Beyond the Mean: Rethinking Diversification in the Regime Shift Era

The Limits of Traditional Diversification For decades, investment portfolios have leaned heavily on the 60/40 equity-bond model, grounded in the assumption that these asset classes offset each other. That model came under serious strain in ...
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6 min read

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Monthly QIS Review - March 2025

Executive Summary March 2025 was marked by meaningful dispersion across quantitative investment strategies (QIS), driven by regionally divergent equity market dynamics, a weakening U.S. dollar, rising interest rate volatility, and a ...
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5 min read

Bridging the Gap: Comparing Public and Private Market Investment Performance

In today's investment landscape, the lines between public and private markets are becoming less defined. As companies and investment vehicles move more freely between these two realms, it's critical for investors to have reliable methods ...
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5 min read

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Hedge Funds, Repos, and the Hidden Plumbing of Leverage

You’ve probably come across headlines like “Fed Eyes Hedge Fund Leverage” or “Regulators Target Repo Market Risks.” These stories point to a broader question: What exactly are hedge funds doing with repurchase agreements (repos), and why ...
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7 min read

Portable Alpha: A Hard Look Under the Hood

Not so long ago, we wrote a piece explaining Portable Alpha and how attractive it can seem: you take a solid alpha source (hedge fund, alternative strategy, etc.) and “port” it onto a cheap beta exposure (futures on equities, bonds, or ...
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5 min read

Structured Credit: Why SRT and CLO Are Different Games

In our previous blog post, we introduced Credit Risk Transfer (CRT) transactions, also known as Significant Risk Transfer (SRT) transactions. Both terms—CRT and SRT—are often used interchangeably within the financial industry, so for ...
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4 min read

Putting a Price on Flexibility: Reassessing Hedge Fund Lockups

When investors commit to a hedge fund with an extended lockup, it might seem like a small price to pay in pursuit of exceptional returns. After all, strong managers often say, “Trust us; we need the time and stability to execute our ...
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4 min read

How Index Arbitrage Taps Into the Heart of Modern Markets

Index arbitrage is one of those market strategies that operate in the background, quietly profiting from market mechanics that many investors barely notice. Yet, for those who understand it, it’s a powerful way to capitalize on predictable ...
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4 min read

The Evolution of Hedge Fund Investing: Have We Reached the Peak?

The landscape of hedge fund investing has undergone a profound transformation over the past two decades. What began as a relatively straightforward fund-of-funds model has evolved through separately managed accounts (SMAs) and now into ...
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6 min read

Implementing MVO: How Investment Committees Turn Theory into Practice

In our previous post, Strategic Asset Allocation: 6 Practical Frameworks for Better Decisions, we explored different methodologies that guide long-term asset allocation. While each approach has its merits, the reality is that most ...
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10 min read
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