Insights

As discussed in our previous blog post, dispersion trading is a correlation trade built with options: typically sell index vol, buy single-stock vol (short correlation), or the reverse (long correlation). Depending on sizing, it can be net ...

Institutional investors and family office CIOs know that not all “absolute-return” vehicles are created equal. Hedge funds, UCITS liquid alternatives, and bank-provided QIS products can all deliver alternative strategies – but each comes ...

Liquidity is often thought of as simply “liquid” or “illiquid,” but in reality it exists along a continuum. It represents how quickly and reliably an asset can be converted to cash without significant loss in value. At one extreme, cash ...

Position sizing and sell discipline rarely get the same airtime as asset allocation or manager selection, yet they influence long-term portfolio outcomes just as much. In many investment processes, these decisions sit in a grey area—left ...

The “Magnificent 7” era of hedge-fund positioning peaked in mid-2024, when Apple, Microsoft, Amazon, Alphabet, Meta, Nvidia and Tesla together sat inside almost every long/short portfolio. By June that year prime-broker crowding indices ...

For two decades “quant” and “discretionary” sat in different chapters of the hedge-fund playbook. Yet in the wake of crowded factor premia, shrinking bid-ask spreads, and a brutal war for talent, the sharpest electronic-trading firms are ...

Portfolio rebalancing is one of the most consistently overlooked drivers of long-term portfolio resilience. While asset allocation gets the strategic spotlight, it’s rebalancing that ensures portfolios stay aligned with their intended risk ...

Insurance‑Linked Securities (ILS) let capital‑markets investors shoulder insurance risk — most visibly through catastrophe (“cat”) bonds. In a cat bond, investors collect a floating coupon until a contractually defined disaster (for ...

The most sophisticated trading firms in the world built their reputations on precision, discipline, and managing risk down to the millisecond. So when India's securities regulator freezes over half a billion dollars and accuses one of ...