Dr. Michael Bull appointed as Senior Advisor

We are pleased to announce the appointment of Dr. Michael Bull as Senior Advisor to Resonanz Capital. With over 35 years of experience in global markets, macroeconomics, quantitative strategies, derivatives, and multi-asset portfolio ...
2 min read

Platform vs Boutique: The Rise of “External-PM Leasing”

Two playbooks for hedge-fund alpha Over the past five years multi-strategy “pod shops” have pulled decisively ahead in assets, performance consistency and, critically, their ability to add investment franchises overnight. At the center of ...
7 min read

ESG as a Portfolio Framework, Not an Edge Case

In 2025, Environmental, Social, and Governance (ESG) criteria have vaulted from niche concern to mainstream portfolio driver. Global ESG assets are on track to exceed $50 trillion by 2025 – more than one-third of total managed assets. Over ...
13 min read

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Basis Trade 2.0: the Re-engineered Cash-vs.-Futures Arbitrage Reshaping the U.S. Treasury Market

In March 2020 the “dash-for-cash” blew up what had been a sleepy arbitrage: hedge funds who were long Treasury bonds, short the matching futures and levered 50-to-1 within the strategy via cheap repo suddenly faced margin calls and ...
6 min read

Convertible Arbitrage: The 2023–2025 Comeback

Convertible-bond arbitrage—once a star strategy in the early 2000s—is suddenly everywhere again. Over the past few months my inbox has filled with meeting requests from convert-arb specialists, and their desks are once more the busiest ...
12 min read

Monthly QIS Review - June 2025

Executive Summary June 2025 delivered another quietly positive month for the QIS universe. The average composite advanced ≈ +0.16 % month-to-date, extending Q2’s rebound. Cross-sectional dispersion widened modestly to ~6 percentage points ...
3 min read

Same-Day Options, Same-Day Alpha? Institutional Lessons from 0DTE’s Boom

From weekly curiosities to the default playground Until quite recently, the idea of an option that expired within the same trading day was considered an exotic corner of the derivatives world. But that has changed dramatically. ...
9 min read

Does Hedge Fund Manager Pedigree Really Matter?

In our previous post—Hedge Fund Crystal Ball: Can We Really Predict Future Performance?—we looked at the usual suspects investors reach for when trying to forecast hedge fund returns. One term that kept popping up—and that deserves a ...
5 min read

The Rising Relevance of Risk-Adjusted Returns in Portfolio Construction

In an industry where noise often masquerades as insight, one of the most persistent illusions has been that all positive returns are created equal. For too long, portfolios have been judged on nominal performance, as if riding the tide of ...
10 min read

Beyond the Backtest: Critical Operational Questions for QIS Allocators

Bank-sponsored Quantitative Investment Strategies (QIS) are increasingly prominent in institutional portfolios. Whether designed to capture style premia, replicate hedge fund strategies within UCITS structures, or offer tailored overlays, ...
4 min read
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