Cian Walsh, Head of Hedge Funds and Private Debt at Formue, joins Alan Dunne to explore what it means to allocate capital when the macro regime, client expectations, and the structure of markets are all in flux. He explains why the 60/40 model obscures more than it reveals, how he is adapting institutional frameworks for thousands of private clients, and what changes when you view hedge funds not as a bucket, but as a function. From the discipline of sizing trend in a sideways regime to the slow shift from vintage private credit to evergreen, this is a conversation about building portfolios that can hold together when the ground moves.

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50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

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Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.

IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.

And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.

Learn more about the Trend Barometer here.

Send your questions to info@toptradersunplugged.com

And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.

Follow Alan on Twitter.

Follow Cian on LinkedIn.

Episode TimeStamps:

02:12 - Introduction to Cian Walsh

05:30 - How does institutional asset allocation stand out?

06:39 - Asset allocation in a shifting regime

09:33 - A move towards mass customization

10:26 - The 60/40 portfolio is dying - what is next?

13:28 - The challenges of implementing a total portfolio approach

17:16 - Dealing with underperforming strategies

20:09 - More growth or more all-weather?

23:30 - Why Walsh believes in systematic trading

28:51 - Do Walsh hold any long volatility strategies?

30:04 - Walsh's process for selecting managers

36:55...

Markets have recovered fast - maybe too fast. Alan and Niels unpack what sits beneath the surface: a bond market brushing off record deficits, volatility draining from asset prices, and trend followers caught between sharp reversals and shrinking conviction. They explore how sentiment, structure, and speed are shaping today’s trading environment, and what most investors still underestimate about liquidity, macro policy, and risk. With fresh research in hand, they ask whether drawdowns are misunderstood, if diversification has become an illusion, and why clarity often emerges only after the pain. We do recognize that we had some technical issues with this recording and appreciate you for sticking with us.

-----

50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

-----

Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.

IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.

And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.

Learn more about the Trend Barometer here.

Send your questions to info@toptradersunplugged.com

And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.

Follow Alan on Twitter.

Episode TimeStamps:

00:57 - What has caught our attention recently?

04:38 - Industry performance update

07:38 - Is trend thriving?

09:57 - Dunne's global macro overview

16:33 - A catastrophic year for the dollar

18:12 - Is this time different for trend following drawdowns?

27:26 - The value of long term track records

34:30 - Is trend following flawed?

37:48 - What are investors actually interested in?

44:32 - What is up for next week?

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