Insights

It's the first week of July, and the book is still working through the sharpest momentum unwind since 2023 — two weeks of losses that gave back roughly a quarter of the year's gains, per Goldman's prime brokerage desk. It's the fifth time ...

Someone says "mortgages," someone else says "negative convexity," and the room moves on as if the strategy has been defined. It has not. A prepayment-risk strategy is not simply a rates trade with mortgage jargon around it. It is a trade ...

The hedge fund industry's financing is now concentrated in four prime brokers at leverage multiples not seen since the pre-GFC era. That is the unavoidable conclusion from S&P Global's latest report, published this week: BNP Paribas, ...

Semi-liquid private credit vehicles promised investors the yield of private lending with the flexibility of periodic redemptions — and the first quarter of 2026 demonstrated, with uncomfortable clarity, that this promise has structural ...

Locking up capital used to be enough to earn a spread. That shortcut no longer works. The premium has not vanished. But it has become thinner, less reliable, and much less uniform than allocators often assume. In some areas, too much ...

The drawdown that rattled markets in March — triggered by a sharp escalation in Middle East tensions and rapid repositioning in energy and rates — did something useful. It separated two structures that are routinely grouped under the same ...

Two investors can subscribe to the same hedge fund, on the same headline terms, and still end up paying different effective performance fees. That is not a legal curiosity. It is a portfolio issue — and it deserves more attention than most ...

Short-dated cash is no longer a rounding error. The right question is not "what is the standard hedge fund benchmark?" — there isn't one. The right question is: what role does this sleeve play in the portfolio, and what hurdle proves it is ...

A 1% macro allocation cannot hedge a portfolio. It can decorate one. Yet that is approximately where most institutional macro sleeves sit — large enough to appear on the asset allocation chart, too small to change outcomes in the scenarios ...