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 ...

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 ...

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 ...

March delivered a classic energy-shock regime: sharp moves in oil and rates dominated cross-asset behavior, and QIS outcomes largely followed the playbook—trend and convexity held up, while carry, liquidity, and credit risk premia ...

February marked a clear change in tone versus January’s optimistic start: risk appetite became more selective, volatility rose, and markets increasingly traded a “macro + AI narrative” rather than a simple earnings impulse. For systematic ...

January 2026 was a good reminder of a core truth in systematic investing: headline market strength does not guarantee broad-based performance. Risk assets advanced and sentiment remained constructive, but under the surface the market was ...

December felt like the kind of month that often gets overlooked: low volumes, little drama, and a market that largely chose to end the year without forcing a fight. But for systematic strategies, these “quiet” months can be deceptively ...

After a strong October, November felt like a month where markets simply took a breath. Headline indices didn’t move much, yet under the surface, the rotations were meaningful—and quantitative investment strategies picked up on those shifts ...

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 — ...