SI214: Trend Following & CTA Replication ft. Andrew Beer
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 712 Ratings
🗓️ 16 October 2022
⏱️ 110 minutes
🧾️ Download transcript
Summary
Today, we are joined by Andrew Beer, Managing Member at Dynamic Beta Investments LLC, for a conversation on managed futures replication, ETFs and how they have found a way to get these essential strategies into more investor portfolios. We discuss how they do they have constructed the replication strategies and how Andrew have been able to gain enormous traction among advisers. We also touch on why Andrew does not include crypto and how the price of ETF is established. We take lots of questions and round our conversation off by discussing why managed futures have become an essential part of a portfolio and why Andrew believe that the demand for the strategy will continue to be strong for years to come and much more.
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50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
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Episode TimeStamps:
00:00 - Intro
01:57 - This week in Trend Following?
06:38 - Industry performance update
08:34 - A bit of background to Andrew and his work
15:12 - The mechanics of their replication strategy
20:20 - Getting correlation right...is that enough?
34:25 - What about flat periods?
41:19 - What is the hardest part of what you do?
44:29 - Q1, Brian: Is there any tax advantages to your product?
46:01 - Q2, Jerry: What does your investor base look like?
53:19 - Are cryptocurrencies part of your universe?
57:16 - Q3, Jerry: How is the price of the ETF made up?
59:24 - Q4, Mike: Will capacity become an issue at a certain level of AUM like it does for traditional CTA strategies?
01:04:17 - Q5: Thoughts on CTAs being an essential part of a portfolio?
01:20:39 - Crisis Alpha
01:30:00 - Bringing value to investors
01:32:09 - Can you replicate a single manager?
01:44:14 - Will the current inflows mean that the CTA industry will reach capacity?
01:48:22 - Thanks for listening
Copyright © 2025 – CMC AG – All Rights Reserved
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PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:
1. eBooks that cover key topics that you need to know about
In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here
2. Daily Trend Barometer and Market Score
One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here
3. Other Resources that can help you
And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here
Transcript
Click on a timestamp to play from that location
| 0:00.0 | You're about to join Neil's Kostrup Larson on a raw and honest journey into the world of |
| 0:06.2 | systematic investing and learn about the most dependable and consistent yet often overlooked |
| 0:11.4 | investment strategy. Welcome to the Systematic Investor Series. |
| 0:26.5 | Welcome welcome back to this week's edition of the Systematic Investor series with Andrew B. and I, Niels Kassela Larson, where each week we take the pulse of the global |
| 0:30.3 | market through the lens of a rules-based investor. If you're new to the show, I hope that today's |
| 0:34.8 | episode will trigger your curiosity enough to check out the |
| 0:37.6 | back catalog and listen to past episodes that you may have missed, like my conversation with Rich |
| 0:42.5 | last week, where we reflected on what may turn out to be one of the strongest trend following |
| 0:47.5 | years for a decade or two, but also how different trends can look and how you have to deal |
| 0:53.3 | with that. Also, I must encourage you to |
| 0:55.9 | listen to the midweek conversation we published with Annie Duke. You know, she's not only a world |
| 1:01.3 | champion poker player, but also someone who's incredibly smart when it comes to decision-making, |
| 1:06.1 | especially during uncertainty. And her new book, Quit, is full of lessons that we as investors can and should |
| 1:12.9 | adopt and I really hope that you'll take an hour out of your time to listen to this. |
| 1:17.9 | So head out and check these episodes out once you're done listening to Andrew and I today. |
| 1:24.4 | Andrew, it is great to have you on the podcast. I've very much been looking forward to |
| 1:28.4 | this conversation. How are you doing? How are things where you are today? Things are great. |
| 1:33.3 | Things are great. It's, it's, you know, I'm very excited for the rest of the fall. As you say, |
| 1:37.7 | it has been quite a big year and quite an extraordinary market. So thank you so much for having |
| 1:42.7 | me on today. It's a delight of the year. |
| 1:44.4 | No, absolute pleasure. |
| 1:45.4 | Absolutely pleasure. |
... |
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