"Many thanks, as ever, for the kind note.

"Dedicated trend-following funds fall into somewhat delicate territory - since most of them are in the form of offshore (and therefore unregulated) collectives, it is effectively difficult if not impossible to market them to retail investors. Which is one reason why I tend not to mention them by name, financial promotion regulation being as fraught as it is.

"Nevertheless, there are a few trend-followers that have gone more "public" by way of things like listings. Perhaps the highest profile is Bluecrest's Bluetrend fund, which listed on the LSE earlier this year (ticker BBTS). By dint of being a listed fund it removes the minimum investment requirement that is common to most hedge funds. Another fund we like is the Matrix Ascension Closed-End Fund, which in turn invests into Winton Futures, one of the largest trend-following funds, founded by David Harding (the H of AHL which was bought by Man Group in the 1990s). The Matrix Ascension Fund has a 50K minimum investment but is also tax-efficient for UK onshore investors whereas most offshore funds are not. Other trend-following funds are of course available, but these are two of the funds we actually use with our own clients. I enclose some explanatory documentation."

David Fuller's view Many thanks for this information which will be appreciated by the Collective, not least because these are funds which you have obviously vetted.

Bluecrest Blue Trend (BBTS LN) (monthly letter) does not have sufficient back data to reveal much but it has been added to the Library. Matrix Ascension Fund (MATASIG BH) was already in the Library and you will see considerably more back history in this Fact Sheet which connects it to Winton Futures.

I am sure that there are other trend-following funds listed in the US and elsewhere. I also imagine that many subscribers are doing something similar by investing in relative strength leaders, either for their clients or their own portfolios. Eoin's reviews will continue to monitor Autonomies, Dividend Aristocrats and other shares likely to be of interest to the Collective.