What this is

I take one mechanism a fund actually trades and work out whether it holds. The raw material is what funds have to file: 13Fs, SEC and CFTC records, court documents, prime-brokerage data. Recent pieces worked out HRT’s $8B revenue model, the $1.85T Treasury basis trade running at 18:1 leverage, and a Goldman event-driven strategy that ran 49% gross and netted -9.6% after transaction costs.

Every number carries a source you can open. Every piece names what would prove it wrong, dated and checkable on public data.

Who writes this

I run Navnoor Bawa Research LLC and write commissioned market analysis for FX Empire. 471 breakdowns published since January 2025, plus a daily-updated database of 1,152 trades across 43 funds.

Who reads it

About 1,700 subscribers in 84 countries, 57% of them in the US, UK, Singapore and Hong Kong. I skip the background a desk already knows.

What arrives

One long piece at a time. Paid subscribers get everything, including the notes specific enough that they only make sense to people who can act on them.