Insights

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 ...

The hedge fund business still looks concentrated from the outside. Flows are skewed to large platforms. Capacity is tight in some of the best-performing segments. Bigger firms keep getting bigger. Under the surface, the operating model is ...

This note builds on our earlier post, Why EM Macro has Outperformed in 2025. That piece argued that EM macro was the right place to take risk in 2025: the dollar had stopped being an automatic headwind, EM real yields were high, balance ...

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 ...

The Iran conflict is a macro stress test, not just an energy headline. Brent trading back above $100. Hormuz disruption impeding a critical corridor for global crude. Rate-cut expectations scaled back. The IMF flagging that stocks and ...

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 ...

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 ...