You remember, 2018, we had a volatility expansion volume again, and was in February of that year, but it was choppy markets that werent in markets, that sustained directional move. So you can be really high quality, but still just be, you know, middle of the pack in terms of of the industry performance, or assets, or whatever it is. Archive Capital Limited is a registered company in Ireland with company number 704288. So with my that 100 million, whats the proper? And, you know, I was reading and the Stephen Schwarzman Blackstones book, and he was talking about how they name their, their firm, and I think his partner was married marriage to the lady who came up, but Sesame Street, you know, and she was saying, Dont worry about the name, because, you know, we started this program, Sesame Street, it was never even a street called Sesame Street. Yeah, certainly open to us. Thats exactly yes. So if you have a number of those in the calendar, then youre going to ramp up your your kind of manager connections into the hundreds. Equally, you can have something, you know, positive, thats outside of your expectations. So we had really strong moves in commodities in that period. But, yeah, its the flip side is youre not going to have the risk on when you get those outdoor events, as theyre called. Economists are split on this and one of the reasons for the uncertainty is that COVID-19 represents both a supply shock and a demand shock for the global economy. And yeah, what you know who better to have on St. Patricks Day? Um, and then, on that. And then if you get a breakout and a volatility expansion, then youre youre already into the position in large size, but the market is now moving, you know, three or four times what it had been moving for the previous, you know, three or five years. Before founding Archive Capital, Alan spent a decade as Managing Director at Abbey Capital in Dublin, where he had responsibility for investment research, portfolio analysis and manager due diligence. for. Newedge CTA Index, S&P 500 Index, etc. So that can have a nice feature that can be appealing to investors in the sense that youre, you know, youre taking profit as the market is rallying in, you know, as volatility goes up. Dont have a point there. I havent been to date. Yeah, its been great. I think thats interesting. So thats what it sounds like your take is none of that was really true, or some of it was true. Yeah, well, I mean, obviously, its, it has been the, you know, Ive just been reading the history of this. Abbey Capital Limited | 2,627 followers on LinkedIn. You know, for some people, its all use, its all use it and then you read well, some people are saying, Well, okay, maybe, maybe I would rather have a an offshore fund or a an alternative fund to have the fully unconstrained version of the strategy, rather than having a slightly more constrained strategy within the use it. There was a piece I wrote once the the problem with alpha lacs beta, right? It seems the usage rappers a little more constructive than the mutual fund rapper, some of these strategies probably cant get fully what they want done in that wrapper. Doesnt doesnt do anything. Its not going to move the needle one way or the other. So I think its a good time to be starting a firm in this space. 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. So often, people will construct a narrative based on something that seems you know, seems appealing, and a narrative at the time was, well, theres a number of narratives. During our exciting chat with Alan, we focus on the crazy volatility in commodity markets, how macro traders have evolved over the years, and why crisis periods can be good for a trend managers track record. Alan has worked in the financial markets for over 25 years at global macro and managed futures hedge funds and large investment banks as. And not not everybody is the most, you know, socially adapted presenting and all of that. Weve seen crazy moves, we, you know, we had negative oil prices just a couple of years ago, we had oil ratcheting up $247 in 2008, only two to reverse very quickly. Alan has worked in the financial markets and investment management industry for over 25 years at hedge funds and large . And then you sort of wrapped a million into their SWAT will jump all the way up to 100 million. Previously, he was a co-founder of Allied Irish Capital Management (AICM) in conjunction with Allied Irish Banks. And I think what you have to ask yourself is this outside of expectations, and outside of, you know, statistical expectation. But you know, a manager who has proved that they can do that over 1520 years, whatever it is, but consistency of approach, that can still be very valuable in a portfolio context. Alan was also part of the team that developed the concept for Activate Capital (a direct lending fund for residential development), a 500m Debt & Equity fundraising from the Irish Strategic Investment Fund . And its mainly youre dealing for now in liquid. Also, esc to close modal. I dont know what time it is over there. So, its not just that, I mean, I think its important