Alternative Fund Insight

Get 360-degree insights and agenda-setting research into hedge funds and multi-strategy with AFI membership. Use the code PODCAST10 for a 10% discount on AFI Intelligence (first year, new subscribers only). Group discounts available for corporates: https://alternativefundinsight.com/membership-options/ Ask Will or email commercial@alternativefundinsight.com for more details!Doc Horn, hedge fund industry veteran and head of the $7bn Total Return equities unit at Pictet Asset Management, joins episode 33 of the AFI podcast. He discusses the outlook in equity strategies, allocator trends and how Pictet stands out with a different approach in the multi-strategy segment. Its main product marked 20 years in business last year. See show notes.Discover the 25 most influential global hedge fund allocators: https://alternativefundinsight.com/power25-hedge-fund-allocator-ranking-2024/You can subscribe to the AFI podcast on iTunes, Apple Podcasts, Spotify or any other podcast app. All feedback welcome! If you enjoyed this or other episodes please subscribe, leave a rating and review.Contact Will: will@alternativefundinsight.com Visit the AFI website: www.alternativefundinsight.com.Follow the latest developments via our LinkedIn page: www.linkedin.com/company/alternative-fund-insightSign up to free AFI bulletins: https://alternativefundinsight.com/newsletter-sign-up/Get a free weekly multi-strategy update: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7287811820046696448Release date: 26 February 2025 (recorded on 28 January 2025)2:00 - Introduction to Doc Horn's role as head of the $7bn Total Return equities business at Pictet Asset Management. Focused on low-net relative value opportunities for almost 20 years.4:00 - Pictet's flagship is the multi-strategy fund which marked 20-year anniversary last year.5:30 - Common DNA running through the TR equities unit. Multi-strategy fund serves as proving ground for a range of strategies.7:00 - Reviewing key hedge fund performance trends in 2024.9:15 - Key performance drivers in 2025.11:00 - Event-driven opportunities.15:00 - How best to profit against the macro volatility backdrop in the age of Trump?18:45 - Interest from private wealth channels in hedge.20:00 - How does Pictet differentiate itself in the competitive multi-strategy market.23:30 - What about the talent side of multi-strat?27:00 - Pictet's model and appeal to traders and allocators. *Not investment advice. Past performance is no guarantee of future returns*

Political turbulence and macroeconomic volatility make it a great environment for active fixed-income investors, says Mark Dowding, CIO of RBC BlueBay's $130bn fixed-income unit. Joining episode 32 of the AFI podcast, Dowding explains why relative value investing is well suited to the volatility and dissects the implications of Trump's second term for markets and macroeconomics.It is a fascinating insight into his trading approach, particularly how political research informs his trades, and outlook across different asset classes in 2025, more than three decades after he started his career in 1993. See topics and listen links below.See show notes and bios below.Discover the 25 most influential global hedge fund allocators: https://alternativefundinsight.com/power25-hedge-fund-allocator-ranking-2024/You can subscribe to the AFI podcast on iTunes, Apple Podcasts, Spotify or any other podcast app. All feedback welcome! If you enjoyed this or other episodes please subscribe, leave a rating and review.Contact Will: will@alternativefundinsight.com Visit the AFI website: www.alternativefundinsight.com.Follow the latest developments via our LinkedIn page: www.linkedin.com/company/alternative-fund-insightSign up to free AFI bulletins: https://alternativefundinsight.com/newsletter-sign-up/Get a 360-degree insights and research into hedge funds and multi-strategy with AFI membership. Group discounts available for corporates: https://alternativefundinsight.com/membership-options/ Ask Will or email commercial@alternativefundinsight.com for more details.Release date: 5 February 2025 (recorded on 23 January 2025)1:45 - Introduction to Dowding's role as CIO at $130bn fixed-income unit. Global macro background, started career in 1993.3:48 - MD's big-picture view, starting with strength of US economy. Fed rates on hold for time being. Views on inflation, dollar. FX creating more opportunity than rates.7:46 - Trump volatility leading to opportunity. Maradona analogy.10:12 - Do investors now understand Trump behaviour more now, which will help trading decisions.11:50 - Thoughts on tariff agenda and possible inflationary impact. FX changes bearing brunt.15:37 - How political meetings inform the approach. His certainty from US visits prior to election that Trump would win.19:40 - Thoughts on Europe and UK. 26:54 - Relative value opportunities increasing amid the volatility. Thoughts on Japan.29:00 - Thoughts on asset allocation trends.33:50 - Thoughts on multi-strategy fees.36:50 - Alpha on offer from active fixed-income. Passive approaches leaving alpha on the table.*Not investment advice. Past performance is no guarantee of future returns*

