Mandatum Managed Futures: Adaptive multi-strategy fund targeting uncorrelated and absolute returns across market regimes
This article is published in partnership with Mandatum Asset Management
After several years of strong performance across diverse market environments, Mandatum’s Managed Futures Fund has established itself as one of Nordic’s leading CTA funds. The fund offers investors diversification and an uncorrelated, attractive risk-return profile.
In recent years, shifting macroeconomic conditions, heightened market uncertainty, and evolving correlations across asset classes have made adaptable investment strategies increasingly relevant. Approaches that deliver non-directional, non-correlated and diversified exposure within liquid markets are now particularly attractive, and the Managed Futures industry has grown significantly over time as a result.
In this environment, Mandatum Managed Futures – launched in 2019 – has built its success on a systematic multi-strategy approach enhanced by machine learning. The strategy spans equity, fixed income, and currency markets, using dynamic risk models and market condition analysis to identify the most favourable combination of strategies for the prevailing market regime.
Adaptive multi-strategy advantage
Mandatum’s Managed Futures has consistently demonstrated its strength by generating positive returns regardless of market direction. The foundation of this steady performance lies in the fund’s strategy. While trend following is a central component, the fund’s true strength comes from combining multiple complementary strategies within one systematic framework.
“By combining strategies that capture equity and bond trends with seasonal patterns, mean-reversion tendencies, and carry opportunities,the fund builds a more balanced and resilient return profile capable of performing across various market conditions,” explains Ville Rantanen, Portfolio Manager of the fund.
At the core of the strategy is a dynamic allocation system that continuously adapts to evolving market environments, allowing the fund to emphasise the strategies best suited for the prevailing environment. This adaptability has been crucial to the fund’s performance, supporting strong results during both trending and more challenging periods, and demonstrating its ability to deliver stable, risk-adjusted returns across different market regimes.
In March 2026, Mandatum’s Managed Futures Fund was named Best Performing Fund in the “CTA Trend Following” category among funds with less than $150 million in assets for 2025 at the UCITS Hedge Awards, granted by The Hedge Fund Journal. In addition to the yearly award, the fund received recognition for its strong two- and three-year performance. In 2025, the fund delivered a return of 8.2%, with a two-year annualised return of 11.0% and a three-year annualised return of 6.7%, in a market environment where many trend-following CTA strategies have struggled to perform.
Systematic and objective at its core
The fund operates through a systematic investment process, where decisions are based on data and clearly defined models rather than subjective judgment. This philosophy fosters consistency and the ability to navigate markets even in periods of high uncertainty.
Machine learning further strengthens this framework by enhancing the fund’s ability to detect shifts in market dynamics and adapt accordingly. By leveraging advanced data-driven techniques, the fund refines its approach to identifying opportunities and managing risks, resulting in resilient and forward-looking investment strategies.
A systematic, rule-based framework where decisions are made using data combined with mathematical models creates natural diversification within the portfolio. Human decision-making can often be influenced by cognitive biases, emotions, or short-term price fluctuations. This rule-based structure minimises such factors, ensuring that investment decisions remain objective and consistent.
Furthermore, machine learning strengthens this framework by processing vast amounts of data across equities, interest rates, and currencies, identifying opportunities that no human could realistically cover on their own.
“The strength of this systematic process lies in its objectivity. While discretionary managers can be affected by uncertainty or emotions, our models apply the same disciplined principles time and again. This creates a consistent and repeatable investment process that can be trusted across varying market environments,” Rantanen concludes.
Marketing Material
This marketing material concerns the Luxembourg fund Mandatum SICAV-UCITS and its sub-fund “Mandatum Managed Futures Fund” (the “Fund”). The material has been compiled by Mandatum Asset Management Oy, which acts as the Fund’s portfolio manager. The Fund is managed by Mandatum Fund Management S.A. (address: 53 Boulevard Royal, Luxembourg L-2449, Luxembourg).
Past performance is not a guarantee of future returns. Future returns may also be negative. Please review the Fund’s prospectus and key investor information document before making any investment decision. The Fund’s risks are described in the prospectus and key investor information document, which can be found at: mandatumam.com.