Insights

March 2026 delivered one of the worst monthly returns for equity dispersion strategies in over a decade — with a JPMorgan index tracking the trade down 4.9%, driven by a geopolitical shock that pushed implied correlation sharply higher. ...

Under what conditions can human beings reason together toward better decisions? It is a difficult question — and, for anyone who has sat in an investment committee, a familiar one. Jürgen Habermas spent seven decades asking it. He died on ...

Locking up capital used to be enough to earn a spread. That shortcut no longer works. The premium has not vanished. But it has become thinner, less reliable, and much less uniform than allocators often assume. In some areas, too much ...

The market usually tells you the truth before the fund report does. Different instruments absorb information on different clocks — and the gap between when public proxies reprice and when private NAVs follow is exactly where portfolio risk ...

March delivered a classic energy-shock regime: sharp moves in oil and rates dominated cross-asset behavior, and QIS outcomes largely followed the playbook—trend and convexity held up, while carry, liquidity, and credit risk premia ...

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 ...