Three more names on the trend scoreboard

*The FT’s October 2 report uses a “last Friday” cutoff for Winton; these are sourced performance reports, with no verified common fee or risk basis. Original reporting.

The worthwhile next question is how much of each gain survives a common funding and risk comparison. Graham’s public mutual-fund prospectus is instructive: its historical Tactical Trend account exhibit adjusts fees to the fund’s Class I expenses and adds estimated cash interest for notionally funded accounts. That is a separate historical presentation, not a disclosure of today’s private-fund return. A league table can make different economic packages look interchangeable. Before attributing the dispersion to signal quality, ask for the precise vehicle, return basis, cash treatment and realized volatility. There is no newly verified Millennium number in this morning’s reporting.