Insights

It's the first week of July, and the book is still working through the sharpest momentum unwind since 2023 — two weeks of losses that gave back roughly a quarter of the year's gains, per Goldman's prime brokerage desk. It's the fifth time ...

June was a modest month on average but a cleanly split one underneath, and the reason was that two of the year's supporting premia were pulled away in the same four weeks. The Middle East war premium that had carried energy and gold ...

Let me start with an admission. The technology now reorganising my industry crossed my radar late. Not in 2017, when the foundational research was published. Not in 2020, when the first genuinely capable model appeared. It was late 2022, ...

Most multi-strategy QIS portfolios are less diversified than they look. The strategies are there — sometimes more than sixty of them. What's missing is the right weights for the regime the market is actually in. A static allocation doesn't ...

The ECB's November 2025 Financial Stability Review proposes new leverage limits on UCITS hedge funds. The analytical framework it uses to justify them conflates fundamentally different types of risk. With the European Commission's UCITS ...

May's QIS tape had a simple message, but it took three weeks to deliver it. Markets moved through a clean sequence: an AI-led equity rally early in the month, a sharp mid-month repricing in rates and inflation expectations, then a late ...

Momentum has not stopped working. What has changed is what happens when it starts to unwind. The strategy’s tail risk is now endogenous to the size of the systematic complex that runs it — and most portfolios are still priced on a ...

Someone says "mortgages," someone else says "negative convexity," and the room moves on as if the strategy has been defined. It has not. A prepayment-risk strategy is not simply a rates trade with mortgage jargon around it. It is a trade ...

Quant equity market-neutral is the strategy everyone is adding to right now. Before you size up, there is one trade-off the track record won't show you. Market-neutral is not a binary property. It is a direction of travel — and one that ...