Insights

In an industry where noise often masquerades as insight, one of the most persistent illusions has been that all positive returns are created equal. For too long, portfolios have been judged on nominal performance, as if riding the tide of ...

Bank-sponsored Quantitative Investment Strategies (QIS) are increasingly prominent in institutional portfolios. Whether designed to capture style premia, replicate hedge fund strategies within UCITS structures, or offer tailored overlays, ...

Every option price contains an insurance component: the seller demanding payment for the possibility that tomorrow departs radically from today. On average, the cost of that insurance – the implied volatility – trades above whatever ...

In our previous post on predictability of hedge fund performance, we explored whether hedge fund performance can be predicted—and which factors actually matter. This follow-up dives into one such driver: fund size. Investors often face a ...

When institutional investors think about absolute return, they often look to equity-neutral hedge funds, discretionary macro, or systematic CTAs. Yet in the background, a new liquid and differentiated market has quietly become viable: ...

Executive Summary May 2025 proved friendlier to the systematic-strategy universe than the whipsaw seen in April. Aggregate QIS returns finished modestly positive, dispersion compressed to ≈ 5½ percentage points and—crucially—all five major ...

When we published our blog post on how hedge funds are using Generative AI, we argued that the decisive variable was maturity: the winners weren’t the firms with the flashiest demos but the ones that had already woven private LLMs, vector ...

When we evaluate past performance, we’re doing more than flipping through history. We’re trying to answer: how likely is it that this return pattern reflects genuine skill—rather than luck or beta exposure? This is where statistics becomes ...

Private credit has exploded into a $1+ trillion asset class and become a mainstream fixture in institutional portfolios. After years of growth fueled by easy credit and low interest rates, the market is now entering its first significant ...