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
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
Swap Spread Arbitrage, and the Quiet Reason It Keeps Coming Back
Swap spread arbitrage is not the basis trade. They get lumped together in every discussion of hedge fund leverage in Treasuries. They shouldn't be. Different bets, different risks, different reasons for existing. The numbers, from the ...
5 min read
The Metric Every Pitch Deck Gets Backwards
A manager triples assets in three years and every IC memo calls it validation. Bigger book, more institutional interest, stronger franchise. Almost nobody in the room asks the only question that actually matters: at what size does this ...
5 min read
Crowding Isn't One Trade. March Proved It.
It's the first week of July, and the book is still working through the sharpest momentum unwind since 2023 — two weeks of losses that gave back roughly a quarter of the year's gains, per Goldman's prime brokerage desk. It's the fifth time ...
6 min read