Alternative Investment Management Software

Risk Shell

Institutional portfolio management, risk analytics and portfolio construction for alternative and multi-asset portfolios.

Integrated investment data, stress testing, portfolio optimization, alternative investment analytics and shadow accounting within one platform.

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FoF Manager

Shadow Accounting for Alternative Portfolios

Manage hedge funds, private equity and multi-asset portfolios with liquidity controls, custom classifications and flexible historical accounting.

35+ hedge fund liquidity settings
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Portfolio Optimization

Nonlinear Portfolio Optimization

Construct hedge fund-of-funds and multi-asset portfolios with stress-test, factor-exposure, liquidity and other user-defined constraints.

Custom Constraints for market-neutral and risk-controlled portfolio construction
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Risk Shell AI

Natural-Language Access to Risk Shell

Use natural language to access investment research, risk analytics and portfolio workflows.

2.3B tokens in our in-house financial LLM
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Macroeconomic Scenario Screening

Select Assets for the Scenario You Define

Screen managers by risk and return targets under user-defined macroeconomic scenarios.

Trend Segmentation™ proprietary regime-analysis engine
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Peer-relative Stress Testing
Portfolio Stress Testing

Peer-Relative Stress Testing

Compare extreme-event outcomes with a relevant peer group.

500K+ live stress-tested instruments
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Based on the Markowitz’s mean-variance model, the Capital Asset Pricing Model (CAPM) inherits all the shortcomings of the latter in addition to its own assumptions that makes it hardly applicable for hedge funds and non-linear assets. These assumptions can be summarized as follows:

  • Investors are rational and risk averse. They pursue the only interest of maximizing the expected utility of their end of period wealth. Implication: The model includes the single time horizon for all investors.
  • The markets are perfect, thus taxes, inflation, transaction costs, and short selling restrictions are not taken into account.
  • Investors can borrow and lend unlimited amounts at the risk-free rate (erf ).
  • All assets are infinitely divisible and perfectly liquid.
  • Investors have homogenous expectations about asset returns. In other words, all investors agree about mean and variance as the only system of market assessment, thus everyone perceives identical opportunity.
  • The information is costless, and all investors receive the same information simultaneously.
  • Asset returns conform to the normal distribution.
  • The markets are in equilibrium, and no individual can affect the price of a security.
  • The total number of assets on the market and their quantities are fixed within the defined time frame.
While the CAPM emerges as the most commonly used approach for both institutional and private investors, somebody has to prove that this simplified and naive model really holds true in the today's market.