Insights

When institutional investors think about absolute return, they often look to equity-neutral hedge funds, discretionary macro, or systematic CTAs. Yet in the background, a new liquid and differentiated market has quietly become viable: ...

Executive Summary May 2025 proved friendlier to the systematic-strategy universe than the whipsaw seen in April. Aggregate QIS returns finished modestly positive, dispersion compressed to ≈ 5½ percentage points and—crucially—all five major ...

When we published our blog post on how hedge funds are using Generative AI, we argued that the decisive variable was maturity: the winners weren’t the firms with the flashiest demos but the ones that had already woven private LLMs, vector ...

When we evaluate past performance, we’re doing more than flipping through history. We’re trying to answer: how likely is it that this return pattern reflects genuine skill—rather than luck or beta exposure? This is where statistics becomes ...

Private credit has exploded into a $1+ trillion asset class and become a mainstream fixture in institutional portfolios. After years of growth fueled by easy credit and low interest rates, the market is now entering its first significant ...

Few corners of the alternative investment world illustrate today’s capital pressures as clearly as the surge in hedge fund secondaries (trading of LP fund interests) and GP-stakes transactions (selling ownership stakes in fund management ...

Style premia investing—often called alternative risk premia or ARP — was built on the promise of simple, repeatable strategies that had delivered returns across decades of market history. Instead of picking stocks or timing markets, these ...

Once upon a time, alpha was everywhere It appeared in small caps, unloved cyclicals, illiquid bonds, or mispriced convertibles. A sharp analyst and a contrarian view could go a long way. Active managers charged premium fees for uncovering ...

Institutional assets are going on-chain at scale. In 2025, the total value of real-world assets (RWAs) recorded on public blockchains is nearing the $20 billion mark. BlackRock’s Ethereum-native tokenized money market fund (ticker: BUIDL) ...