Man Group’s flagship quant strategies are facing steep losses in 2025, with several funds down double digits year-to-date as heightened market volatility tests the resilience of trend-following models, according to a report by Bloomberg.
The report cites data published on the firm’s website as showing that the AHL Diversified Programme, one of Man Group’s largest trend-following funds, lost 7.8% in nine days of April, bringing its year-to-date losses to 15.15%. Other AHL strategies are also in negative territory, including AHL Alpha (-9.35% YTD), AHL Evolution (-8.30%), and AHL Dimension (-6.88%).
The losses highlight the pressure on quantitative strategies as markets whipsaw in response to renewed tariff rhetoric and geopolitical uncertainty. Sudden reversals across equities, bonds, currencies, and commodities have caught many trend-following models off guard, unable to adjust quickly enough to shifting momentum.
Man Group is not alone in navigating choppy waters. Transtrend’s DTP – Enhanced Risk Composite is down 18.2% for the year up to 10 April, while Aspect Capital’s Diversified Trends fund has declined nearly 11%. The Societe Generale Trend Index, a widely tracked benchmark for CTA strategies, has dropped 6.37% this month and is down 10.74% YTD.
“These models are built to follow patterns over months, not weeks,” said Abhijeet Gaikwad, CIO of ADG Capital Management’s Quant Multi-Strategy fund and former Man Group executive. “The sheer size of some of these funds can also hinder their ability to pivot quickly.”
Man Group declined to comment on the recent performance figures.
