Tom Salopek & Dobromir Tzotchev discuss trend-following performance given an environment of policy uncertainty. We look to our earlier work of applying trend-following on Equity factors and our new piece where we apply this idea broadly. In an environment where reacceleration can turn inflationary, Commodity QIS should become more important and the momentum signals for Commodity QIS are turning more favorable. In addition, we discuss metrics for assessing Crowding, applicable to trend-following in particular, and also to risk premia and public markets.

This podcast was recorded on 29 October 2025.

This communication is provided for information purposes only. Institutional clients can view the related reports at

https://www.jpmm.com/research/content/GPS-5111364-0

https://www.jpmm.com/research/content/GPS-5062689-0

https://www.jpmm.com/research/content/GPS-4435578-0

https://www.jpmm.com/research/content/GPS-4338222-0

for more information; please visit www.jpmm.com/research/disclosures for important disclosures.

© 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

Cross-Asset Quant Topics: Trend following on Factors, Case for Comm QIS, Crowding Metrics

All into Account