Absolute Return

Our absolute return strategy combines LP investments with top-tier managers — such as Obsidian, Golub, and MSD — with proprietary trading to target beta-light returns via market-neutral and macro/volatility structures. The mandate monetizes structural risk premia and dealer-flow dislocations, with hedges that cap left-tail risk and optionality that pays in stress regimes.

We deploy a multi-strategy approach, dynamically shifting capital between sub-strategies based on opportunity set richness. During periods of elevated dispersion, we emphasize equity pair trades; during credit dislocations, we rotate toward relative value fixed income; during corporate activity, we size up event-driven positions. Quantitative analysis drives market-neutral exposures, macro-driven positions, derivatives structures, and event-driven trading.

Risk management is the primary alpha source, not a secondary consideration. We run a rigorous factor-neutral book, hedging sector, style, and macro exposures to isolate pure security-level alpha. The strategy connects to our broader flow/volatility lens — the same dealer-gamma and vol-surface analytics that inform our public markets positioning provide edge in structuring absolute return trades.