I think what we're going to see, Alan, is a redistribution of that asset allocation within those underlying kind of portfolios.

Because if you structure your portfolio on the basis that CTAs have pretty much no long-term positive drift, but are just there for

crisis alpha, you're going to structure your portfolio one way. If you actually look at it on

the basis of, well, hold on second, actually they have significant positive, no long-term drifts,

significant positive sharp, and they provide crisis alpha, you're going to build your CRO or

RMS portfolio in a different way. So that's why I think the allocation will come from.

Imagine spending an hour with the world's greatest traders. Imagine learning from their

experiences, their successes, and their failures. Imagine no more. Welcome to Top Traders Unplugged,

the place where you can learn from the best hedge fund managers

in the world so you can take your manager due diligence or investment career to the next level.

Before we begin today's conversation, remember to keep two things in mind.

All the discussion we'll have about investment performance is about the past,

and past performance does not guarantee or even infer anything

about future performance.

Also understand that there's a significant risk of financial loss with all investment strategies,

and you need to request and understand the specific risks from the investment manager

about their product before you make investment decisions.

Here's your host, veteran hedge fund manager, Niels Kostrup Larson.

Hey, everyone, and welcome to another edition of our Top Traders Unplogged series,

where today Alan Dunn and I are joined by Anthony Todd, co-founder and CEO of Aspect Capital,

as part of our conversations with industry leaders in the world of managed futures,

and with a bit of a bias, of course, towards trend following.

...