Share Class


Cumulative Performance (%)

Fund Inception

Daily Monthly Ytd 1Yr 3Yr 5Yr Incept. Incept.Date

The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Strategy & Manager

Funds Strategy

The objective of the InRIS CFM Trends Fund (the “Fund”) is to achieve long-term capital appreciation through trading strategies that seek to have a return profile different from that of traditional asset classes, such as stocks and bonds. The Trading Advisor invests the assets of the Fund using a program in a long term trend following strategy within the limits of its investment policy. The Fund will significantly invest in financial derivative instruments (“FDIs”) for investment efficient portfolio management and hedging purposes at any one time. The Fund will primarily invest using FDIs to gain exposure to a diversified portfolio of global fixed income securities (including government bonds and notes), global interest rates, global currencies, global stock indices and global credit. For hedging purposes, the Fund may use FDIs to hedge against fluctuations in the relative values of its portfolio positions due to changes in currency exchange rates and market interest rates and to hedge against the currency exposure between the denominated currency of the Class and the Base Currency of the Fund.

Trading Advisor

Capital Fund Management, founded in 1991 is a leading systematic asset manager, both in terms of research & IT Engineering who are specialized in systematically implemented strategies based on a global and quantitative approach ($8.5bn in AuM).

Key Persons

Jean-Philippe Bouchaud – Chairman
Jean-Philippe is Chairman of CFM. He founded ‘Science and Finance’ in 1994, the research arm of CFM with Jean-Pierre Aguilar, which merged with CFM in 2000. He supervises the research team alongside Marc Potters. Jean-Philippe maintains strong links with the academic world and is a professor at École Normale Supérieure (ENS). Prior to CFM, Jean-Philippe was a researcher at the Centre National de la Recherche Scientifique until 1992. Following this he spent a year at the Cavendish Laboratory in Cambridge before joining the Service de Physique de l’État Condensé at the Commissariat à l’Energie Atomique in Saclay, France. He holds a PhD in theoretical physics from the ENS in Paris.


Marc Potters – Chief Investment Officer

Marc is the Chief Investment Officer of CFM, having joined the firm in 1995 originally as a researcher in quantitative finance. He oversees the investment process of all CFM funds. Marc also supervises the research team together with Jean-Philippe, with a particular focus on developing concrete applications in financial forecasting, portfolio construction, risk control and execution. Marc maintains strong links with academia and is an expert in Random Matrix Theory. He has taught at UCLA and Sorbonne University and he continues to publish papers in statistical finance and co-authored the ‘Theory of Financial Risk and Derivative Pricing’ with Jean-Philippe. Marc obtained his PhD in physics from Princeton University.

Statistics & Commentary


The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

Trading Advisor's Commentary

as of

The Long Term Trend Following program was negative in March.
While Bonds and Credit Indices delivered positive returns, most other asset classes dragged on overall performance.
At month-end, the program maintains its net long Bond and Short Term Interest Rate position. Long exposure in Equity and Credit Indices is also maintained. The strategy, meanwhile, moved from a slightly short, to slightly long US dollar position.

Equity & Credit Indices
A slightly net long exposure in Equity Indices realised negative returns. Global developed equity markets posted positive gains (the Morningstar Developed Markets Index gained 3.1%) while emerging markets slumped somewhat (the Morningstar Emerging Markets Large Cap Index was down 1.9%).
Performance from European exchanges was good, if not uniform. This was in part from Eurozone business activity that printed strong figures, especially Manufacturing PMI that came in at 62.5 – deep into expansionary territory. German, and especially Dutch markets, fared particularly well, while French equities fared slightly worse (largely owing to a new set of stringent Covid-related lockdown measures). A short position in the Amsterdam bourse, as a result, fared worst. The AEX gained 4.5% (and reached a new all-time high) fanned higher by strong price returns from chip makers and semiconductor manufactures. Conversely, a long CAC position fared best.
Net long exposure in Credit Indices ended slightly better than flat, tracking higher with equity markets.

Interest rates
Bonds, especially longer-term tenors, continued to be shunned by investors. The result was the worst quarterly performance for sovereign bonds since the early 80s.
Bonds were the best performing asset class with short exposure in the US Treasury Long Bond future (remaining maturity of at least 15 years, but less than 25 years) a standout as the US yield curve steepened. The US 10-year and 30-year yields jumped 33 and 26 basis points respectively with the US 10-year (ending at 1.74%) having reached the highest level since just before the Covid sell-off in Q1 2020.
The recent bond bear market, however, took a pause during the final week of the period as German yields declined against the backdrop of rising COVID cases in the Eurozone.
Short exposure to the Japanese 10-year future, however, realised negative PnL. The yield on the 10-year JGB fell 6.7 basis points, in large part thanks to substantial buying from pension funds rebalancing their portfolios ahead of the March fiscal year end.
Performance from a net long positioning in Short Term Interest Rates (STIRS) ended down. The biggest drag in STIRS came from long exposure to the Eurodollar.

FX returns from the US dollar position were negative. The US dollar made strong gains, with the DXY having risen 2.6%. The greenback recovery, after slipping 6.7% in 2020, has been fuelled by continued signs of strong US growth (substantial GDP growth estimate updates by the Fed, IMF and others) that have driven a surge in Treasury yields – especially relative to global peers. Expectations for strong US growth and inflation have rebounded, pushing US Treasury yields, and interest- rate differentials (notably vis-à-vis the debt of both Germany and Japan) to pre-COVID pandemic levels.
The strategy’s long position in the Swiss franc dragged on performance. The franc lost 3.9% against the greenback – its worst monthly performance against the US dollar since April 2018 – as investors shied away from safe-haven currencies. Rising US yields, combined with sustained risk appetite, added pressure on the Swiss currency. However, it was a long position in the Japanese yen that fared worst as it fell against the US dollar (-3.7%).
Exposure to G7-21 FX markets, however, was positive. Emerging market currencies fell for a third consecutive month, the
J.P. Morgan Emerging Market Currency Index losing 1%. Short exposure to the Singapore dollar stood out, the currency having dropped just shy of 1% against the US dollar as signs of benign inflation and a modest economic recovery likely to keep the city state’s central bank on hold at its April monetary policy review.

Facts & Documents


Fund Domicile: Ireland UCITS


Base Currency: USD

Depositary, Administrator, Transfert Agent: State Street Fund Services Ireland Limited, CACEIS Ireland Limited

Dealing: daily with two business days notice

Cut-off time: 11 A.M Irish Standard Time

Countries where the fund is registered:
France, Germany, Switzerland, United Kingdom, Ireland

Sustainability-related disclosures:
The information related to the integration of sustainability risks and to the potential adverse sustainability impacts at the sub-fund level can be found in the prospectus of the Fund.


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