In a special episode recorded at the start of 2025, AFI founder and podcast host Will Wainewright is joined by Richard Quigley and Jon Caplis, industry leaders from Goldman Sachs Asset Management and PivotalPath, to review hedge fund performance and look ahead to key trends in asset allocation, launches and other key areas which will shape 2025. See show notes and bios below.Discover the 25 most influential global hedge fund allocators: https://alternativefundinsight.com/power25-hedge-fund-allocator-ranking-2024/You can subscribe to the AFI podcast on iTunes, Apple Podcasts, Spotify or any other podcast app. All feedback welcome! If you enjoyed this or other episodes please subscribe, leave a rating and review.Contact Will: will@alternativefundinsight.com Visit the AFI website: www.alternativefundinsight.com.Follow the latest developments via our LinkedIn page: www.linkedin.com/company/alternative-fund-insightSign up to free AFI bulletins: https://alternativefundinsight.com/newsletter-sign-up/Get a 360-degree insights and research into hedge funds and multi-strategy with AFI membership. Group discounts available for corporates: https://alternativefundinsight.com/membership-options/Release date: 23 January 2025 (recorded on 15 January 2025)2:43 - RQ's positive longer-term view on hedge fund performance.5:08 - JC's overview of hedge fund performance in 2024.9:47 - JC on strong "high-quality" launch environment.12:41 - RQ says GSAM continues to be very active in launch market, "exciting" outlook particularly in last year or two.16:40 - RQ on renaissance in managed account use.18:07 - RQ on multi-manager dominance and its implications.20:32 - JC on multi-PMs' huge influence now, impact on so many industry trends.23:38 - RQ on asset allocation trends, sentiment26:10 - More value now attached to liquidity, says JC.27:14 - RQ warnings on capacity, complexity and fees.29:00 - JC on importance of accurate benchmarking.33:35 - RQ agrees, points out the difference between returns is alpha, an incredibly important dimension.34:42 - Customisation trend makes it even more crucial to get benchmarking right, says JC.35:43 - 2025 key trends. RQ says higher flows.37:48 - JC sees consolidation ahead in 2025.BIOs:Richard Quigley is global head leading the hedge fund client business at Goldman Sachs Asset Management, responsible for all business dimensions of its $27bn hedge fund strategies platform. He is also co-chair of the Portfolio Construction Investment Committee and lead portfolio manager for its largest strategic partnerships.Jon Caplis is founder and CEO at PivotalPath, responsible for strategy and overseeing all aspects of the firm’s operations. PivotalPath is a leading hedge fund research firm, which provides institutional investors with over $400bn in combined hedge fund investments with valuable insights and necessary tools for informed investment decisions.*Not investment advice. Past performance is no guarantee of future returns*

Discover the 25 most influential global hedge fund allocators: https://alternativefundinsight.com/power25-hedge-fund-allocator-ranking-2024/In episode 6 of the second series of the AFI podcast, host Will Wainewright is joined by Christian Dery, head of macro strategy at CFM, the Paris-based firm - one of the ten largest quantitative hedge fund managers in the world: https://alternativefundinsight.com/power-list-quant-hedge-fund-top-10-in-2024/You can subscribe to the AFI podcast on iTunes, Apple Podcasts, Spotify or any other podcast app. All feedback welcome! If you enjoyed this or other episodes please subscribe, leave a rating and review.Contact Will: will@alternativefundinsight.com Visit the AFI website: www.alternativefundinsight.com.Follow the latest developments via our LinkedIn page: www.linkedin.com/company/alternative-fund-insightRelease date: 19 January 2025 (recorded on 9 January 2025)*No part of this audio constitutes investment advice. Past performance does not guarantee future returns*1:50 - Introduction to CFM and Dery's career background6:20 - How his macro role works with quant engine of firm7:58 - His macro outlook - and why all roads lead to fiscal in 202510:37 - Will the Trump-induced market changes last? Dery discusses the sequencing. The tariffs will be a substitute for tax cuts.18:40 - Importance of following Musk actions - how different does that make it for macro watchers?21:45 - Alternative data a big driver for their firm.24:27 - How tariffs will drive opportunities in different asset classes.29:57 - Will Trump changes lead to an inflation comeback this year?32:07 - Will Musk's DOGE counter the inflationary impact? Could Europe learn from some of tactics in the years ahead?36:04 - What about Argentina's Milei, lessons for Europe?39:50 - Bond investors limiting wiggle room, e.g. in UK?41:26 - Equity market outlook.45:57 - Practical use cases of how the macro feeds CFM trading.

Discover the 25 most influential global hedge fund allocators: https://alternativefundinsight.com/power25-hedge-fund-allocator-ranking-2024/In episode 5 of the second series of the AFI podcast, host Will Wainewright is joined by Sina Toussi, founder and CIO at US event-driven manager Two Seas Capital, which trades on legal and regulatory catalysts. See topics covered in the notes at the bottom of this section.You can subscribe to the AFI podcast on iTunes, Apple Podcasts, Spotify or any other podcast app. All feedback welcome! If you enjoyed this or other episodes please subscribe, leave a rating and review.Contact Will: will@alternativefundinsight.com Visit the AFI website: www.alternativefundinsight.com. More on Two Seas Capital: https://twoseascap.com/Follow the latest developments via our LinkedIn page: www.linkedin.com/company/alternative-fund-insightRelease date: 5 January 2024 (recorded on 9 December 2024)*No part of this audio constitutes investment advice. Past performance does not guarantee future returns*1:49 - Introduction to Two Seas Capital, background on Toussi's career and strategy5:55 - Update on location, AuM, strategy at Two Seas (just passed $1bn)7:28 - Trading priorities for next year (most fertile territory in commercial litigations, esp. biotech sector)12.12 - Breaking down the strategy simply. Example of Esperion Therapeutics.17:25 - How do you handle the uncertainty associated with these cases? 20.50 - How the firm uses FOIAs in its research process.23.46 - Approach in UK.27.13 - Thoughts on Argentina under Milei.31.42 - Impact of Trump's second term.34.19 - Advice on building a firm/to young people entering the industry.

