Monthly QIS Review - September 2025

Executive Summary September 2025 was mixed but modestly positive for quantitative‑investment strategies (QIS). The average composite returned +0.26% MTD, with 20 of 42 strategies (≈48%) finishing higher. Cross‑sectional dispersion widened ...
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4 min read

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From NAV to Impact: The Hidden Cost of Exiting Funds

When Robert Almgren and Neil Chriss published their seminal work on optimal portfolio liquidation in 2000, they formalized a trade-off every equity trader understands intuitively: liquidate too quickly and you’ll pay dearly in market ...
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4 min read

The Path to Redemption: Rethinking Decisions When Good Managers Fail To Perform

Every allocator knows the experience. A hedge fund manager with a stellar track record suddenly falters. Performance dips, peers outperform, and questions surface in the Investment Committee. Do you stay patient and give the manager room ...
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6 min read

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How to Fine Tune Your Multi-Manager Hedge Fund

The multi-manager hedge fund has become one of the defining architectures in modern investing (e.g., see some of our previous blog posts on the topic The Myth of Talent in Multi-PM Platforms: Unraveling the True Drivers of Alpha ...
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8 min read

Why Gold Became 2025’s Go-To Macro Hedge

Gold didn’t just work in 2025 — it led. Prices set repeated records and, by early September, hovered near fresh highs. Big-name allocators openly framed bullion as protection against twin risks: sticky deficits and policy shocks. Marquee ...
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4 min read

Total Portfolio Approach: A Holistic Framework for Modern Asset Allocation

Strategic Asset Allocation (SAA), epitomized by the classic 60/40 portfolio, worked for decades under stable conditions. But 2022’s equity–bond sell-off showed how fragile static mixes have become as correlations shift. Old assumptions, ...
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13 min read

Regime-Based Allocation: What It Actually Delivers

Regime-based allocation: what it actually delivers Regime-based allocation (RBA) is often pitched as a way to navigate markets without making forecasts. The promise sounds simple: don’t waste energy forecasting returns; just identify what ...
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6 min read

Free Your Alpha. Keep Your Trend.

Introduction Trend-following strategies have long been considered a cornerstone of strategic allocations. They are valued for their ability to deliver diversification in moments of market stress and to provide convex payoffs when ...
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5 min read

The July 2025 Stat-Arb Collapse: What Triggered the “Junk Rally”?

July looked calm on the surface, but strange beneath it. While index levels stayed steady, the return profile flipped: lower-quality, heavily-shorted stocks surged, while defensive factors that anchor many stat-arb and equity ...
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3 min read

Monthly QIS Review - August 2025

Executive Summary August 2025 was constructive for QIS. The average composite gained +0.62% MTD, with 30 of 42 (≈71%) strategies positive. Cross‑sectional dispersion narrowed to ~4.5 ppts (top minus bottom), a step tighter than July. ...
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3 min read
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