Insights

Much of the track record you are shown for a QIS index is simulated. The useful question is not how the simulation performed. It is whether the simulation was measuring the same thing the live index measures. In one rulebook we read, it ...

Most reviews of a systematic convexity sleeve start with the strategies and work outward. That order is wrong. The constraints that decide the outcome nearly all follow from a question about role, and that question usually gets answered ...

In July, an equity unwind ran through crowded technology and AI positions. The funds built to withstand exactly that kind of single-factor hit — diversified multi-strategy books — still lost about 2.2% on average. Asia-Pacific equity ...

A semi-liquid wrapper does not make an illiquid asset liquid. It reschedules the illiquidity. Europe spent 2026 building the case for that sentence — rolling ELTIF 2.0 evergreen funds into wealth portfolios at the same moment the US ...

July broke the pattern that had supported QIS through May and June. Carry stopped being the dominant return engine. Convexity finally earned its premium, but only selectively: in rates, not across hedging strategies as a whole. The ...

Swap spread arbitrage is not the basis trade. They get lumped together in every discussion of hedge fund leverage in Treasuries. They shouldn't be. Different bets, different risks, different reasons for existing. The numbers, from the ...

A manager triples assets in three years and every IC memo calls it validation. Bigger book, more institutional interest, stronger franchise. Almost nobody in the room asks the only question that actually matters: at what size does this ...

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 ...