Moritz Heiden & Moritz Seibert – Trend-Following Spreads (S7E25)

Takahe Capital's Moritz Seibert and Moritz Heiden discuss their decision to shut down their Global Quantitative Fund despite its success and launch a new Global Markets Fund with a capacity cap of $500 million. The shift was driven by the restrictive structure of the U.S.-based master fund, which limited access to niche markets like California carbon emissions and onshore China commodities, unlike the Cayman-based feeder fund. They emphasize trading smaller, less liquid markets and spreads, including calendar, substitution, and location spreads, to diversify and capture independent trends. While exploring prediction markets and economic trend models using case-based reasoning, they remain focused on transparent, exchange-traded markets and caution against forcing models into positions with uncertain data.