Resonanz Capital Insights (2)

When Cash Yields Matter: How Allocators Should Benchmark Hedge Funds

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 ...

8 min read

Sizing Macro in Institutional Portfolios: What Problem Are You Solving?

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 ...

14 min read

QIS Is Not One Thing: A Buyer's Map for When Oil, Inflation, and Correlations Break

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 ...

7 min read

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Underwriting Event-Driven: Four Buckets, Failure Modes, and What to Monitor

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 ...

17 min read

The Multi-Manager Pass-Through Audit: How to Underwrite the Real Fee Load

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 ...

10 min read

Trapped Capital, Real Catalysts: Why Japan Sets Up Well for Activists and Event-Driven in 2026

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 ...

9 min read

Monthly QIS Review - February 2026

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 ...

4 min read

Cash–Futures Basis, Repo Leverage, and Margin: An Allocator's Guide to the Treasury Basis Trade

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. ...

8 min read

Synthetic Alpha: 10 Due-Diligence Tests That Expose LLM-Washing in Quant Pitch Decks

A lot of “AI quant” decks in 2026 are marketing decks with extra nouns. The claims sound technical. The evidence is thin. And the slide count goes up every time the Sharpe goes down. The allocator’s job isn’t to decide whether large ...

11 min read

The Premium Income Mistake: Why "Equity Premium Income" Isn't the Income You Think It Is

A family office CIO shared a real-life story with me recently. His principal—a retired tech executive—was furious. The "high-income equity strategy" they'd allocated $3M to in early 2024 had just lagged the S&P 500 by 22 percentage ...

10 min read

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