01
Flows, not forecasts
We look for structural dislocations created by institutional and structured-product derivatives flows — crowding, hedging, and issuance that leave volatility and correlation mis-specified. The question is not the next headline. It is whether the structure is still paying.
02
Research, then implementation
Quantitative research comes first. If a dislocation cannot be modeled — its half-life, its sensitivities, the conditions under which it vanishes — it is not yet a trade. Expression is systematic: derivatives that isolate the inefficiency.
03
Volatility as the core
The book is a specialist derivatives and volatility mandate, not a conventional long/short equity or simple trend-following.