The energy transition is creating not only structural winners, but also losers. In this webcast, Peter Rice explains why active stock selection is becoming increasingly important and how specialist long/short strategies seek to generate attractive risk-adjusted returns across the energy value chain.

China stabilisiert sich: Industrie und Konsum zeigen erste Erholung, während Politik gezielt unterstützt. Gleichzeitig schafft hohe Marktineffizienz attraktive Alpha-Chancen. Im Webcast zeigt Peter Rice, wie sich diese mit einem Long/Short-Ansatz erschliessen lassen.

Das CB Global Trading Portfolio investiert in aktive Trading-Strategien mit Fokus auf Macro-Manager. Ziel ist es, stabile und möglichst unkorrelierte Renditen zu erzielen und traditionellen Portfolios eine zusätzliche Diversifikationsquelle zu bieten.

Der Übergang zu kapitalgedeckten Renten hat Aktienmärkte mit strukturellen Zuflüssen aufgebläht. Steigende Pensionsvermögen trieben Bewertungen und KGVs. Dreht die Demografie, könnten Fonds zu Nettoverkäufern werden. Droht eine systemische Belastung für Märkte und Finanzstabilität?

Alpha gilt als Beweis für Managerkompetenz, ist aber stark modellabhängig. Benchmarkwahl, Beta Anpassung und Faktormodelle verzerren die Messung teils erheblich. Ein positives Alpha kann Modellfehler statt echter Outperformance sein. Investoren sollten Ergebnisse kritisch hinterfragen.

USD Engagements in Hedgefonds erhöhen für CHF Anleger Volatilität und Drawdowns ohne zwingenden Mehrertrag. Eine systematische Währungsabsicherung stabilisiert Renditen, schützt die Diversifikationswirkung und verhindert, dass FX Schwankungen das Manager Alpha überlagern.

Breit diversifiziertes Aktienportfolio mit 5 bis 8 alternativen UCITS Fonds regionaler Spitzenmanager. Ziel ist es, an steigenden Märkten zu partizipieren und in Korrekturen Kapital zu schützen. Täglich liquide Struktur für flexible Allokation in anspruchsvollem Umfeld.

2025 war stark, 2026 startet positiv, doch Bewertungen sind hoch und Risikopraemien tief. Die Wahrscheinlichkeit einer Korrektur steigt. Jetzt gilt es, Gewinne zu sichern und das Portfolio mit liquiden, negativ korrelierten Strategien wie Global Macro oder Long Short zu diversifizieren.

Peter Rice visited 22 managers in New York during his 4-week stay. AI Capex and central bank policy remain key themes. Managers focus on dispersion and catalyst-driven trades, with tech, semis, and healthcare as core exposures. Most use concentrated longs with active, tactical hedging.

David Friche met 14 managers across Macro, Commodity, and Digital Assets. Macro managers remain cautiously optimistic, commodity managers favor metals, and digital asset funds continue to deliver alpha despite market volatility. AI seen as a key driver of future opportunities.

Davor Cvijetic met 9 managers focused on European equities and event-driven strategies. Strong equity markets, AI-driven trends, and revived M&A activity—highlighted by the USD 55 bn EA deal—are fueling returns, with targeted shorts and German legal arbitrage adding alpha.

David Friche met 9 managers—some on-site in Zug, others at a Zurich conference or via video—to assess trends in commodity hedge funds. With new launches on the rise, investor interest is clearly returning, driven by the appeal of uncorrelated, asymmetric return profiles.

Peter Rice met 11 managers in London: they remain constructive on European equities, citing attractive valuations, improving cycle indicators, and international revenue exposure. Sentiment suggests the “European trade” is under-owned, creating a favourable setup for contrarian positioning.

Macro and commodity traders offer effective downside protection. They act early as trends emerge across markets. The Crossbow Trading Portfolio has delivered strong results during past corrections.

A new study shows why U.S. pensions shifted from equities to alternatives: not risk appetite, but rising return expectations. Hedge funds stand out as the most dynamic allocation. Consultant views play a central role—making alternatives key to long-term diversification.

Matt Kavian challenges the myth of pure skill: it's not better signals, but better implementation that drives outperformance. His model shows how constraints, crowding, and market impact shape results—highlighting why smaller allocations often deliver more alpha.

Davor Cvijetic addresses the dilemma facing Swiss bond investors in a zero-rate world and presents a compelling alternative: a liquid, uncorrelated hedge fund portfolio designed to deliver stable returns without extending duration or taking on credit risk.

Stefan Steiner provides you an insight, why we think AI is in a bubble: soaring capex, artificial demand, distorted valuations, and unsustainable economics signal excess. The question is not if, but when the correction hits.

Tariffs, fragile data and geopolitics keep markets uneasy. David Friche explains why CB Global Trading keeps smiling—converting dislocations into convex, uncorrelated returns via active macro and selective strategies. Key takeaways: convex alpha, diversification, downside resilience.

Davor Cvijetić and Ivo Felder visited more than 20 managers in New York. Their discussions highlighted regime shifts, opportunities in healthcare, renewed convertible issuance, and evolving fund structures – offering valuable insights into today’s hedge fund landscape.