Insights

This note complements our earlier article on separating durable alpha from disappearing edge (Evaluating Hedge Funds in a Crowded Market). That piece helped allocators assess managers across styles. Here, we narrow the lens to systematic ...

Capital Structure Arbitrage (CSA) looks for mispricings between a company’s equity and its liabilities (bonds/CDS/loans/convertibles) and then constructs offsetting positions to isolate the relative value. At its core is a simple idea with ...

In 2025, hedge funds are no longer confined to chasing short-term volatility or crowded U.S. mega-cap trades. Instead, the search for alpha is shifting toward structural transformations across geographies and sectors. Asia, particularly ...

The multi-manager hedge fund has become one of the defining architectures in modern investing (e.g., see some of our previous blog posts on the topic The Myth of Talent in Multi-PM Platforms: Unraveling the True Drivers of Alpha ...

Gold didn’t just work in 2025 — it led. Prices set repeated records and, by early September, hovered near fresh highs. Big-name allocators openly framed bullion as protection against twin risks: sticky deficits and policy shocks. Marquee ...

July looked calm on the surface, but strange beneath it. While index levels stayed steady, the return profile flipped: lower-quality, heavily-shorted stocks surged, while defensive factors that anchor many stat-arb and equity ...

As discussed in our previous blog post, dispersion trading is a correlation trade built with options: typically sell index vol, buy single-stock vol (short correlation), or the reverse (long correlation). Depending on sizing, it can be net ...

The “Magnificent 7” era of hedge-fund positioning peaked in mid-2024, when Apple, Microsoft, Amazon, Alphabet, Meta, Nvidia and Tesla together sat inside almost every long/short portfolio. By June that year prime-broker crowding indices ...

For two decades “quant” and “discretionary” sat in different chapters of the hedge-fund playbook. Yet in the wake of crowded factor premia, shrinking bid-ask spreads, and a brutal war for talent, the sharpest electronic-trading firms are ...