Click the links below to read frequently asked questions and answers about the Topdown Charts Professional service.
What is the Topdown Charts Professional service?
Topdown Charts provides global multi-asset investors with:
Ideas (which assets/markets offer the highest conviction reward vs risk, what ideas are working now, what ideas will work soon) [where to invest]
Risk alerts (what are the near and pressing tactical risks for investors, what are the risks lurking over the horizon) [what to watch out for]
Macro insights (what’s happening in the global economy, what’s coming next, and how does this specifically impact risk/return for investors) [how to navigate the big cycles and trends]
Basically the services helps investors find opportunities, uncover risks, and survive + thrive through changing macro currents.
The goal is to Help investors Make Better Decisions with Confidence.
Clients receive the regular Weekly Ideas & Insights report and Quarterly strategy pack (and webinars). The reports aim to make the research side of investing easier by delivering easy to read, clear, and concise ideas + a track record of excellence.
Topdown Charts was founded in 2016 by Callum Thomas after leaving his job as multi-asset investment strategist at a large fund management company.
His goal was to create a research product that would be chart-focused (highly visual, light on words, heavy on impact), pragmatic (merging fundamentals + macro + technicals to build a comprehensive picture and raise conviction), and highly useful (something worth reading, something that is actually helpful for portfolio managers and investors; and ultimately something that helps measurably boosts investment performance).
Over the past decade, Callum has established Topdown Charts as a reliable, innovative, and effective research partner. Clients include hedge funds, family offices, wealth advisors, and some of the world’s largest fund managers.
Most importantly, he has established an excellent track record, identifying several major macro-market shifts + a strong hit rate of 70%+ on investment ideas. Along with that, client feedback has been consistently excellent, and the renewal rate among our institutional client base is close to 90%.
What’s the philosophy and angle behind Topdown Charts?
The core philosophy is that macro and markets go in cycles, and that these cycles more or less rhyme across time, assets, markets, and geographies.
The conceptual model of the market cycle is displayed below — and this version is probably a bit more nuanced than what you might be used to seeing, because we understand the psychological turmoil, constraints, and governance pressures that each stage of the cycle brings.
The Topdown Charts Professional service helps investors navigate these cycles.
Specifically, by studying history and developing the right indicator set, we have proven over time that you can spot opportunities that others often miss.
In the Weekly Macro Themes report we provide the conceptual and analytical framework + specific recommendations to give investors the confidence and certainty to make the good decisions in uncertain times.
It is this pragmatic top-down approach that has helped us (and our clients) achieve repeatable performance across asset classes & market cycles.
And ultimately, that is the core objective — to achieve repeatable performance (i.e. ideas that boost portfolio returns and/or help protect capital), over the long-run, across cycles and markets.
We are not here to make a quick buck.
This is not get-rich quick.
We are here for the long haul.
We are here to deliver the maximum number of excellent ideas over the long-term, because that’s how we can have the biggest impact in helping our clients (and their clients) get ahead.
What assets and markets do you cover?
The mandate of this service is Global Multi-Asset Investing.
This is going to be most relevant to people who are comfortable taking a global perspective and considering sectors, regions, assets, and markets that may be off the radar for most other investors, or outside of their usual focus.
It also means the kind of people who want to stay informed on key global macro developments and get visibility on risks/opportunities across major markets, specific sectors and regions (e.g. stock pickers who want the top-down perspective).
But also asset allocators who want the big picture asset allocation view (such as tactical asset allocation guidance [actively adjusting portfolio weights across the cycle]), and high conviction views on the major asset classes.
The below table provides an overview of the scope of the service — i.e. what we aim to deliver, and across what markets/assets. But in general there is no constraint on what we can cover, it is just a matter of where the biggest risks are coming from, and where the best opportunities are hiding…
To summarize, Topdown Charts is focused on providing Global Multi-Asset Investors with risk management input (alerts on short-term + bigger picture risks for investors), idea generation (what assets/markets to prioritize to optimize portfolio returns), and perspective building (market studies, insights on key investment-relevant macro trends).
