After months of researching changes in fundamental market relationship under the Trump tariff regime, Gnomon Alpha tweaked its models to perform better in the new Trump world. For the past few months, we have tested the updates with our own money to make sure they would perform consistently with the research. They did, and we implemented them fully on September 1. So far, the results have been strong. And even as we start October, our performance is having a V-shaped recovery. 

The Trump world of tackling budget and trade deficits will be seen historically as a structural change akin to Bretton Woods and the Nixon shock. The markets are in a whole new regime where historical relationships between the Fed, the yield curve, fixed income, equities, commodities and the dollar have been altered. 

While the team at Gnomon Alpha does not of course have all the answers, we believe we have some of them. Going forward we expect to return to the top decile performer in generating true Alpha that we were for the first 5.75 years of our track record. 

We welcome the challenge.