Insights

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 ...

Short-dated cash is no longer a rounding error. The right question is not "what is the standard hedge fund benchmark?" — there isn't one. The right question is: what role does this sleeve play in the portfolio, and what hurdle proves it is ...

A 1% macro allocation cannot hedge a portfolio. It can decorate one. Yet that is approximately where most institutional macro sleeves sit — large enough to appear on the asset allocation chart, too small to change outcomes in the scenarios ...

The Iran conflict is a macro stress test, not just an energy headline. Brent trading back above $100. Hormuz disruption impeding a critical corridor for global crude. Rate-cut expectations scaled back. The IMF flagging that stocks and ...

Over the past 15 years, roughly two-thirds of the average event-driven fund's return is explained by equity beta, credit, and commodity factor exposure. Only about a third is alpha that cannot be attributed to systematic risk premia. That ...

In a full pass-through multi-strat, the average LP keeps $0.41 of every dollar of gross return. The rest goes to expenses and fees. That number — which has circulated in Barclays and BNP Paribas survey work — is not the worst-case ...

Japan’s opportunity today isn’t “cheap stocks in a slow economy.” It’s the combination of too much idle capital and a regulatory/exchange agenda that keeps forcing the capital-allocation conversation onto the board agenda. That matters for ...

February marked a clear change in tone versus January’s optimistic start: risk appetite became more selective, volatility rose, and markets increasingly traded a “macro + AI narrative” rather than a simple earnings impulse. For systematic ...

In April 2020, the Federal Reserve injected $1.6 trillion into Treasury markets in a matter of weeks. The proximate cause wasn't a credit crisis or a bank run. It was a leveraged carry trade unwinding faster than the plumbing could handle. ...