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For nearly two years, the AI trade has been the single most powerful engine behind global equity returns. It has lifted indices, concentrated their leadership in a handful of mega-cap names, and left much of the rest of the market trading in its shadow.

Artificial intelligence has been one of the main market drivers, bolstering the performance not only of traditional assets but also of alternative instruments such as hedge funds with exposure to the sector. Here, Kier Boley, Co-Head and CIO of UBP Alternative Investment Solutions (AIS), shares his insights into the issue.

UBP and Brigade formed their partnership in response to a clear, bottom‑up demand from UBP’s investment teams for a new, dedicated long/short credit strategy.

Campbell is a systematic investment manager founded in 1972, the very same year UBP began investing in hedge funds, marking a parallel legacy of early innovation in alternative strategies.

In a traditional ‘balanced’ portfolio, equities often account for 50% or less of the allocation. Yet factor analysis reveals that nearly 80% of the risk stems from the equity factor.

In an environment marked by the return of inflationary tensions, the rise of AI, and the reshaping of geopolitics, Michaël Lok believes that markets are entering a new cycle.

Our hedge fund insights this quarter is an update on our previous report on how market volatility impacts systematic and now discretionary strategies in 2026. 

An introduction to multi-strategy. Over the past ten years, the multi-strategy sector has become the most popular area within the hedge fund (HF) universe, as well as a top destination for investor flows.

Market conditions improved during the fourth quarter as investor focus shifted away from trade-related risks and toward the supportive effects of fiscal stimulus and a stabilising monetary policy outlook.