This page provides an insight into what clients think of Topdown Charts. This should be useful for prospective clients (to help gain confidence in the value and reliability of our services).
On this page you will find:
For context, Topdown Charts provides independent macro/multi-asset research to professional investors and fund managers. The service is reports-based with a heavy emphasis on charts, and delivers: investment ideas, risk alerts, and macro insights to help investors make better decisions with confidence.
Summary Table
The table below provides a quick summary of the testimonials, reviews, and feedback compiled further below. Please read further down for full text of testimonials.
The following testimonials and feedback support the views summarized above.
Institutional Client Testimonials
Below you can find out what institutional clients of Topdown Charts have to say about the service. Please get in touch if you need any further information.
"Topdown Charts is an essential part of my weekly macro routine. The visual-first format cuts straight through the noise, delivering clear, high-signal charts that make complex cross-asset trends immediately actionable for asset allocation."
— Ben Ashby, Chief Investment Officer, Henderson Rowe
“I have spent over four decades in global macro and investment research. Most macro chart services decorate a story. Topdown Charts does the opposite: it starts with the data, maps the cycle, and delivers a perspective you can act on.
Callum’s weekly work is disciplined, the track record is published, and the “so what” is never missing. For multi-asset investors focused on the evidence, it is a first-rate macro source that I followed for many years and continue to.”
—Francis Scotland, Director of Macro Research (retired), Brandywine Global Investment Management (2006-2024), former Editor-in-Chief, BCA Research (1984-2005)
"I find the concise and visual way that Callum shares ideas to be insightful and thought provoking, the regular consistent cadence of insight and willingness to record, track, and remain accountable for his insights and ideas is not common"
— Tom Stanley, Director & Investment Adviser, Amicus Group
“The best part about Topdown Charts is how such a massive amount of data is organized into very clear concise visual representation of salient and actionable ideas with brief impactful commentary to support.
Callum is consistent in producing regular content that can help everyone from the layperson or retail neophyte investor all the way through to institutional professionals managing real client portfolios.
The sheer breadth of data analyzed and presented is voluminous but it is disseminated into a quick set of slides that save the end user an immeasurable amount of time. By far one of the best services I have encountered and enjoyed for the last decade of my career.“
—Michael Hartman, Founder, McDonald Hartman Wealth Advisors
“I have been a Topdown Charts client since March 2020, which means I signed up in the middle of the most disorienting few weeks most of us have traded through. Six and a half years later, the Weekly Macro Themes is still the first research I open on a Friday.
What sets Callum apart is process discipline. Every idea is framed the same way: valuations, macro, policy, sentiment and positioning, technicals. He tells you which of those are aligned and which are not, and he does not pretend to have a catalyst when he does not. The “Neutral, on watch” calls are as useful as the bullish ones, because they tell me where the setup is building before the trigger arrives.
The second thing is honesty about the track record. The Ideas Inventory sits at the back of every report, open and closed, with the losses shown in red next to the wins. The year-end edition has a section titled “Charts That Didn’t Work.” Very few research providers publish that, and it is exactly why I trust the ones that did work.
For a commodities-focused manager, his coverage has been consistently relevant: the oil versus gold ratio, the capex underinvestment theme across energy and agri, the commodity breadth work, and the early and repeated warnings on inflation resurgence rather than the consensus soft-landing narrative. He was writing about light capex and lukewarm positioning in agri long before it became a talking point, and he has stayed with the theme through the noise.
Finally, the reports are readable. Five topics, one clear bottom line each, charts that carry the argument rather than decorate it. I can hand a page to a portfolio manager or a prospective investor and it explains itself.
Callum provides the kind of top-down input a market participant needs: independent, chart-driven, and unafraid to be contrarian when the evidence supports it. I recommend the service without reservation.”
—Stéphane Bernhard, Chief Executive Officer, CAMMS Capital
“Topdown Charts is a valuable input to our investment process. It does an excellent job of distilling hundreds of charts and data sources, across a huge breadth of asset classes, geographies, factors and strategies, into carefully curated and concise reports. Time is our scarcest resource, and Topdown Charts is a force multiplier in that respect.
