Research

  • Niklas Torriani

    Hedge Fund Investment Strategy Update 2019 – Global Macro

    Global Macro: A key question that allocators should be asking is whether they are underweight global macro in their portfolios. If so, is that under-allocation justified given the current stage in the economic cycle and expectations for future market volatility? Niklas Torriani takes an in depth look.
  • Aurum

    Aurum's Quarterly Review - Q1 2019

    The last six months is a stark reminder of how quickly investor sentiment can change from both a risk-off and risk-on perspective. All of the Aurum portfolios made a positive start to the year, returning  between +2.0% and +3.7% in Q1, with the exception of a fund that launched in February 2019. Multi-strategy, equity long/short funds and systematic strategies performed well, while macro performance was mixed.
  • Adam Moir

    Unrestricted share classes: What does it mean to get an IPO allocation?

    2018 was the busiest year, both by number and volume, for initial public offerings (“IPOs”) in the US since 2014. Several of the Aurum funds have unrestricted share classes, which provide eligible investors with an exposure to new issues. In 2018, IPO P&L led to an outperformance of nearly 1% on some of the Aurum funds’ unrestricted share classes, compared to the equivalent restricted classes.
  • Kevin Gundle

    NEdge Funds and the Beta Test of Alpha

    The challenge facing hedge fund investors today is identifying whether the real return that they are seeking is likely to be delivered. Unfortunately, many may be disappointed. When is a hedge fund not a hedge fund? Kevin Gundle discusses funds that may be structured in the same way as hedge funds, but have an investment style that is unlikely to reliably meet investor expectations.
  • Aurum

    Aurum's Quarterly Review - Q4 2018

    In a year that saw a notable shift in sentiment, the final quarter was particularly tumultuous for risk assets across all classes and most geographies. Whilst the Aurum multi-manager portfolios were not completely immune to these market gyrations, all finished the year between -0.03% and +4.3%.
  • Anthony Pratt

    Far from the Manhattan Crowd 2

    Could crowdsourced trading platforms be a research route that is changing the way that some hedge funds look at PR, branding, and their global reach? Could the traditional hedge fund job markets in London and New York begin to lose out to online outsourced workers?
  • Anthony Pratt

    Far from the Manhattan Crowd

    In Far from the Manhattan Crowd, Anthony Pratt looks at crowdsourced trading signal platforms, which hedge funds are using them and the impact they are having. Do technological developments, combined with new social and academic thinking in the world of behavioural economics, have the potential to provide access to previously unavailable opportunities in the hedge fund world to a wider pool of talent?
  • Ana Johnson

    The Quest for the Holy Grail

    Diversification and low correlation are described as the Holy Grail of investing, but what does this really mean for hedge fund selection? Ana Johnson, takes an in-depth look at intra-strategy correlation and the importance of fund selection.
  • Charles Akingbehin

    A second look at first loss platforms

    First loss platforms are designed to facilitate allocation to hedge funds while limiting downside risk. This sounds like a win/win situation, but how, in an increasingly challenging environment for hedge funds, are these platforms able to generate steady returns, with limited, or no, downside? And what are the risks of allocating to them?
  • Aurum

    Aurum’s Quarterly Review – Q3 2018

    The broader hedge fund industry struggled during Q3, with the HFRX Global Hedge Fund Index down 0.4%, bringing its year to date performance to -1.2%. By contrast, all funds managed or advised by Aurum outperformed this index for the third quarter running, with US dollar share classes returning between +0.8% and +2.4% over the quarter and up between 3.0% and 7.3% YTD.
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