Which Risks Need Lockups? Price Discovery, Proxy Hedges, and Wrapper Alpha

The market usually tells you the truth before the fund report does. Different instruments absorb information on different clocks — and the gap between when public proxies reprice and when private NAVs follow is exactly where portfolio risk ...
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10 min read

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Monthly QIS Review - March 2026

March delivered a classic energy-shock regime: sharp moves in oil and rates dominated cross-asset behavior, and QIS outcomes largely followed the playbook—trend and convexity held up, while carry, liquidity, and credit risk premia ...
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5 min read

Systematic Multi-Strategy vs. Discretionary Pod Platforms: Different Engines, Different Risk

The drawdown that rattled markets in March — triggered by a sharp escalation in Middle East tensions and rapid repositioning in energy and rates — did something useful. It separated two structures that are routinely grouped under the same ...
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8 min read

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Performance Fee Fairness: What Hedge Fund LPs Actually Pay

Two investors can subscribe to the same hedge fund, on the same headline terms, and still end up paying different effective performance fees. That is not a legal curiosity. It is a portfolio issue — and it deserves more attention than most ...
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8 min read

The Unbundled Hedge Fund: Why SMAs Are Changing Who Gets Funded

The hedge fund business still looks concentrated from the outside. Flows are skewed to large platforms. Capacity is tight in some of the best-performing segments. Bigger firms keep getting bigger. Under the surface, the operating model is ...
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8 min read

Emerging Markets Beyond Macro: Why the Opportunity Set Now Extends to Equity Long/Short and other hedge fund strategies

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 ...
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12 min read

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 ...
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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 ...
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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 ...
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7 min read

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 ...
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17 min read
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