Fran├žois Bonnin, CEO and Founding Partner of John Locke Investments started his trading career as a proprietary trader for a French investment bank where he managed arbitrage between equity warrants, convertible bonds & equities.

As he developed his trading approach, Bonnin understood that the edge in the type of arbitrage he was engaged in would eventually wear thin; the edge would be arbitraged out and he would need to find another strategy.

He spent a lot of time building technical indicators and spotting trading opportunities with the goal of eventually starting a trading firm. "I created software applications that would take advantage of inefficiencies," Bonnin says. "[I] stopped my personal trading to concentrate on constructing trading systems and a research platform. That is how I came to be a systematic trader."

"Trend following works because there is a small bias towards trendiness rather than noisiness."

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From 14 February 2019, the following amendment is made to the Cyril Systematic prospectus:

  • Multiplication of the NAV of share class C by a factor of 30.