PARTNER CONTENT
Dan Jelicic, Portfolio Manager of the Trium Avala Dynamic Equity Fund, Trium Capital, discusses how the firm’s strategy adapts to changing market regimes and seeks diversified returns in an uncertain investment landscape.
In no more than 50 words, please describe the Trium Avala Dynamic Equity strategy and what differentiates it in today’s market environment.
The Trium Avala Dynamic Equity is a quantitative, low-beta equity long/short strategy. It harvests alpha across seven objective stock-selection model groups, then dynamically allocates between faster and slower models and overlays a tightly constrained variable beta. This enables us to home-in on the best opportunities across multiple regimes and has consistently delivered uncorrelated alpha throughout many market environments over the years.
2. Looking ahead, which market trends and factors do you believe will most significantly influence the Trium Avala Dynamic Equity strategy investment approach over the next 12-18 months?
As a systematic strategy, we don’t position around macro forecasts, we let the models read the environment. What matters most to us is the style regime. We’ve operated through a sustained period of large-cap dominance; a rotation back towards smaller and mid-caps, which often accompanies an easing cycle, would be particularly constructive, since a positive size environment widens the universe of mispriced stocks and plays directly to the breadth principle behind our information ratio. Beyond that, we watch the behaviour of style factors themselves – their persistence and dispersion – because that is what our dynamic allocation is built to exploit, tilting towards the models the environment is rewarding. Higher dispersion and the periodic breakdown of crowded trends tend to favour our faster statistical-arbitrage models. In short, the influential factors are the ones embedded in our process, not a view we’re trying to impose on the market.
3. Throughout the Trium Avala Dynamic Equity strategy’s history, which market environment proved most challenging, and what key lessons emerged from navigating that period?
The hardest period was the start of the so-called “quant winter,” when crowded factors unwound, and the relationships our models rely on temporarily broke down. The lesson was not to chase the noise. Diversifying across model groups – pairing slower fundamental signals with faster short-term models that tend to do well precisely when trends break – is what protects the process through those turning points. The “quant winter” fundamentals underperformance adversely affected many managers, but our dynamic approach successfully protected the fund. It reinforced our core principle: stay disciplined, let the dynamic allocation rebalance towards what the environment rewards, and resist the temptation to override a proven process under short-term pressure. That consistency is reflected in many best fund awards we received throughout the years, including the most recent Hedgeweek European Awards 2026 UCITS Performance of the Year: Alternative Strategies.
4. Relating to Trium Capital, what are the three most compelling attributes of your business and product offerings that have resonated with investors in the past year?
Trium Capital is a liquid alternatives asset manager based in London. Since joining Trium in 2019, three things have stood out:
●First, genuine diversification with liquidity – Trium Capital specialises in strategies, like Trium Avala, that deliver uncorrelated, low-beta returns with shallow drawdowns, all in a daily-dealing or monthly-dealing, which matters when investors want resilience without locking up capital.
●Second, strong alignment – most of Trium Funds, including Trium Avala, carry meaningful senior management and portfolio-manager capital invested alongside investors, so the people running the strategies share the same outcomes; that skin in the game resonates strongly.
●Third, a PM-focused firm with institutional infrastructure: specialist portfolio managers supported by independent risk, compliance and operations across a range of liquid-alternatives strategies in both UCITS and Cayman formats. Increasingly, investors also value flexibility, and Trium can offer segregated mandates and tailored exposures.
5. How do you expect institutional and private wealth investor sentiment toward hedge fund allocations to evolve across European markets in the coming year?
The clear direction is towards liquid alternatives that genuinely diversify equity and bond portfolios and help manage drawdowns. In a less stable macro backdrop, allocators are prioritising resilience over chasing beta, and we see real divergence: UK wealth managers weigh cost, access and transparency, while European allocators lean towards larger, established names. Across both, demand is selective and skewed towards true alpha with low beta – exactly Trium Avala’s profile. We also expect continued growth in segregated mandates and customised sleeves as clients seek more control and transparency.
Dan Jelicic, Portfolio Manager, launched one of Europe’s first Quantitative Equity Market Trium in 2019. In 2013 he created the Dynamic Equity strategy – a variable bias, low beta long/short evolution of the core market neutral process. The strategies are multi-award winning, having collectively won 12 annual Best Fund awards since 2002. Previously, Dan managed an Equity Market Neutral fund at ABN AMRO and was a quant researcher at JPMorgan. He is a Fellow of the Institute of Actuaries (UK) and holds MScs in Electrical Engineering and Mathematical Trading and Finance.