to have that stop loss, but its also about the pattern of performance and what youre learning about the pattern of performance as youre allocated to the manager. But being reasonably correlated doesnt always translate into being very close in terms of actual performance. Before joining Abbey, Peter qualified as a chartered accountant with KPMG and gained hedge fund industry experience in both Dublin and the Cayman Islands. But its really hard in the moment of making the decision. So its like, if you take any one little snapshot, theyre highly correlated off the same positions, and then can end the year, you know, 10 15% apart? Alternative investment manager specialising in managed futures, multi-manager portfolios located in Dublin and New York | Abbey Capital Limited ("Abbey Capital") is an Irish alternative investment manager which specialises in managing multi-manager portfolios in managed futures. And I think, you know, when I started off, I spent a lot of time in trading floors in the early part of my career, and people traded, obviously, with a macro mindset and macro traders always have that bearish, bearish mindset of whats gonna go wrong in the world, whether its like, theres no reason for bond yields to stay there. you mean it within your overall portfolio? And then more assets better for sure, too, because every emerging guy hates to hear the, oh, wed love to allocate you, but we cant be more than 10%. People might be, you know, anticipating this, these kind of extreme moves in commodities and are scrambling to think about okay, well, if this is the case, if this is the new market order, how do we position for that? If we open limit down limit down limit down, people are really going to throw a fit of like, Hey, you canceled my salad? The information contained herein is not intended to and shall not in any way constitute an invitation to invest in any of the funds managed by Abbey Capital. Its always hard to quantify how much of that weve had. Corn was up 5% today) reflects all available information as of the time and date of the publication. Prospective investors should consult with their own professional advisors before investing in any of the funds managed by Abbey Capital. resigned. Its probably not great, great for the industry, but well have to see how it plays out. Most all trend, were losing money there. Absolutely. Alan Dunne, CFA CEO at Archive Capital and host of the Allocator Series podcast on Top Traders Unplugged Ireland 500+ connections Join to connect Archive Capital Trinity College, Dublin. Somebody have asked you about that manager, you say, oh, yeah, remember that thing they did with their system that year, and I didnt really like it. We found 100+ records for Alan Dunne in MA, FL and 11 other states. The regulations of the CFTC require that prospective clients of a managed futures program (CTA) receive a disclosure document when they are solicited to enter into an agreement whereby the CTA will direct or guide the clients commodity interest trading and that certain risk factors be highlighted. So, you know, so yes, some managers do, obviously managers do volatility scale and effectively take profits as, as the market rally in a rising violent environment. . Great to be here on St. Patricks day even though were a little bit ahead of time. Prior to founding Archive Capital, he was Managing Director and a member of the investment committee at Abbey Capital. Or is it you know, how much of the return attribution you get? And I, you know, the markets have actually been, you know, you couldnt have said that the markets would have been this good for these types of strategies a year to go, but But I do think that were into an environment, which will be favorable. that moment. And then you get something and, you know, a significant event. And, you know, you can you can try and make parallels, and maybe, yeah, is to designate the right parallel, you know, even if hed go back to that period, we had seen, you know, a good period for trend following and that whole decade, you know, the 2010 decade was a good decade, because you had, you know, you had an equity bear market in 2000 2002. Oldham, Lancashire, OL9. Right. He is the CEO of Archive Capital. Alan is a CFA Charter holder and holds an MSc Investment Management from Hong Kong University of Science and Technology, an MBA from Smurfit Business School, and a BA (Mod) in Economics from Trinity College Dublin. Alan Dunne currently lives in Lakewood, CO; in the past Alan has also lived in Denver CO. We know that Alan's political affiliation is currently a registered Democrat; ethnicity is Caucasian; and religious views are listed as Christian. Director reports about Alan Dunne in 1 company and no less than 1 appointment in Luxembourg and United Kingdom. Its its black and white. David oversees all audit, financial and tax areas for Abbey and its funds, and is also actively involved in our credit committee and due diligence work. Alan has worked in the financial markets for over 25 years at global macro and managed futures hedge funds and large investment banks as a CIO, hedge fund