Insights

Two playbooks for hedge-fund alpha Over the past five years multi-strategy “pod shops” have pulled decisively ahead in assets, performance consistency and, critically, their ability to add investment franchises overnight. At the center of ...

In March 2020 the “dash-for-cash” blew up what had been a sleepy arbitrage: hedge funds who were long Treasury bonds, short the matching futures and levered 50-to-1 within the strategy via cheap repo suddenly faced margin calls and ...

From weekly curiosities to the default playground Until quite recently, the idea of an option that expired within the same trading day was considered an exotic corner of the derivatives world. But that has changed dramatically. ...

Every option price contains an insurance component: the seller demanding payment for the possibility that tomorrow departs radically from today. On average, the cost of that insurance – the implied volatility – trades above whatever ...

When institutional investors think about absolute return, they often look to equity-neutral hedge funds, discretionary macro, or systematic CTAs. Yet in the background, a new liquid and differentiated market has quietly become viable: ...

When we published our blog post on how hedge funds are using Generative AI, we argued that the decisive variable was maturity: the winners weren’t the firms with the flashiest demos but the ones that had already woven private LLMs, vector ...

Style premia investing—often called alternative risk premia or ARP — was built on the promise of simple, repeatable strategies that had delivered returns across decades of market history. Instead of picking stocks or timing markets, these ...

In the 2018-2020 period, value stocks lagged, momentum cracked, and several high-profile style-premia funds bled assets. Yet two decades of live evidence show that some of the best-known premia like the momentum, carry, low-risk and ...

In the past decade, traditional long-only portfolios — typically composed of equities and government bonds — have provided reliable diversification benefits due to the generally negative correlation between stocks and bonds. However, since ...