For more than a decade, Stockholm has hosted some of the world’s leading CTAs, who come together to discuss market conditions, trends, innovation, and emerging opportunities in trend-following strategies. On November 18, 2025, the tradition continued, as managers convened to review a turbulent year, examine widening strategy dispersion, and explore what resilience looks like in an era defined by political shocks and unstable regimes.
The roundtable featured a distinguished lineup: Jerry Parker (Chesapeake), Kathryn Kaminski (AlphaSimplex), Joe Kelly (Campbell), Thomas Babbedge (GreshamQuant), Andrew Beer (DBi), Harold de Boer (Transtrend), Martin Källström (Lynx), Moritz Seibert (Takahē), and Razvan Remsing (Aspect), with the session moderated by Kamran Ghalitschi (HedgeNordic).
Summary of the roundtable discussion.
The roundtable revealed a year shaped by abrupt political shocks, uneven market responses and significant divergence across CTA strategies. Managers noted that the turbulence around events such as Liberation Day created rapid shifts in direction that challenged both trend and non-trend models. Several participants highlighted that dispersion in 2025 was not a mystery, but the natural result of differences in speed, breadth, risk treatment and design philosophy.
We hope you enjoy reading through this summary of the roundtable discussion.
