Research
Strategies & Research
What Private Debt Actually Returns
Reconstructing the net real return behind the headline yield.
The headline yield on a private debt fund tells you almost nothing about what you will actually earn. This is not an accident of disclosure — it is a structural feature of how the asset class is marketed and how its performance is measured.
The Case for a Written Investment Policy Statement
What institutions have and private investors do not.
Every institutional investor has one. Almost no private investor does. This is not a coincidence — it is a structural disadvantage that shows up in behaviour, in consistency, and eventually in returns.
The Currency Leg You Never Chose
The unhedged dollar bet inside a global index fund.
A European investor holding a global equity index fund has made a large, unhedged bet on the US dollar. Most of them did not intend to. Almost none of them have quantified it.
A Regime Map for Real Rates
Four quadrants, and a portfolio that does not require you to pick one.
Most allocation debates are really disagreements about which macroeconomic quadrant we are currently in. Making that quadrant explicit — and building a portfolio that does not require you to be right about it — is more useful than having the debate.
Quality at a Price Worth Paying
Separating reinvestment compounding from multiple expansion.
Quality has become a crowded factor with an embedded rate bet. Separating genuine reinvestment-driven compounding from multiple expansion requires looking at a different set of numbers than most quality screens produce.
Evergreen Funds: Liquidity Premium or Liquidity Illusion?
What semi-liquid private market structures actually deliver.
Evergreen and semi-liquid private market structures have grown rapidly as managers extend private markets access to a broader investor base. The question is not whether the underlying assets are attractive. It is whether the structure delivers what it promises.