Market perspectives, fund updates, and insights on systematic investing from the team at Blackworks Capital.
The ‘Black Box’ Challenge: Demystifying Systematic Transparency
The skepticism is understandable. You hand capital to a systematic fund and get a monthly report with performance numbers and strategy exposures. Meanwhile, the discretionary manager sends a detailed letter explaining their thesis, what they see in the companies they own, and why they’re positioned the way they are.
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The index looks calm. Underneath it, sector correlation just hit its lowest level since September 2000. We ran 27 years of data to ask the question everyone is asking: does this mean top?
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