Insights

The defining dynamic in April's QIS tape was not the market rally — it was what the rally revealed about return premia structure. Carry came back broadly. Convex hedges gave back, as they should in a genuine risk-on month. And FX once ...

The hedge fund industry's financing is now concentrated in four prime brokers at leverage multiples not seen since the pre-GFC era. That is the unavoidable conclusion from S&P Global's latest report, published this week: BNP Paribas, ...

Semi-liquid private credit vehicles promised investors the yield of private lending with the flexibility of periodic redemptions — and the first quarter of 2026 demonstrated, with uncomfortable clarity, that this promise has structural ...

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 ...