Insights

Liquidity is often thought of as simply “liquid” or “illiquid,” but in reality it exists along a continuum. It represents how quickly and reliably an asset can be converted to cash without significant loss in value. At one extreme, cash ...

Position sizing and sell discipline rarely get the same airtime as asset allocation or manager selection, yet they influence long-term portfolio outcomes just as much. In many investment processes, these decisions sit in a grey area—left ...

Portfolio rebalancing is one of the most consistently overlooked drivers of long-term portfolio resilience. While asset allocation gets the strategic spotlight, it’s rebalancing that ensures portfolios stay aligned with their intended risk ...

Severe market shocks—the far-left tails of the return distribution—threaten not only short-term performance but the long-run compounding of institutional portfolios. Traditionally, allocators treated tail-risk protection as a grudging cost ...

In 2025, Environmental, Social, and Governance (ESG) criteria have vaulted from niche concern to mainstream portfolio driver. Global ESG assets are on track to exceed $50 trillion by 2025 – more than one-third of total managed assets. Over ...

Convertible-bond arbitrage—once a star strategy in the early 2000s—is suddenly everywhere again. Over the past few months my inbox has filled with meeting requests from convert-arb specialists, and their desks are once more the busiest ...

In an industry where noise often masquerades as insight, one of the most persistent illusions has been that all positive returns are created equal. For too long, portfolios have been judged on nominal performance, as if riding the tide of ...

In our previous post on predictability of hedge fund performance, we explored whether hedge fund performance can be predicted—and which factors actually matter. This follow-up dives into one such driver: fund size. Investors often face a ...

Private credit has exploded into a $1+ trillion asset class and become a mainstream fixture in institutional portfolios. After years of growth fueled by easy credit and low interest rates, the market is now entering its first significant ...