Insights

A large pool of money bought equities through 2026 for a reason that has little to do with company earnings or the economic outlook. Volatility-target funds add exposure when markets are calm, because their instruction is to hold risk ...

In March 2026, several of the large multi-manager platforms lost money together as crowded macro positions came under pressure. In July a similar shock, the unwind of crowded technology positions, ran through the same industry but produced ...

The private-credit spread is real. Whether the illiquidity premium survives smoothed marks, fees and credit losses is a separate question, and for investors who cannot choose their exit date, the answer is less comfortable. Private-credit ...

The ten-year Treasury touched about 5.3% at the end of September, its highest in nearly twenty years. The number worth your attention isn't the yield, though. It's what sits inside it. Any long yield splits into two parts. There's the ...

September was not a conventional risk-off month. Growth remained resilient, AI-linked earnings held up and the Nasdaq advanced. At the same time, oil moved above $100, sovereign yields rose sharply and the dollar strengthened. For QIS, ...

The tape has been calmer than the news. Rates still unsettled, tariffs unresolved, an equity market leaning hard on a handful of AI names, and yet the S&P has spent long stretches grinding higher in tight ranges with the VIX pinned ...

“You have to own this strategy through the cycle.” Fair enough. Good managers have bad years, and even a sound investment process can disappoint for longer than anyone would like. Selling every time that happens is unlikely to end well. ...

Most sizing decisions use one correlation number per sleeve. It's almost always the wrong one. The figure that ends up in the risk model is a full-sample correlation: the sleeve's co-movement with the rest of the book, measured across its ...

August was constructive for QIS, but it was not a return to an uncomplicated risk-on regime. Equities recovered from July’s dislocation, AI-linked exposures regained momentum and credit spreads remained exceptionally firm. At the same ...