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Insights / Research notes

Institutional AI research and market intelligence.

Research notes from the Qlumina archive. For professional readers. Not an offer or solicitation.

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Illustration of an investment committee seated around a circular table in a boardroom with a skyline viewIllustration of an investment committee seated around a circular table in a boardroom with a skyline viewLatest noteStructures & diligence

Hedge Fund Due Diligence Questionnaire: How to Read One

What a hedge fund due diligence questionnaire covers, how to read the answers, and the red flags that matter, for allocators and emerging managers.By André Popov8 min readRead the note

The archive

Every research note, by topic.

34 notes

Structures & diligence

Operational Due Diligence for Emerging Hedge Fund Managers

What operational due diligence checks at an emerging manager: people, entity, controls, legal terms and infrastructure, and what good evidence looks like.8 min read
Structures & diligence

How Emerging Hedge Fund Managers Raise Capital

How emerging hedge fund managers raise capital: the main routes, what allocators need to see, and why a managed account changes the conversation.8 min read
Structures & diligence

Systematic Trading Strategies: An Allocator's Map

The main families of systematic strategy, what each tries to earn and where each tends to struggle, plus a screening sequence for allocators.8 min read
Structures & diligence

How Qlumina Verifies a Quant Strategy Before Allocators See It

Which records count as evidence, what the three gates examine, what a live pilot adds and what verification does not mean.7 min read
Structures & diligence

How Allocators Find and Connect With Systematic Managers

The routes allocators use to find quant funds, a screening funnel, and how the Apex Marketplace connects professional investors with systematic managers.8 min read
Structures & diligence

How to Verify a Quant Track Record: A Due-Diligence Checklist

A working checklist for verifying a quant track record: documents to request, statement reconciliation, backtest tests and live evidence.8 min read
Research integrity

Combinatorial Purged Cross-Validation: Why Standard Backtests Overfit

Why k-fold and walk-forward backtests leak information, and how purging, embargo and combinatorial purged cross-validation (CPCV) address it.8 min read
Structures & diligence

How an Allocator Network for Systematic Managers Works

How allocators connect with quant funds: admission on evidence, diligence attached to each program, and capital held in the investor's own account.6 min read
Structures & diligence

Verified Quant Track Record: Quant Fund Diligence

What a verified quant track record should mean, how backtests, statements and live pilots compare, and a five-question diligence checklist.8 min read
Structures & diligence

Prime Brokerage and Clearing Rails for Emerging Quant Managers

A primer on quantitative prime brokerage for emerging managers: custody, clearing, margin, multi-account execution and allocator questions.6 min read
Execution & systems

Family Office Operating System: What It Is and How to Evaluate One

What a family office operating system is, the reporting and oversight problems it addresses, and the questions to put to any vendor, including Delta OS.8 min read
Structures & diligence

Capital Introduction Platforms for Hedge Funds: How the Models Differ

What capital introduction is, how high-touch and digital models differ, what each asks of a manager, and what admission on evidence changes.8 min read
Structures & diligence

Quant Hedge Fund Due Diligence Checklist by Strategy Type

A quant hedge fund due diligence checklist by strategy: the main failure mode and five questions each for trend, stat arb, macro, short-horizon and ML.9 min read
Execution & systems

Hedge Fund in a Box: What the Term Means and What It Does Not

Hedge fund in a box explained: the six functions an emerging manager must stand up, what a platform can and cannot replace, and how to evaluate one.9 min read
Research integrity

Why 88% of LLM Alpha Models Suffer Regime Collapse

Autoregressive bias, lookahead leakage in financial text embeddings, and the necessity of causal state-space invariants.8 min read
Research integrity

Causal Factor-Absence Placebo Testing

Eliminating backtest flattery, selection bias, and the p-hacking epidemic in systematic quantitative factor discovery.13 min read
Macro & risk

CTA & Systematic Managed Futures: Trend Replication & Convexity

Multi-asset trend-following, CTD basis mechanics, roll-yield optimization, and margin denominator invariants in systematic macro.11 min read
Execution & systems

Institutional Trade Replication: The Enterprise Evolution of Copytrading

Replacing retail social trading with segregated sub-account trade replication, low-latency FIX distribution, and Trade-Only LPOAs.4 min read
Research integrity

The 20-Year Blind Out-of-Sample Air-Gap

Why viewing historical crisis data destroys its predictive validity, and how physical data isolation preserves mathematical truth.5 min read
Execution & systems

Microstructure Feasibility: Why Midpoint Backtests Are Fatal

Adverse selection, queue position depletion, and exchange fee friction in high-capacity systematic execution.5 min read
Execution & systems

Active AI Supervisory Alpha Layers

Dynamic cognitive invalidation vs. mechanical stops. How real-time state-space monitoring eliminates catastrophic drawdown.4 min read
Macro & risk

Convex Macro Tail Risk: Dynamic Volatility Scaling

Engineering positive skewness and crisis alpha through Calmar-weighted portfolio scaling across historical regime shifts.4 min read
Structures & diligence

The Death of the Cayman Master-Feeder

How US trade-only SMAs and Swiss AMCs with daily Euroclear ISINs replaced costly, opaque offshore omnibus hedge funds.12 min read
Structures & diligence

The Emerging Quant Spin-Out Dilemma

Overcoming the $500k launch barrier: how turnkey prime clearing rails help quantitative engineers launch.4 min read
Execution & systems

Deterministic Execution vs. LLM Wrappers

Why autonomous diligence and algorithmic alpha demand state-machine integrity instead of probabilistic language models.4 min read
Structures & diligence

The 38-Point Forensic Due Diligence Framework

How institutional allocators audit quantitative AI engines and systematic hedge funds before capital commitment.3 min read
Research integrity

Can AI Print Money?

AI accelerates discovery, but durable alpha still depends on veteran judgment, proprietary flywheels, live decay monitoring, and capacity governance.8 min read
Macro & risk

CTA Replication: Index Product, CTA Fund or Separately Managed Account

Three routes to managed futures trend exposure compared on transparency, custody, fees, liquidity and operational burden, with margin and roll mechanics.8 min read
Structures & diligence

Trade-Only LPOA Managed Accounts: What the Authority Covers and What It Does Not

What a trade-only limited power of attorney permits and forbids, who holds custody, and what allocators should confirm in the account documents.9 min read
Structures & diligence

Swiss Actively Managed Certificates as Hedge Fund Exposure

How a Swiss actively managed certificate gives hedge fund strategy exposure: ISIN settlement, issuer credit risk, liquidity and diligence questions.9 min read
Research integrity

The Quant Supremacy

Why AI-native systematic strategies increasingly outperform discretionary, private equity, and traditional alternative allocations.10 min read
Macro & risk

The Geopolitical Alchemist

How systematic logic can turn geopolitical volatility into tradable opportunity when discretionary managers get trapped in the fog of war.6 min read
Structures & diligence

The Evolution of Institutional Capital

Why sophisticated allocators increasingly prefer separately managed mandates over pooled vehicles when transparency, control, and capital efficiency matter.7 min read

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