March was defined by a sharp escalation in geopolitical tensions, particularly involving the U.S., Israel, and Iran, creating a highly challenging environment for most investment strategies. The resulting risk-off episodes, heightened energy price volatility, and cross-asset dislocations proved difficult to navigate. However, Lynx Asset Management’s suite of systematic strategies delivered strong performance across the board.

Lynx Systematic Macro stood out with a return of 14.7 percent, while Lynx Constellation gained 7.2 percent and the flagship trend-following program, Lynx, advanced 2.4 percent. “We are satisfied with the absolute and relative performance to date, while maintaining a humble and cautious view given the speed at which markets can change,” says Gustaf Eriksson, Head of Business Development at Lynx Asset Management.

“We are satisfied with the absolute and relative performance to date, while maintaining a humble and cautious view given the speed at which markets can change.”

Gustaf Eriksson, Head of Business Development at Lynx Asset Management.

Lynx Asset Management, best known for its flagship trend-following program, has in recent years broadened its offering with the launch of Lynx Constellation and Lynx Systematic Macro. Unlike the asset manager’s trend-following strategies, Lynx Systematic Macro does not explicitly target trends but instead leverages fundamental data to identify and exploit macroeconomic opportunities, a framework that proved particularly effective in March.

The escalation of conflict in the Middle East, marked by joint U.S. and Israeli strikes on Iran, triggered an energy-driven inflation shock early in the month, impacting all asset classes. In commodities, crude oil prices surged above $100 per barrel amid escalating supply concerns and the effective closure of the Strait of Hormuz. This dislocation created a highly favorable backdrop for Lynx Systematic Macro, particularly within its Term Structure Dynamics theme. The strategy capitalized on pronounced backwardation in energy markets, which accounted for the majority of gains within its commodities allocation. March ultimately marked the strongest monthly performance for Lynx Systematic Macro since its launch in late 2022.

Lynx Constellation, a machine learning-driven strategy with a positive correlation to trend-following, also delivered a strong performance, recording its best month since inception in 2019. The strategy has demonstrated consistent returns following adjustments to portfolio construction made in early 2022, including relaxed penalty constraints. Since then, Lynx Constellation has delivered 18.4 percent in 2022, 10.5 percent in 2023, 9.9 percent in 2024, and 12.5 percent in 2025. In the first quarter of 2026 alone, the strategy gained an additional 13.5 percent, highlighting its robustness across varying market environments.

“The Lynx Program is known to be somewhat faster in its average holding period than the typical large CTA, as we place a strong emphasis on portfolio protection.”

Despina Xanthopoulou

The flagship Lynx program also posted solid gains in March, despite what was broadly a challenging environment for traditional trend-followers. “The Lynx Program is known to be somewhat faster in its average holding period than the typical large CTA, as we place a strong emphasis on portfolio protection,” explains Despina Xanthopoulou of Lynx, commenting on the program’s outperformance relative to the Societe Generale Trend Index. “While our long-term trend models underperformed during the month, this was more than offset by diversifying models that delivered very strong results.” Managing approximately $7.2 billion in assets, Lynx remains one of the world’s largest CTAs and has enjoyed a strong start to 2026.