Alternative asset classes have varying degrees of tradability and structural liquidity. This article outlines illiquidity considerations as well as the pros and cons of investing in illiquid instruments and long dated trading strategies. Investing opportunity sets in inefficient market cycles...

Selection of a hedge fund (HF) strategy, or strategies, is highly relevant in determining how a HF portfolio will fare under various financial market environments. Equally important, one can easily argue, is the task of implementing the selected strategy mix by choosing among HF managers in each...

Active risk behaves differently from passive risk. Often investors add active managers to their portfolios on an ad-hoc basis. In this paper we define active risk and highlight challenges and benefits of doing so in a structured manner

Investing passively in traditional fixed income exposes investors to low expected returns, has little scope for capital appreciation, comes with significant interest rate risk, forsakes opportunities in unlocking an illiquidity premium, as well as excludes niches in credit investing. Durable...

When it comes to allocating to traditional asset classes mean-variance optimization approach is usually satisfactory. However, naively extending this approach does not work when constructing strategic portfolios using alternative asset classes