Hedging in the Age of Creeping Risk: A CIO’s Masterclass

I’ll admit it: for a long time, I thought hedging was a solved problem. In my head, it was a neat, mostly technical exercise. You identify the portfolio’s unwanted sensitivities—its delta, its skew, its tail risk—then you go to the market ...
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10 min read

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Risk Mitigation with Hedge Funds: An Allocator's Approach -and the Lessons That Endure

Institutions are putting hedge funds back to work as risk tools, not side bets. The signal is clear: BlackRock’s Investment Institute has urged allocators to lift hedge fund weights by up to five percentage points, its largest guidance on ...
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5 min read

Capital Structure Arbitrage: When Equity and Credit Disagree

Capital Structure Arbitrage (CSA) looks for mispricings between a company’s equity and its liabilities (bonds/CDS/loans/convertibles) and then constructs offsetting positions to isolate the relative value. At its core is a simple idea with ...
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8 min read

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Cat Bonds: What Allocators Need to Know Now

Catastrophe bonds (cat bonds) have moved from niche to mainstream allocator tool. Record primary supply in 2025—$10.5bn in Q2 alone and a $54–56bn outstanding market mid-year—reflects insurers’ demand for alternative capital and investors’ ...
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7 min read

Dutch Pensions: What’s Changing and Why Markets Care

The Netherlands is shifting from DB-style promises to DC-style accruals under the Future Pensions Act (Wtp). A sizeable share of assets plans to transition around January 2026, with a follow-up wave likely in January 2027. The shift ...
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4 min read

Monthly QIS Review - October 2025

Executive Summary October proved a mixed month for the quantitative investment strategy (QIS) universe. The average composite returned +0.08% MTD, with roughly 48% (20 of 42) strategies posting gains. Dispersion widened meaningfully — ...
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4 min read

The Center Book: The Quiet Heart of Multi-Manager Hedge Funds

In the world of multi-manager hedge funds, the Center Book doesn’t often make headlines — but it quietly shapes everything that happens underneath. While portfolio managers (pods) focus on generating alpha within tight risk budgets, the ...
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5 min read

When the Prop Trader Meets the Pod Shop: The Great Quant Convergence

The most consequential shift in quantitative finance isn't happening in a conference room or research lab — it's occurring in the strategic repositioning of capital itself. High-frequency proprietary trading firms and large quantitative ...
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6 min read

Life Settlements as an Investment Asset Class

Life settlements—the purchase of life insurance policies from original holders—have gained traction as a niche alternative asset class offering actuarially driven returns and structural diversification. Institutional investors, including ...
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7 min read

Sparsity in Porfolio Construction: Doing More with Less

In portfolio management, sparsity means selectivity — focusing capital on a limited number of assets instead of spreading it across hundreds of small allocations. The Intuitive Idea A sparse portfolio holds meaningful positions in a few ...
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4 min read
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