An interesting paper by PIMCO addressing performance of trend following strategy through the different Rates Cycles historically.

The paper can be read and downloaded here.

The paper concluded that:

trend following strategies do have the potential to exhibit fairly robust returns during such episodes thanks to their ability to take short positions in markets that are falling.

analysis shows that over extended periods, trend following has the potential to perform strongly in all phases of the rates cycle, with contributions to that performance coming from all asset classes.

Another vote for trend following from a major player in the industry, an industry where acknowledgement of trend following success is pretty rare, at least according to my personal experience.