AHL in FT today -- Several big names have struggled. AHL’s Alpha and Dimension funds have gained only 1-2 per cent this year; BlueTrend, a fund run by Leda Braga’s Systematica, has lost 6.4 per cent, while David Harding’s $9.9bn Winton Futures Fund has trod water. But some have done well. For example, AHL’s Evolution fund is up 9.6 per cent in the year to the end of July, and Systematica’s Alternative Markets Fund has returned 11.4 per cent. Crucially, however, these two funds take advantage of momentum in less liquid, less efficient markets, not the major ones that tend to be popular with trend-followers.