We have introduced the idea that any alpha one thinks that equity hedge funds provide is derived from exposure to the risk premia strategy described in this paper
This year doesn’t look to favour credit strategies, prompting fund managers to look at private credit, which sees them giving up liquidity and duration in order to get higher yield
Just as institutional investors started once again warming up towards commodities after a long period of falling prices, the decision by the US to introduce tariffs on imports of steel and aluminium is threatening to disrupt the investment flow into commodities