We value the independence of the service; Callum isn't afraid of a non-consensus call. The focus is always on actionable insight, and that has seeded several successful portfolio trades – the best test there is of a research service.“
—Robert Taylor, Managing Director, Prosper Asset Management
“The range of charts Callum provides and monitors is very impressive, covering a broad range of markets and instruments, with the added bonus that they’re consistent and easy to understand. He makes cohesive and well-structured cases for his views, helpfully returning to themes to check up on progress. Overall we consider Topdown Charts to offer good value for money.”
—James Weir, Director, Steward Wealth
"I started as a user of Topdown Charts over 8 years ago and I find it a very valuable source of market perspectives and insights. I particularly like using the Weekly Macro Themes for global and multi-asset class thoughts. Callum’s commentary is thought provoking and encourages me to review markets from multiple angles.”
—Gary Tiernan, Founder & CEO, GTM Alpine Consulting Pte Ltd
“Topdown Charts stands apart by broadening our analytic context, enhancing our ability to test our premises while introducing market judgements that are outside of our frame. Its breadth and consistency delivers on the critical value: Topdown Charts elevates our macro processes.”
—[name redacted], Portfolio Manager, (Macro Hedge Fund)
Further Feedback & Comments
This section presents anonymous feedback from a variety of sources (e.g. subscriber surveys, email replies to reports, comments section posts, social media mentions, Substack subscription messages). While the comments are anonymous, they reflect the opinions of a wide spectrum of investors from retail through to institutional, public and private, and echo the themes above +provide further angles. So this should be useful additional color as well.
“fantastic charts that give a great guide to economies and markets”
“I love the simplicity and insight of your work.”
“best independent macro research“
“you help me make money”
“I find good guidance in your macro insights”
“I like the organized and systematic nature of views”
“Efficient insight into markets and market behavior”
“Focus on critical macro factors with clear and simple narrative.”
“I find the charts to be quite helpful in breaking down market sectors and I enjoy your macro focus“
“love your work. But the pdf [i.e. a sample report] you shared was such a detailed and easy to digest information cache that I decided it’s too invaluable to pass up. Thanks for sharing, it definitely convinced me it was worth it [to sign up as a paid subscriber].“
“content is fantastic and super helpful as I consider my positioning“
“I love your work, I find it insightful”
“Your takes on the overall market are extremely precious in helping to decipher the trends”
”A weekly go-to for me. Simple but powerful, usable insights.”
“The mix of technical and fundamental analysis provides valuable insights into what’s happened, what’s happening, and where it might lead.“
“Thank you Callum. I have had a very good impression of the work you do and am pleased to be a subscriber again.“
”Data helps confirm instincts and or rationale for allocations”
”Enjoy the macro thoughts expressed graphically”
“Efficient insight into markets and market behavior”
”Great Summary of current macro perspective”
”Helpful in visualizing the big picture, and to get different perspectives”
”I’m always on the lookout for possible negations or contradicting views to what has been done or invested in. Vigilance is useful.”
”Material is concisely and thoughtfully presented. Good mix of technical and substantive analysis.”
”I really appreciate Callum’s unbiased economic insights and his charts. I use these charts in client communications all the time, and his tactical asset allocation guide is very useful in helping me determine sector allocations. I feel that this data gives me an edge over my peers and most importantly has improved the relative rate of return of my clients’ portfolios.”
”Not only am I scoring more victories, I’m learning an incredible amount of information that helps and will continue to send me further towards my goals. Tools, techniques, charts. It’s a brilliant newsletter for the type of person I am and where I am at in my life.”
”I like the fact that this information is unbiased and independent since many of firms have their own agenda. The best part of the service is the asset class rating and TAA guide which are extremely useful for an asset allocator such as myself.”
“I like the valuable information you provide. It really allows me to focus on the really important key points in different sectors to help me manage my small portfolio in a reasonable way.”
“I use Topdown Charts to get a macro picture and make adjustments to my portfolio.”
Additional Information
Aside from the client feedback shared in this document, I would also encourage you to check out my Track Record (performance of past views/ideas) to get a more specific and detailed insight into the value of our services:
You might also be interested in the Frequently Asked Questions [FAQ] section, which details how the service works, and how I go about analyzing macro and markets to deliver consistently excellent performance and service to clients:
If you have any further questions or feedback, please feel welcome to get in touch.
Otherwise, I trust you have found this page useful/insightful and I look forward to connecting with you soon.
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Best wishes,
Callum Thomas
Head of Research at Topdown Charts
Connect: LinkedIn | Twitter/X | Substack