Capital Structure Arbitrage: When Equity and Credit Disagree

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 ...
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8 min read

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Cat Bonds: What Allocators Need to Know Now

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’ ...
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7 min read

Dutch Pensions: What’s Changing and Why Markets Care

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 ...
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4 min read

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Monthly QIS Review - October 2025

Executive Summary October proved a mixed month for the quantitative investment strategy (QIS) universe. The average composite returned +0.08% MTD, with roughly 48% (20 of 42) strategies posting gains. Dispersion widened meaningfully — ...
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4 min read

The Center Book: The Quiet Heart of Multi-Manager Hedge Funds

In the world of multi-manager hedge funds, the Center Book doesn’t often make headlines — but it quietly shapes everything that happens underneath. While portfolio managers (pods) focus on generating alpha within tight risk budgets, the ...
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5 min read

When the Prop Trader Meets the Pod Shop: The Great Quant Convergence

The most consequential shift in quantitative finance isn't happening in a conference room or research lab — it's occurring in the strategic repositioning of capital itself. High-frequency proprietary trading firms and large quantitative ...
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6 min read

Life Settlements as an Investment Asset Class

Life settlements—the purchase of life insurance policies from original holders—have gained traction as a niche alternative asset class offering actuarially driven returns and structural diversification. Institutional investors, including ...
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7 min read

Sparsity in Porfolio Construction: Doing More with Less

In portfolio management, sparsity means selectivity — focusing capital on a limited number of assets instead of spreading it across hundreds of small allocations. The Intuitive Idea A sparse portfolio holds meaningful positions in a few ...
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4 min read

Hedge Fund Alpha in a Shifting World: Asia, Europe, and the Next Wave of Thematic Bets

In 2025, hedge funds are no longer confined to chasing short-term volatility or crowded U.S. mega-cap trades. Instead, the search for alpha is shifting toward structural transformations across geographies and sectors. Asia, particularly ...
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7 min read

Evaluating Hedge Funds in a Crowded Market: How Allocators Can Separate Durable Alpha from Disappearing Edge

Hedge funds are more plentiful than ever, but true alpha has never been scarcer. Crowding, high cash yields, and performance dispersion make today’s environment particularly unforgiving for allocators. For CIOs and family offices, the ...
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5 min read
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