Insights

The ten-year Treasury touched about 5.3% at the end of September, its highest in nearly twenty years. The number worth your attention isn't the yield, though. It's what sits inside it. Any long yield splits into two parts. There's the ...

September was not a conventional risk-off month. Growth remained resilient, AI-linked earnings held up and the Nasdaq advanced. At the same time, oil moved above $100, sovereign yields rose sharply and the dollar strengthened. For QIS, ...

The tape has been calmer than the news. Rates still unsettled, tariffs unresolved, an equity market leaning hard on a handful of AI names, and yet the S&P has spent long stretches grinding higher in tight ranges with the VIX pinned ...

“You have to own this strategy through the cycle.” Fair enough. Good managers have bad years, and even a sound investment process can disappoint for longer than anyone would like. Selling every time that happens is unlikely to end well. ...

Most sizing decisions use one correlation number per sleeve. It's almost always the wrong one. The figure that ends up in the risk model is a full-sample correlation: the sleeve's co-movement with the rest of the book, measured across its ...

August was constructive for QIS, but it was not a return to an uncomplicated risk-on regime. Equities recovered from July’s dislocation, AI-linked exposures regained momentum and credit spreads remained exceptionally firm. At the same ...

Much of the track record you are shown for a QIS index is simulated. The useful question is not how the simulation performed. It is whether the simulation was measuring the same thing the live index measures. In one rulebook we read, it ...

Most reviews of a systematic convexity sleeve start with the strategies and work outward. That order is wrong. The constraints that decide the outcome nearly all follow from a question about role, and that question usually gets answered ...

In July, an equity unwind ran through crowded technology and AI positions. The funds built to withstand exactly that kind of single-factor hit — diversified multi-strategy books — still lost about 2.2% on average. Asia-Pacific equity ...