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How QRT Makes Its Money, and Why Its Funds Carry the Costs
The quant firm's investors cover nearly all of its running costs before any fee. Its returns hide what that bill does in a weak year.
7 hrs ago
•
Navnoor Bawa
3
2
How Arini Lost Its Bets on Aston Martin's Junk Bonds, and Why Investors Still Gave It More Money
Sona filed about the same leverage and stayed flat. What sat under Arini's ratio decides when its investors are whole again.
Nov 2
•
Navnoor Bawa
3
2
How Jump Trading Could Trade Trump's Truth Social Posts First
Trump Media sells high-frequency traders up to 50 milliseconds on the president's posts. Every desk quoting when he posts is on one side.
Nov 1
•
Navnoor Bawa
2
2
October 2026
How Man Group Got Meiji Yasuda to Back Its Private Credit and Plan to Buy a Stake
The ¥200bn earns Man little in fees. What it bought on 26 October is a channel into a Japanese insurer and a planned shareholder.
Oct 31
•
Navnoor Bawa
1
2
Situational Awareness Is Betting Twice on Anthropic Through Fluidstack
The leases under the round are Anthropic's buildout, so a client who buys in adds to the bet the fund already holds.
Oct 30
•
Navnoor Bawa
1
2
How Two Sigma Makes Money, and What Its Stake Sale Would Price
The stake is reported as a cure for a founders' feud. It also buys a share of Two Sigma's incentive pay, and that sets its price.
Oct 29
•
Navnoor Bawa
1
2
How Citadel's Natural Gas Trading Arm Uses Lender Seats in Place of a Credit Rating
Producers' bank filings put Citadel's trading arm beside their banks in the collateral, so the producer posts no margin.
Oct 28
•
Navnoor Bawa
3
1
Man Group's UK Short Positions Went Dark, but Its Own Fund Reports Still Show Some
The FCA no longer names who is short a crowded stock. For the biggest named book, Man's own fund reports are the one regular window left.
Oct 27
•
Navnoor Bawa
1
1
How Schonfeld's Pod Shop Bills Investors on Top of the Fee
The fee is one line of the price: what one London office costs Schonfeld's investors, and why it did not shrink when money left
Oct 26
•
Navnoor Bawa
1
How Optiver Pays Its Owners and Borrows to Grow Its Market Making
Optiver's owners take about half of every profit. Whether they take less once the debt arrives decides who pays for the growth.
Oct 25
•
Navnoor Bawa
1
AQR's Hedge Funds of One Are Sold on Tax-Aware Long-Short, Not the Losses the IRS Is Reading
If Treasury's guidance stays inside swaps and currency forwards, the newest funds behind AQR's rank sit outside it.
Oct 24
•
Navnoor Bawa
3
1
Squarepoint Capital Keeps Shorter-Term Signals for Staff, and Some Principals Own a Market Maker
Outside money in Squarepoint's Focus and Atlas funds, and perhaps Core, may sit behind the tier with higher fees and more staff money.
Oct 23
•
Navnoor Bawa
1
1
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