“If you lose the last game of the season, nobody gives a sh*t.” – Billy Beane, Moneyball (2011, Sony Pictures)


Not unlike baseball, the month of November will be defined by what happened on the last day. Most of the month was unremarkable with the main storyline continuing to focus on inflation fears and Biden’s “B3” plan for American infrastructure. Markets were a mixed bag – some trends continuing while others cooled off. That is, until the last trading day of the month. While traders were still wiping the gravy from their lips, South Africa gave news of the new Omicron covid variant and the markets took a significant “risk-off” turn. Stocks, energies, grains, and metals dropped precipitously. Bonds were about the only major asset that rallied. So violent were the vicissitudes that some were calling the end of the Trend Following rally.


Few strategies, if any, were predicting a new covid variant wreaking havoc on a half-holiday. The mutual funds are shown below, especially those with trend following components took it on the chin from equities and commodities, remind the world once again “non-correlated” and “negatively correlated” are different things. Notable exceptions were the EAVOL Nasdaq Volatility Overlay fund (CLPAX) and Catalyst/Teza Algorithmic Allocation (TEZIX).

NameTickerMonth to DateYear to DateAssets Under Management
Hedged Equity
Catalyst Buffered Shield Fund ISHIIX-0.60%11.59%$94,847,152
Rational Equity Armor Fund InstlHDCTX-2.49%10.10%$70,269,059
EAVOL NASDAQ-100 Volatil Overlay Risk ACLPAX1.91%13.27%$15,391,188
Certeza Convex Core ACNVEX-1.22%21.60%$7,049,571
Alpha Fiduciary Quantitative StratAFQSX-2.00%34.91%$18,669,709
Equities + Managed Futures
Catalyst/Millburn Hedge Strategy IMBXIX-0.44%16.93%$3,163,220,686
Standpoint Multi-Asset InstitutionalBLNDX-5.31%16.36%$147,105,255
Active Fixed Income
Catalyst/Stone Beach Income Opp IIOXIX-0.64%-4.10%$21,924,251
Catalyst Multi-Strategy IACXIX-3.69%2.71%$4,485,868
All Weather / Multi-Strat
Rational/ReSolve Adaptive Asset Allc IRDMIX-4.14%10.05%$65,155,924
Astor Macro Alternative IGBLMX-2.04%-1.48%$44,490,750
Catalyst/Teza Algorithmic Alloc ITEZIX2.51%1.73%$6,551,661
Catalyst/Millburn Dynamic Cmdty Stgy IDCXIX-10.68%-6.75%$8,997,186
Catalyst/Warrington Strategic Program ACWXAX0.86%6.74%$98,292,954
AlphaCentric Premium Opportunity AHMXAX-0.45%6.05%$205,988,283
Rational Tactical Return InstlHRSTX0.00%3.87%$292,545,169
SilverPepper Cmdty Strats Glb Macro InstSPCIX-3.87%20.90%$178,787,946
Managed Futures
AXS Chesapeake Strategy IEQCHX-4.72%9.58%$18,374,621

The performance data displayed herein is compiled from various sources, including BarclayHedge, and reports directly from the advisors. These performance figures should not be relied on independent of the individual advisor's disclosure document, which has important information regarding the method of calculation used, whether or not the performance includes proprietary results, and other important footnotes on the advisor's track record.

Benchmark index performance is for the constituents of that index only, and does not represent the entire universe of possible investments within that asset class. And further, that there can be limitations and biases to indices such as survivorship, self reporting, and instant history.

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