Insights

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 — ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...