Value of Adding Liquid Alternatives to a Traditional Portfolio of Stocks and Bonds – the Case of Trend-Followers

In the past decade, traditional long-only portfolios — typically composed of equities and government bonds — have provided reliable diversification benefits due to the generally negative correlation between stocks and bonds. However, since ...
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5 min read

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How Hedge Funds Are Really Using Generative AI — And Why It Matters for Manager Selection

The hype around generative AI (GenAI) in financial services is loud—but for hedge fund allocators and due diligence professionals, the signal is what matters. But for these professionals, it’s critical to understand not just whether a ...
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12 min read

The Systematic Credit Gap: Why This Frontier Remains Underexplored

Systematic investing has profoundly reshaped equity and futures markets. From high-frequency trading to long-horizon factor investing, quant models have established themselves as foundational. Yet in corporate credit – a multi-trillion ...
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6 min read

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Public-Private Convergence: What Investors Need to Know

For decades, the public and private markets were distinct arenas. Public markets were all about liquidity, transparency, and daily pricing. Private markets offered access to longer-term, illiquid opportunities in exchange for potentially ...
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5 min read

Beyond the Mean: Rethinking Diversification in the Regime Shift Era

The Limits of Traditional Diversification For decades, investment portfolios have leaned heavily on the 60/40 equity-bond model, grounded in the assumption that these asset classes offset each other. That model came under serious strain in ...
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6 min read

Bridging the Gap: Comparing Public and Private Market Investment Performance

In today's investment landscape, the lines between public and private markets are becoming less defined. As companies and investment vehicles move more freely between these two realms, it's critical for investors to have reliable methods ...
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5 min read

Hedge Funds, Repos, and the Hidden Plumbing of Leverage

You’ve probably come across headlines like “Fed Eyes Hedge Fund Leverage” or “Regulators Target Repo Market Risks.” These stories point to a broader question: What exactly are hedge funds doing with repurchase agreements (repos), and why ...
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7 min read

Portable Alpha: A Hard Look Under the Hood

Not so long ago, we wrote a piece explaining Portable Alpha and how attractive it can seem: you take a solid alpha source (hedge fund, alternative strategy, etc.) and “port” it onto a cheap beta exposure (futures on equities, bonds, or ...
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5 min read

Structured Credit: Why SRT and CLO Are Different Games

In our previous blog post, we introduced Credit Risk Transfer (CRT) transactions, also known as Significant Risk Transfer (SRT) transactions. Both terms—CRT and SRT—are often used interchangeably within the financial industry, so for ...
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4 min read

Putting a Price on Flexibility: Reassessing Hedge Fund Lockups

When investors commit to a hedge fund with an extended lockup, it might seem like a small price to pay in pursuit of exceptional returns. After all, strong managers often say, “Trust us; we need the time and stability to execute our ...
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4 min read