MacroMay 2026
The dollar's slow recession and what it means for offshore custody
A multi-year structural rebalancing is underway. We examine the implications for cash, gold, and reserve allocations.
Read brief →Insights
Research, regulatory briefings, and market notes published by our partners. We write only when we have something to say.
Featured · Quarterly Letter
Q2 2026
After three quarters of strong returns, we are taking risk down at the margin and increasing our cash buffer. A short note on why doing nothing is sometimes the most active decision a portfolio manager can make.
Read the letter →A multi-year structural rebalancing is underway. We examine the implications for cash, gold, and reserve allocations.
Read brief →The expanded scope brings new asset classes into automatic reporting. Here is how to prepare.
Read brief →Central-bank buying continues to dominate the bid. We outline our position sizing and entry framework.
Read brief →An updated review of cantonal practice and minimum thresholds for new applicants.
Read brief →We were honoured to receive this distinction across the Swiss external asset manager category.
Read brief →A 25% NAV discount and accelerating distribution dynamics make secondaries our highest-conviction private-market segment.
Read brief →What a sustained easing cycle means for cash, duration, and the case for staying patient on long bonds.
Read brief →Eight clauses we recommend including, and three we recommend leaving out.
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