The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 8, 2026
QCAM maintains that while the US Dollar benefited from the recent global sovereign bond selloff, Federal Reserve rate repricing has peaked, paving the way for selective foreign exchange realignments driven by central bank normalization and safe-haven dynamics. The recent run-up in global bond yields—exemplified by US 10-year yields touching 5.36% and French OATs reaching 4.99%—was catalyzed by hawkish Fed and ECB policy decisions that exacerbated public debt sustainability concerns. Despite the greenback's advance, underlying equity resilience in Japan and the US prevented broad asset contagion, highlighting an impending structural unwind of currency carry trades. QCAM's multi-factor model maintains a neutral discretionary macro posture on EUR/USD, arguing that European debt distress is not systemic and growth momentum is stabilizing. Instead, the firm directs high-conviction positioning into long Japanese Yen exposures as the Bank of Japan normalizes policy with an anticipated 100 basis points in rate hikes. Furthermore, QCAM establishes long Swiss Franc allocations to hedge against potential Euro-area fiscal and political volatility.
Peak Federal Reserve rate repricing and divergent monetary paths favor long Japanese Yen and Swiss Franc positions over continued broad-based US Dollar strength.
QCAM anticipates that the US Dollar bull run will lose momentum as Federal Reserve interest rate expectations plateau and global growth conditions outside the US continue to stabilize. The Bank of Japan is projected to enact at least 100 basis points of policy rate increases over the next year, reinforcing Japanese safe-haven demand and prompting a broader carry trade unwind. Meanwhile, the Fed and ECB are expected to deliver a final 25 to 50 basis points of tightening by March before pausing, leaving currency crosses susceptible to sovereign fiscal fundamentals and growth survey divergences.
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