Mag 7 crowding, a Brazil election windfall and the UK's activist showdown: the week in alternatives... [more]The first week of the fourth quarter showed an industry pulling in two directions at once. Hedge funds piled back into the Magnificent Seven to the highest degree since early 2022, even as conviction across broader books stayed low and trend followers kept cashing in on the bond sell-off. Brazilian

One of Wall Street's best hedge funds just blew a 44% gain because of AI bets... [more]Lone Pine Capital's Cypress fund surrendered almost all its first-half gains as AI-related stocks reversed sharply in the third quarter. The fund, which was up 44% through June, lost nearly 25% in July and ended September up just 0.6% for the year. Large positions in Nebius, Applied Materials and ot
Tech earnings loom large for hedge funds packed into dispersion trade... [more]Hedge funds running dispersion strategies face a crucial test as major semiconductor and AI companies prepare to report earnings. The strategies, which buy volatility in individual stocks while offsetting it with index options, have suffered as volatility spreads compressed and crowded positions los
Millennium, other big hedge funds crowd out new launches by star traders... [more]Large multistrategy hedge funds including Millennium Management are making it increasingly difficult for prominent traders to establish independent firms. Their ability to offer substantial capital, infrastructure and guaranteed compensation has encouraged portfolio managers to join established plat
Hedge fund launches struggle to attract fresh capital as industry giants dominate allocations... [more]New hedge funds are finding it increasingly difficult to raise money as institutional investors concentrate allocations among established managers. Sachin Gupta's Covara Capital, for example, manages approximately $265m a year after launching with a $250m commitment from Blackstone, having attracted
Bringing the hedge fund edge to ETFs... [more]Infrastructure Capital Advisors founder Jay Hatfield discusses bringing income-oriented investment strategies to the ETF market. His firm emphasizes income generation and actively managed portfolios, seeking to make investment approaches associated with sophisticated institutional strategies availab
Meta's AI agent ignites new investment frontier... [more]Australian hedge fund Minotaur Capital made Meta its largest holding following the September launch of Muse, the company's consumer AI agent. Muse attracted more than five million downloads in the US and Canada, while Citi estimates it could generate over $39bn in revenue by 2030. Other Australian t
Hedge funds cut Bitcoin, brokerages load up in Q2... [more]Hedge funds reduced their holdings of US spot Bitcoin ETFs by approximately 10,800 BTC, or 22%, during the second quarter, according to CoinShares' analysis of regulatory filings. Their reported exposure fell to about 37,800 BTC, with D.E. Shaw exiting its position and Millennium substantially reduc
SpaceX seeks $40bn in debt amid Ray Dalio's AI bubble warning... [more]SpaceX is seeking $40 billion in new debt to buy Nvidia chips, as Ray Dalio warns AI-driven borrowing could trigger a market correction. The company, which raised $86 billion in its stock market debut and $25 billion in bonds, now plans $10 billion in bank loans and $30 billion in bonds. Analysts ar
Henry Gabay started Duet Group with $10 million. Two decades later, it managed more than $5 billion.... [more]Henry Gabay founded Duet Group in 2002 with $10m and built it into an alternative investment business managing more than $5bn by 2013. Rather than concentrating on one strategy, Duet expanded by recruiting specialist managers and investing across hedge funds, private equity, real estate and emerging
British billionaire Chris Hohn built a record-breaking hedge fund to pay for Africa's children... [more]Chris Hohn's TCI Fund Management generated $18.9bn for investors in 2025, the largest annual dollar gain recorded by a hedge fund according to LCH Investments. Hohn's Children's Investment Fund Foundation committed $1.45bn to new programs that year, including initiatives addressing child malnutritio
Michael Burry has a new short-selling partner. Who is Lakshmi Ganapathi?... [more]Michael Burry, the investor known for predicting the 2008 financial crisis, has joined Minerva Investment Management as a senior adviser. He is working with Lakshmi Ganapathi, founder of Unicus Research, on the launch of a short-biased investment fund. Ganapathi established Unicus in 2020 as a speci
Gen Z collectors outspend every generation in global art market... [more]A UBS and Art Basel survey of 3,100 wealthy collectors across 10 markets found that Generation Z buyers spent more than twice as much on fine art as older generations during 2025 and the first half of 2026. Younger collectors accounted for nearly half of purchases above $1m and showed a strong prefe
Hedge funds snap up LA fire deals as political backlash sputters... [more]Hedge funds are increasing purchases of insurance-related legal claims arising from the 2025 Los Angeles wildfires as efforts to restrict the transactions stall in California's legislature. Some claims are changing hands for as little as three cents on the dollar, while more valuable claims command
Supreme Court case over 401(k) private funds could shape retirement investing... [more]The US Supreme Court is considering a case involving Intel's retirement plans and their investments in hedge funds, private equity and other alternatives. Former employees allege that expensive, underperforming investments breached fiduciary duties, while the justices are examining whether plaintiff
If you don't do your research, your index fund results will surprise you... [more]Index funds now represent 53.7% of all US fund assets and 63.8% of US stock fund assets, according to Morningstar figures cited in the article. However, the ten largest S&P 500 companies account for almost 40% of the index, creating substantial concentration in technology and AI-related stocks. The
Houthi attacks on Saudi Arabia raise risk of wider war... [more]Houthi attacks on Riyadh's main airport killed 12 people and injured 309, raising concerns about a broader regional conflict involving Saudi Arabia, Yemen and potentially the United States. Saudi forces are supporting a counteroffensive against Houthi positions near the Bab el-Mandeb strait, a strat
And, finally: Safety first... [more]From Newsoftheweird: Two Charlotte, North Carolina, men were stopped while driving a couch down a road between two scooters, WBTV reported.
Yes, a whole couch, straddling two Lime scooters. In a social media post, Charlotte-Mecklenburg police included a photo of the contraption with a warning: "
In an era of deepfakes, phantom fortunes, and narrative warfare, the challenge of distinguishing reality from illusion has never been more acute. For those stewarding generational wealth, the stakes are existential. This 11th edition of Horizons delves into the critical quest for clarity, offering a toolkit to navigate a world rife with deception and to build a foundation of verifiable trust.
Our journey begins with a chilling investigation into
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