Investment Research

MAY 2018

The Money Illusion: Look at What’s “Real”

With nominal interest rates on the rise, is now the time to hold more cash?

APRIL 2018

Is a Trade War with China Looming?

The escalating trade rhetoric between the US and China has recently garnered headlines


Decoding Blockchain and Cryptocurrency

Understanding the challenges and opportunities for the markets and investors


Diversification, Active Management in Focus Amid Shifting Landscape

To many observers, the election results extended an eight-year ascent for US equities. Now that the so-called “sugar high” seems to be receding, however, discerning fund managers are starting to look a little more closely at the longer term impact.


Global Macro Hedge Funds: Man Versus Machine

November was an unusually poor month for quantitative/systematic (computer-traded) macro strategies, with many reputable names in the space down 5 to 9%. Conversely, it was an unusually strong month for discretionary (human-traded) macro strategies, with funds in Athena’s macro portfolio up 3 to 7%. By taking a closer look at this case study, we can better understand what to expect from both strategy types.