Sizing Macro in Institutional Portfolios: What Problem Are You Solving?

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 ...
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14 min read

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Underwriting Event-Driven: Four Buckets, Failure Modes, and What to Monitor

Over the past 15 years, roughly two-thirds of the average event-driven fund's return is explained by equity beta, credit, and commodity factor exposure. Only about a third is alpha that cannot be attributed to systematic risk premia. That ...
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17 min read

The Multi-Manager Pass-Through Audit: How to Underwrite the Real Fee Load

In a full pass-through multi-strat, the average LP keeps $0.41 of every dollar of gross return. The rest goes to expenses and fees. That number — which has circulated in Barclays and BNP Paribas survey work — is not the worst-case ...
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10 min read

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Cash–Futures Basis, Repo Leverage, and Margin: An Allocator's Guide to the Treasury Basis Trade

In April 2020, the Federal Reserve injected $1.6 trillion into Treasury markets in a matter of weeks. The proximate cause wasn't a credit crisis or a bank run. It was a leveraged carry trade unwinding faster than the plumbing could handle. ...
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8 min read

The Premium Income Mistake: Why "Equity Premium Income" Isn't the Income You Think It Is

A family office CIO shared a real-life story with me recently. His principal—a retired tech executive—was furious. The "high-income equity strategy" they'd allocated $3M to in early 2024 had just lagged the S&P 500 by 22 percentage ...
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10 min read

Quant Hedge Funds in 2026: A Due Diligence Framework by Strategy Type

“Quant” is not a strategy. It’s a production method. That distinction matters because allocator outcomes diverge based on what kind of quant you own. A trend fund can be operationally simple and still blow up from leverage and execution. A ...
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10 min read

Underwriting Backtests in Systematic Investing: How to Separate Evidence from Noise

Systematic investing is in oversupply. Equity statistical arbitrage managers can run thousands of signals across hundreds of stocks. Macro quant teams can test dozens of model variants across rates, FX, commodities, and futures curves. The ...
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6 min read

Prediction Markets: The New “Implied Probability” Curve (and What Allocators Should Do With It)

Prediction markets are no longer a niche pastime. They are becoming a scalable market structure for pricing discrete outcomes—elections, policy decisions, macro prints, and corporate events—using exchange-style contracts. Two forces make ...
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7 min read

Apples-to-Apples: Assessing Evergreen Hedge Funds vs. Closed-End Private Funds

Allocators routinely compare hedge fund track records against private fund IRRs. That’s a category error. Evergreen vehicles report time-weighted returns (TWR); closed-end programs are cash-flow engines best judged by money-weighted return ...
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6 min read

Designing Failure-Tolerant Hedge Fund Programs: Preparing for Blow-Ups, Gates and Forced Deleveraging

Hedge funds are now core to institutional portfolios, not tactical side bets. Industry assets are approaching USD 5 trillion, with record inflows from institutions in 2024–25 and capital concentrating in a small group of large platforms. ...
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11 min read
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