,” he continues. “Meanwhile, Lynx Systematic Macro generally maintains little directional market risk, which makes it particularly interesting in a portfolio with significant long beta exposures.”

“Both Lynx Constellation and Lynx Systematic Macro have the ability to generate attractive, differentiated results which could be very valuable in a broader portfolio context.”

David Jansson, CIO at Lynx Asset Management.

This October, Lynx Systematic Macro reaches the important three-year mark, a milestone that opens the door to broader institutional consideration. The anniversaries and recent performance of both strategies highlight Lynx’s commitment to continuous evolution, reflecting a long-standing philosophy of reevaluating, refining, and innovating to deliver strong, risk-adjusted performance in a changing market environment. “Innovation has been at the core of Lynx since our inception in 1999, and we will continue this tradition going forward,” concludes Jansson. “We firmly believe that you need to constantly reevaluate, reflect, and evolve to succeed in the long term, which is exactly what we hope to do.”