allocator, macro strategist, and technical analyst. All right. Yes. Past Performance is Not Necessarily Indicative of Future Results. Find Alan's email address, mobile number, work history, and more. This was a great chat with Alan on the current craziness and commodity markets, how macro traders have evolved over the years and why words are a good thing and a trend managers track record. . Yeah. RelSci Relationships. But I suppose its solving for maybe a different utility in the sense that, you know, okay, not everybody is going to have the appetite to stick with the return profile you get with the more traditional approach of really running at that high level. So, so long story, their archive, it just came to me, it was diverted to something else. As a voting member of the investment committee, Alan participates in all aspects of Abbey Capital's manager appraisal activities. Yeah, I just read about it very, it was just alluded to as the most significant crisis for the enemies since since the tin crisis. And then lastly, how do you like CO hosting or guest hosting? But certainly, as we moved into this decade, its been very different. And it can be a bit frustrating. Its probably not a true Irish beer. Any good stories, like a guy showed up without pants on or anything to me. And so, so looking to work with those types of entities, either in terms of assisting a manager selection and manager insights, and portfolio construction as well. Today, Alan Dunne joins us to discuss the ongoing instability in the markets and rising inflation, and why we, as investors, should keep an open mind for what is to come. 28 | 09 | 2022. But thats a feature of trend following that you have to have that risk on, you might say, oh, might have been better to scale back to position take profits. So certainly theres been an evolution there, I think, you know, but as weve been talking about here, you can say its as much I think stay the same, the more things change, the more things stay the same. Right. And, you know, low, low, low, low, low persistence. But ultimately, it proved to be the that wasnt the case, because youve seen a bit of a resurgence of trend following since then. So that could be something from a speculative, speculative perspective. So So I think its just a big reputational risk. And I think I think experience and perspective is helpful to you know, because youll always think back of Oh, yeah. John oversees our investment process, covering manager analysis, quantitative research, portfolio construction, market analysis and liquidity management. I think, you know, I think theres some merit to what people have said in terms of obviously, weve weve learned some hedge fund strategies, maybe, you know, have been taking, you know, things that people learned on trading desks, you know, whether it was carried strategies or, or momentum or certain things like that, that were maybe you might have seen busyness now for strategy at one point, you know, 20 years ago that or less so now youre seeing obviously more and more systematic trading, I would say I mean, you know, if you go back when I started off, quant strategies were still relatively in their infancy you know, remember I started off on an FX trading desk and there was a guy there running quite models trend following models, but they werent there was a bit of mystique around it, you know, people didnt really know what they were it was kind of an unusual approach. Where its like, oh, you should have done that better? And it was, it was at a point in time where we were writing a research piece that was looking at the market environment for for trend following and looking at why trend following has been difficult. Yeah. Build highly targeted prospect lists. hbspt.cta.load(7754154, '82925c26-2263-4125-b2a9-d29240a114a7', {"useNewLoader":"true","region":"na1"}); Longterm diversification for Whats in a name? Bulk Finder. Alan Dunne CEO | Founder Alan has worked in the financial markets for over 25 years at global macro and managed futures hedge funds and large investment banks as a CIO, hedge fund allocator, macro strategist, and technical analyst. Prior to founding Archive Capital, he was Managing Director and a member of the investment committee at Abbey Capital. As a large, independent allocator of multi-manager managed futures, we can deliver economies of scale for investors. Abbey Capital (US) LLC is a wholly owned subsidiary of Abbey Capital. Log In. And just because we havent seen something in the markets for a number of years, it doesnt mean it can come back. Investors interested in investing with a managed futures program (excepting those programs which are offered exclusively to qualified eligible persons as that term is defined by CFTC regulation 4.7) will be required to receive and sign off on a disclosure document in compliance with certain CFT rules The disclosure documents contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA, as well as the composite performance of accounts under the CTA's management over at least the most recent five years. 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