Macro and commodity trading advisers have delivered the two best investment strategies for hedge funds this year. But Brooks Ritchey, who helps oversees $3.5 billion at Franklin Templeton, is trimming his holdings as he prepares for a major shake-up. K2 Advisors LLC plans to shift some of its capital toward relative value and long-short equities over the coming months, betting a surge in interest rates and inflation will take many by surprise in mid-2020. K2 is a unit of global investment firm Franklin Templeton.