Galahad trading system performance for March 2026
Here is the Galahad trading system performance report for March 2026, including the monthly benchmark comparison and a brief review of the market environment that shaped the portfolio during the period.
Monthly Performance
Since inception refers to the start of live trading in Galahad, beginning in February 2022. See Performance Disclosures: Monthly Performance. Evan uses Interactive Brokers as his primary broker and reporting agent.
Market Environment
March was defined by a sharp escalation in the Iran war and a simultaneous repricing of the macro regime. The Fed, which had been telegraphing rate cuts as recently as February, saw rate hike odds cross 50% by month end. The Nasdaq entered correction territory, down more than 11% from its October 2025 high. The 10-year Treasury yield rose to its highest level in eight months. Energy was the only sector in a sustained uptrend. Everything else struggled.
Portfolio Positioning
Galahad entered March with two of three trend positions engaged at a combined gross exposure of roughly 145%. The Nasdaq trend exited towards the end of March, reducing gross exposure to approximately 104%. The Gold trend remained active throughout the month but declined with the broader gold selloff.
Fortunately, Galahad has put protection insurance on its large concentrated trend positions, which partially offset that decline in Gold. The drawdown relative to benchmarks reflects the cost of maintaining trend exposure through a sharp regime shift. The same mechanism allows the system to capture sustained trends when they persist in one direction.
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