Evaluating Hedge Funds in a Crowded Market: How Allocators Can Separate Durable Alpha from Disappearing Edge

Hedge funds are more plentiful than ever, but true alpha has never been scarcer. Crowding, high cash yields, and performance dispersion make today’s environment particularly unforgiving for allocators. For CIOs and family offices, the ...
5 min read

The Path to Redemption: Rethinking Decisions When Good Managers Fail To Perform

Every allocator knows the experience. A hedge fund manager with a stellar track record suddenly falters. Performance dips, peers outperform, and questions surface in the Investment Committee. Do you stay patient and give the manager room ...
6 min read

Total Portfolio Approach: A Holistic Framework for Modern Asset Allocation

Strategic Asset Allocation (SAA), epitomized by the classic 60/40 portfolio, worked for decades under stable conditions. But 2022’s equity–bond sell-off showed how fragile static mixes have become as correlations shift. Old assumptions, ...
13 min read

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The Total Cost of Alternatives: A Fee & Terms Budgeting Framework for Absolute-Return Allocations

Institutional investors and family office CIOs know that not all “absolute-return” vehicles are created equal. Hedge funds, UCITS liquid alternatives, and bank-provided QIS products can all deliver alternative strategies – but each comes ...
12 min read

Liquidity Isn’t Cash: Building a Portfolio Liquidity Budget

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 ...
5 min read

Position Sizing & Sell Discipline: A Modern Allocator’s Framework

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 ...
11 min read

The Art and Science of Portfolio Rebalancing: A Timeless Framework for All Market Environments

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 ...
10 min read

Strategic Tail-Risk Hedging: Building Antifragility into Institutional Portfolios

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 ...
8 min read

ESG as a Portfolio Framework, Not an Edge Case

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 ...
13 min read

Convertible Arbitrage: The 2023–2025 Comeback

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 ...
12 min read
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