Define the Risk Path First
Before any instrument is selected, we define exactly what we are protecting against. The risk path determines the solution. Not the other way around.
Investment Solutions
Defensive overlays and bespoke portfolios.
Resonanz Capital designs and manages bespoke portfolio solutions — combining defensive overlays, QIS-based risk management, and disciplined implementation for wealth managers, family offices, and institutional investors who need a programme they can govern and explain.
Most portfolios are not well-hedged. They are simply not yet stressed.
How do we protect the portfolio against both sudden shocks and slow, grinding drawdowns — without permanently sacrificing return?
How do we implement a hedging programme that holds up in front of an investment committee?
How do we deploy QIS systematically, with the governance and process clarity our institution requires?
Two distinct risk profiles. Two distinct solutions.
Not all portfolio risk looks the same. Sudden dislocations require convexity structures that respond immediately. Persistent drawdowns require dynamic, directionally-responsive strategies. We map which risk path applies, then design implementation accordingly.
- Convexity structures for event and tail risk protection
- Trend-following and systematic overlays for drawdown resilience
- Combined frameworks for portfolios exposed to both risk types simultaneously
QIS as infrastructure for disciplined risk management.
Quantitative Investment Strategies (QIS) offers rules-based logic, transparent documentation, and repeatable behaviour across market cycles. We source, structure, and manage exposures across multiple providers — designed to behave predictably when the portfolio needs it most.
- Open-architecture QIS selection across multiple providers — not a single-bank wrapper
- Transparent strategy logic, documented to investment committee standard
- Scalable capacity with daily liquidity and defined execution protocols
A hedge that cannot be executed when it matters is not a hedge.
A hedge that cannot be acted upon in stress is a contingency plan with no trigger. We build solutions with pre-agreed monetisation frameworks, clear governance, and operational readiness — so the response is already defined when it matters most.
- Pre-agreed monetisation and rebalancing protocols embedded in every programme
- Attribution by source of risk and return, not headline performance alone
- Reporting structured for investment committee review from day one
Read our thinking
What the Hedge Leaves Behind
Market-neutral is not a binary property. It is a direction of travel — and one that most strategies never fully reach. The residual exposures that survive each layer of neutralisation are not rounding errors. In a concentrated equity ...
8 min read
QIS in April: Carry Leads, Hedges Pay Their Premium, FX Stays Fragile
The defining dynamic in April's QIS tape was not the market rally — it was what the rally revealed about return premia structure. Carry came back broadly. Convex hedges gave back, as they should in a genuine risk-on month. And FX once ...
3 min read
Four Banks, Eight Times Leverage: What the S&P Warning Means for Hedge Fund Counterparty Risk
The hedge fund industry's financing is now concentrated in four prime brokers at leverage multiples not seen since the pre-GFC era. That is the unavoidable conclusion from S&P Global's latest report, published this week: BNP Paribas, ...
7 min read