Start by signing up to AFI's FREE weekly intel newsletter: alternativefundinsight.com/newsletter-sign-up/In episode 4 of the second series of the AFI podcast, founder and host Will Wainewright brings you the first "Hedge Fund Explainer" - focused on why 2024 has been the year of the managed account. This trend has been driven by changing LP/GP power dynamics and the increased use of external allocations by multi-manager platforms.You can subscribe to the AFI podcast on iTunes, Apple Podcasts, Spotify or any other podcast app. All feedback welcome! If you enjoyed this or other episodes please subscribe, leave a rating and review.Contact Will: will@alternativefundinsight.com Visit the website: www.alternativefundinsight.comFollow the latest developments via our LinkedIn page: www.linkedin.com/company/alternative-fund-insightRelease date: 28 December 2024 (piece published to AFI members on 20 December 2024: https://alternativefundinsight.com/key-trends-why-2024-is-the-year-of-the-managed-account/)*No part of this audio constitutes investment advice. Past performance does not guarantee future returns*

Start by signing up to AFI's FREE weekly intel newsletter: alternativefundinsight.com/newsletter-sign-up/In episode 3 of the second series of the AFI podcast, host Will Wainewright is joined by Brad Wickens, a veteran emerging markets-focused hedge fund manager and founder of Broad Reach Investment Management, a $2bn firm based in London. See topics covered in the notes at the bottom of this section.Information about the EMPower charity mentioned and supported by Brad: https://empowerweb.org/You can subscribe to the AFI podcast on iTunes, Apple Podcasts, Spotify or any other podcast app. All feedback welcome! If you enjoyed this or other episodes please subscribe, leave a rating and review.Contact Will: will@alternativefundinsight.com Visit the website: www.alternativefundinsight.comFollow the latest developments via our LinkedIn page: www.linkedin.com/company/alternative-fund-insightRelease date: 20 December 2024 (recorded on 12 December 2024)*No part of this audio constitutes investment advice. Past performance does not guarantee future returns*1:47 - Introduction to Wickens’ career and Broad Reach update5:00 - Staff longevity (difference to pod-shop mentality)5:45 - Introduction to strategy - systematic approach to emerging markets (momentum rather than value)8:44 - Changing nature of value investing in EM during his career10:59 - Focus on carry element.13:43 - Global tour. Start with impact of “momentous” US election result.17:34 - Trump term wasn’t as negative for EM as people remember.18:15 - Negative on Mexico?21:13 - Trump = turbulence/volatility, which leads to opportunities?22:16 - Impact of Javier Milei in Argentina25:20 - What has driven strong Broad Reach returns this year?27:27 - Thoughts on Europe/Germany/UK30:00 - Could a Milei approach help? Changing European political structure30:52 - How can UK improve?32:27 - Next areas of innovation34:16 - Charity interests

Start by signing up to AFI's FREE weekly intel newsletter: alternativefundinsight.com/newsletter-sign-up/*In episode 2 of the second series of the AFI podcast, host Will Wainewright is joined by Fabian Chrobog, founder of North Wall Capital, a near-€2bn private credit manager based in London. See topics covered in the notes at the bottom of this section.You can subscribe to the AFI podcast on iTunes, Apple Podcasts, Spotify or any other podcast app. All feedback welcome! If you enjoyed this or other episodes please subscribe, leave a rating and review.Contact Will: will@alternativefundinsight.com Visit the website: www.alternativefundinsight.comFollow the latest developments via our LinkedIn page: www.linkedin.com/company/alternative-fund-insightRelease date: 10 December 2024*No part of this audio constitutes investment advice. Past performance does not guarantee future returns*1:28 - Introduction to Fabian and North Wall3:16 - Evolution into diversified firm4:59 - Impact of higher-for-longer rates outlook. Focus on situational complexity opportunities.9:29 - Focus on asset-backed opportunities.11:36 - Is it ‘next frontier’ in private credit?12:25 - Legal assets strategy14:36 - How do you make decisions on which legal situations to focus on?16:45 - Impact of US election result?18:29 - ESG agenda has taken a battering - implications?20:27 - HQ in London and thoughts on political changes21:46 - Message for the Labour government?22:05 - Continuing focus on European illiquids. More international interest.23:23 - Bubble in private credit?24:50 - Culture and recruitment26:27 - Key priorities for 2025