Research that turns macro signals into positioning decisions.
Global macro, industry, sector and equity research with asset allocation and risk management frameworks. Built for hedge funds, pension funds and institutional investors, with deep coverage of India and emerging markets.
From the global cycle to a single company
Six research disciplines that connect top-down and bottom-up work, so a macro view ends in a clear set of portfolio implications.
Global Macro
Growth, inflation, policy and liquidity across G10 and emerging markets, translated into cross-asset implications.
SECIndustry & Sector Analysis
Industry structure, demand drivers, margin cycles and competitive dynamics, with sector rotation views.
EQTEquity Research
Company-level deep dives with a focus on Indian listed equities: earnings quality, valuation and scenario analysis.
ALCAsset & Country Allocation
Strategic, tactical and country allocation research using a range of methodologies, from risk parity and liability-driven approaches to our regime-based framework.
RSKRisk Management & Hedging
Institutional risk profiling, risk measurement, stress testing, currency risk management, and research on hedging and risk-control strategies.
BSPBespoke Research & Consulting
Custom projects scoped to a single question: from a data build to an investment committee briefing.
Risk comes first
Every view we publish starts with the downside. Before we discuss return, we ask what the portfolio can afford to lose, where the hidden risks sit, and what it costs to control them.
- Risk profilingObjectives, liabilities, loss tolerance, liquidity and constraints
- Risk measurementVaR, expected shortfall, drawdown, factor and liquidity risk
- Stress testingHistorical and forward-looking scenarios on the actual portfolio
- Currency risk and hedgingHedge ratios, instruments and the cost of carry
- Risk control strategiesRisk budgets, sizing, hedging overlays, tail protection, rebalancing
- Monitoring and reportingDashboards and risk committee briefings
Built for institutional mandates
Our work is written for investment teams who need to act on it: portfolio managers, CIOs, strategists and investment committees.
- Hedge fundsMacro, long/short, event-driven
- Pension fundsStrategic and tactical allocation
- Mutual funds and asset managersSector and equity research
- Family officesMulti-asset research
- Private equity and venture capitalIndustry and diligence work
- CorporatesMacro, industry and treasury research
We do not work with retail or individual clients.
Sample research
A flavour of how we frame questions. Full research is available to clients.
Four regimes, one portfolio question
A simple growth-and-inflation map and what each regime has historically meant for equities, duration, credit, the dollar and real assets.
Read the note →India large caps: separating earnings from flows
After a weak stretch for Indian large caps, we break returns into earnings, valuation and flows to see which one needs to turn.
Read the note →Hedging an India allocation for a global investor
Currency, beta, sector and tail: four layers of risk, and how the cost of protecting each one compares.
Read the note →