ALO28: Why Hedge Funds Still Matter ft. Alexander de Bruin
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 670 Ratings
🗓️ 12 February 2025
⏱️ 60 minutes
🧾️ Download transcript
Summary
In this episode, Alexander de Bruin, Head of Fund Research at Edmond de Rothschild, joins Alan Dunne to discuss the art and science of selecting managers and building portfolios of alternatives. Alexander shares insights from his background in convertible bond trading and how it has shaped his approach to allocating capital. The conversation explores the rapid growth of private markets, with a focus on the current opportunities in private credit. They also delve into Alexander's framework for constructing hedge fund portfolios, examining the role of multi-manager, multi-strategy funds compared to other diversifying strategies. Alexander provides a behind-the-scenes look at his manager due diligence process, including his unique approach of sitting on the trading floor with hedge fund managers to gain a deeper understanding of their strategies.
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Episode TimeStamps:
02:26 - Introduction to Alexander de Bruin
09:08 - The clients and portfolios that Edmond de Rothschild
13:24 - Should the 60/40 portfolio be revamped?
15:45 - de Bruin's approach to implementing new strategies
19:46 - How de Bruin deal with the paranoia of something going wrong
22:33 - Is there a place for multi-strat approaches?
25:14 - The challenges of managing risk as a multi-strat manager
26:59 - How hedge funds deal with portfolio constraints
29:25 - Opportunities and risks in private markets
35:37 - How high...
Transcript
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| 0:00.0 | As a baggammon player or a poker player, that's the mentality you have. |
| 0:14.0 | You're playing the odds and what you're trying to do is put the odds in your favor, on every move or every time you're playing. |
| 0:22.6 | And that's exactly what we look for from hedge fund managers. |
| 0:26.2 | We're not looking for guys who can hit the ball out of the ballpark every time, |
| 0:32.6 | but we're looking for guys who adjust incrementally have some kind of edge |
| 0:37.7 | and applying that |
| 0:38.9 | on a systematic or on a continuous |
| 0:41.5 | basis and trying to pick |
| 0:43.4 | up those pennies without taking |
| 0:45.5 | a massive risk. |
| 0:48.6 | Imagine spending an hour |
| 0:50.2 | with the world's greatest traders. |
| 0:52.5 | Imagine learning from their experiences, their successes, |
| 0:55.0 | and their failures. Imagine no more. Welcome to Top Traders Unplugged, the place where you can learn |
| 1:02.0 | from the best hedge fund managers in the world so you can take your manager due diligence |
| 1:07.0 | or investment career to the next level. Before we begin today's conversation, remember to keep two things in mind. |
| 1:13.6 | All the discussion we'll have about investment performance is about the past, |
| 1:17.3 | and past performance does not guarantee or even infer anything about future performance. |
| 1:22.3 | Also understand that there's a significant risk of financial loss with all investment strategies, |
| 1:26.6 | and you need to request and understand the specific risks from the investment manager |
| 1:31.2 | about their product before you make investment decisions. |
| 1:34.4 | Here's your host, veteran hedge fund manager, Nealz Kostrup Larson. |
... |
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