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The objective of liquid alternatives is replicating hedge fund index returns (and to a lesser extent, their risk). The focus is on the root drivers of returns. There are three principal drivers in the context of hedge funds: public market beta, strategy beta, and uncorrelated return (“alpha”). The difference between the three is critical to reproducing the return stream. Photo: Andrea Ventura on Unsplash Public market beta is exposure to traditional assets, including equities

The strategic rationale for an asset class is whether it improves portfolio efficiency (i.e., the ratio of return to risk). The transient nature of expected returns and the measurable benefits of diversification implies that the risk component is more amenable to management. This does not suggest the irrelevance of the new asset class returns. The addition of an asset class to the portfolio must achieve either a similar expected return at lower risk or a higher return at a si

The Pandemic brought unparalleled volatility to financial markets in 2020. A recovery followed a sharp drop in the equity markets that was unprecedented in its speed. A similar outcome occurred in the credit markets with spreads returning to pre-pandemic levels due to the Federal Reserve's quick action. Commodities dropped also as future demand appeared weakened by the Pandemic. Thus, investors are increasingly sensitive to higher volatility and the prospect of low returns on

There are few certainties in the world. The cynic would argue death and taxes, while the optimist would say the sun always rises. Unfortunately, the season turns as our celestial orb rotates around the sun. This journey now brings the northern hemisphere to winter, and with it comes behavior changes. People can no longer luxuriate outside in the warmth of the sun and fresh air. The return of prolonged durations inside means the risk of transmission increases as proximity and