And we have established a strong track record for excellence in delivering this to a loyal and sophisticated client base over more than a decade.
Can I see a Specific Example of an Idea from Start-to-Finish?
The example below shows the successful identification of upside opportunity for Emerging Market Equities. The original reports, charts, and reasoning can be viewed below.
You can review the original reports from each of those milestones on the chart above below (overall view/conclusion excerpted below):
[Established View] 20 Jan 2023 “Bullish EM equities given cheap valuations, light allocations, an apparent end to the bear market, turn in monetary conditions, contrarian bullish signals, and much improved technicals.”
[Progress Update] 10 November 2023 “Bullish EM equities as a prospective inflection point comes against a backdrop of a turn in monetary conditions, capitulating sentiment, and cheap valuations.”
[Progress Update] 9 May 2025 “Remain bullish EM equities on strengthening technicals, reset in sentiment/flows, cheap valuations, and light allocations by investors (+turning point in relative performance).”
[Close Position] 5 June 2026 “longer-term bullish bias, but switching to neutral for now given downside risks arising from the shift in valuations/sentiment, policy pivot, and short-term overheating (Korea/AI bubblet).”
This provides a good insight into how the ideas are put together in the first place, some of the updates along the way (live ideas are typically updated every 20-45 days depending on what’s going on).
What do I get as a Paid Subscriber?
The service is reports based, and there are two key reports.
The Weekly Macro Themes Report: each Friday clients are sent a chart pack with a combination of investment ideas, risk alerts, and macro trends. Clients should expect to get actionable ideas from this pack along with critical macro-market context to help navigate the market cycle, manage downside risks, and bring fresh ideas into their portfolios.
The Quarterly Strategy Pack: at the start of each quarter this slide deck takes you through a power-packed look at the big picture macro outlook, risk radar, asset allocation implications, and specific ideas. Clients are also invited to join webinars/calls to go through the pack for extra context and explanation + Q&A discussion sessions (replay is available).
Aside from the reports, clients are also encouraged to ask questions or challenge views in the comments section or by email. I also welcome topic suggestions/requests which many clients find helpful (albeit, I endeavor to cover issues that you are likely to be thinking about already, or will soon need to think about! —so I basically try to anticipate the questions that might be asked and research those topics/issues in advance).
How do I sign up?
Simply click the subscribe button and select between either an annual subscription of US$3500/year, or a monthly subscription paying US$350/month. Note: you can cancel at any time and there is no lock-in.
For corporate and institutional clients, you can easily self-onboard by choosing either a single-user subscription or a group subscription [n.b. please Contact Us for group pricing] — please also get in touch for manual invoicing, CSA/Softdollar, and/or due diligence and any other requests to help streamline the process and assist with budget/purchasing approvals. We have long experience with corporate and institutional clients and can definitely help make the onboarding process smooth and easy.
How can I unsubscribe or cancel my subscription?
Whether you’re a free or paid subscriber to Topdown Charts, you can unsubscribe or cancel your subscription at any time, and it’s quick and easy to do:
If you’re a free subscriber, click here for easy instructions on how to unsubscribe
If you’re a paid subscriber looking to cancel your subscription, click here
I have further questions. How can I contact you?
You can contact us through Substack’s direct message feature (click button below) or by emailing callum.thomas [,at,] topdowncharts.com or via the website contact page. We’ll do our best to answer your questions and assist you.
Thanks for visiting, I look forward to hearing from you.
Disclaimer: the information provided by Callum Thomas, Topdown Charts, and related content is for informational and educational purposes only and should not be construed as investment, financial, or trading advice. Nothing in this publication constitutes a recommendation, solicitation, or offer to buy or sell any securities, commodities, or financial instruments.
All investments carry risk, and past performance is not indicative of future results. Readers should conduct their own research and consult with a qualified financial advisor before making any investment decisions. The author and publisher disclaim any liability for financial losses or damages incurred as a result of reliance on the information provided.