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Research
Research Focus

Regime & risk

An edge that only exists in a bull market is not an edge. We study how strategies behave across regimes — including 2020 and 2022 — with drawdown depth and frequency, not just averages.

What we study
  • Behaviour across full cycles, including stressed periods
  • Drawdown depth and frequency, not just the headline number
  • Correlation and tail behaviour when it matters most
  • Stability of results to regime and assumption changes
How we approach it

Full-cycle validation

Tested through 2020 and 2022, not just calm markets.

Drawdown-first

We weigh how and how often a strategy loses, not only how it wins.

No forecasts

We publish our discipline, not predictions of the future.

This page describes our research discipline and is educational in nature. It is not investment advice, a recommendation, or an offer, and contains no performance figures or predictions.
Research dialogue

Discuss a research question with our desk.

Whether you are scoping a mandate or comparing approaches, we are glad to talk through the method.