Resonanz Capital Insights (2)

Monthly QIS Review - May 2025

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 ...

3 min read

AI Use by Hedge Funds Made Tangible - From Lego Bots to Alpha Assistants

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 ...

8 min read

Why Track Records Matter (and What They Actually Tell You)

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 ...

6 min read

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Covenant-Lite to Covenant-Void? Navigating Private Credit Risk

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 ...

14 min read

The Liquidity Barter: How Hedge Fund Secondaries and GP Stakes Are Reshaping Capital Dynamics

Few corners of the alternative investment world illustrate today’s capital pressures as clearly as the surge in hedge fund secondaries (trading of LP fund interests) and GP-stakes transactions (selling ownership stakes in fund management ...

16 min read

What Caused the Style Premia Slump in 2018–2020? A Cautionary Tale

Style premia investing—often called alternative risk premia or ARP — was built on the promise of simple, repeatable strategies that had delivered returns across decades of market history. Instead of picking stocks or timing markets, these ...

8 min read

The Great Alpha Migration: How Passive Investing Redrew the Map

Once upon a time, alpha was everywhere It appeared in small caps, unloved cyclicals, illiquid bonds, or mispriced convertibles. A sharp analyst and a contrarian view could go a long way. Active managers charged premium fees for uncovering ...

7 min read

From T+2 to T-Instant: Why Leading Alternatives Managers Are Putting Their Fund Units On-Chain

Institutional assets are going on-chain at scale. In 2025, the total value of real-world assets (RWAs) recorded on public blockchains is nearing the $20 billion mark. BlackRock’s Ethereum-native tokenized money market fund (ticker: BUIDL) ...

16 min read

The 60/40 Illusion: Rethinking Portfolio Resilience in a Changed World

Few portfolios have defined institutional investing as deeply as the classic 60/40 mix—60% equities, 40% bonds. For decades, it delivered on its promise: solid long-term returns, diversification, and simplicity. It became the go-to ...

10 min read

NAV Lending: Liquidity Tool or Leverage Trap in Private Markets?

In a recent episode of our Private Credit Perspectives podcast mini-series, we explored an increasingly relevant—and often misunderstood—corner of the market, namely Net Asset Value (NAV) lending/financing: NAV Financing: Unlocking Value ...

9 min read

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