L&G, CQS, FCLT, CalPERS, APK, Pantheon, Merian, Amundi, M&G, Willis Towers Watson, Franklin Templeton, Newton, Munich Re, PRI. : No wonder the discussion of trade is in such a tangle. The terminology around the subject is almost designed to cause confusion. The arms race among investors never stops. The rampant bull market of the past decade could already be a thing of the past and institutional investors are understandably nervous about the future. But even during bull markets, the question of how to generate returns is often replaced by another, arguably different, question of how to beat markets.