In short: The trend end of the same universe: momentum-driven, can be concentrated and can go "100% in cash and bonds." Current positioning is exactly what you'd guess from what is trending — "equities, some sectors, a smattering of commodities" — and it exits if things roll over. He flags trend-following as the allocation he is "probably the most afield on from a traditional allocation."
GMOM is the mirror image of GAA over the same global menu of assets. Instead of holding everything permanently, it holds only what is currently trending upward, and it is allowed to become very concentrated — or to move entirely into cash and short-term bonds if nothing is working. That last permission is the point: it's designed to step aside in a sustained downturn rather than ride it out.
He gives an unusually transparent read of its current book: guess what's going up, and that's what it owns — "equities, some sectors, a smattering of commodities." He also concedes trend following is where he departs furthest from a conventional allocation, so a buyer should expect it to look strange at times relative to a standard portfolio.
35:06The trend fund, not surprisingly, if you had to guess what it owns right now, you say, "Okay, what's trending? What's doing really well? Equities, some sectors, a smattering of commodities, and that's what's in the fund, right?" However, if things start to roll over, it'll exit those positions and could be 100% cash and bonds.
Nothing matches this filter.
Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.