Insights

Allocators routinely compare hedge fund track records against private fund IRRs. That’s a category error. Evergreen vehicles report time-weighted returns (TWR); closed-end programs are cash-flow engines best judged by money-weighted return ...

EM macro has been the right place to be and take risk in 2025. Emerging markets macro hedge funds have outperformed YTD, helped by a weaker-or-at-least-not-stronger dollar, high EM real yields, cleaner balance sheets, and a rich menu of ...

This note complements our earlier article on separating durable alpha from disappearing edge (Evaluating Hedge Funds in a Crowded Market). That piece helped allocators assess managers across styles. Here, we narrow the lens to systematic ...

Hedge funds are now core to institutional portfolios, not tactical side bets. Industry assets are approaching USD 5 trillion, with record inflows from institutions in 2024–25 and capital concentrating in a small group of large platforms. ...

I’ll admit it: for a long time, I thought hedging was a solved problem. In my head, it was a neat, mostly technical exercise. You identify the portfolio’s unwanted sensitivities—its delta, its skew, its tail risk—then you go to the market ...

Institutions are putting hedge funds back to work as risk tools, not side bets. The signal is clear: BlackRock’s Investment Institute has urged allocators to lift hedge fund weights by up to five percentage points, its largest guidance on ...

Capital Structure Arbitrage (CSA) looks for mispricings between a company’s equity and its liabilities (bonds/CDS/loans/convertibles) and then constructs offsetting positions to isolate the relative value. At its core is a simple idea with ...

Catastrophe bonds (cat bonds) have moved from niche to mainstream allocator tool. Record primary supply in 2025—$10.5bn in Q2 alone and a $54–56bn outstanding market mid-year—reflects insurers’ demand for alternative capital and investors’ ...

The Netherlands is shifting from DB-style promises to DC-style accruals under the Future Pensions Act (Wtp). A sizeable share of assets plans to transition around January 2026, with a follow-up wave likely in January 2027. The shift ...