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This week in alternative markets: Hedge funds carry strong momentum from double-digit 2025 returns into the new year, but an intensifying AI valuation debate is forcing managers to navigate between opportunity and crowding risk. Capital flows are turning positive again with the SS&C GlobeOp Capital Movement Index registering its highest inflows in 15 months. Meanwhile, major industry consolidation moves including the Nuveen-Schroders deal and the McKinsey-Neuberger transfer are reshaping the asset management landscape, and activist campaigns from Elliott Management continue to drive corporate change across continents.

In an Opalesque Exclusive, Neal Berger's Eagle's View Capital Partners reported +16.35% YTD returns through its niche hedge fund strategies. Berger warns of USD reserve currency erosion as gold surges, citing fundamental shifts in the global monetary order. The fund's performance underscores the potential for specialist strategies operating outside mainstream hedge fund approaches to deliver differentiated returns in turbulent markets. Berger's comments on dollar fragility echo a growing chorus of macro investors, including David Einhorn, who this week separately flagged gold as an emerging reserve asset alternative.