Insights

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 ...

The defining dynamic in April's QIS tape was not the market rally — it was what the rally revealed about return premia structure. Carry came back broadly. Convex hedges gave back, as they should in a genuine risk-on month. And FX once ...

The hedge fund industry's financing is now concentrated in four prime brokers at leverage multiples not seen since the pre-GFC era. That is the unavoidable conclusion from S&P Global's latest report, published this week: BNP Paribas, ...

Semi-liquid private credit vehicles promised investors the yield of private lending with the flexibility of periodic redemptions — and the first quarter of 2026 demonstrated, with uncomfortable clarity, that this promise has structural ...