Mikhail Munenzon, CFA, ASA, CAIA, PRM, MIA

Patria Investments’ Robbie Young and Ryan Lloyd, CFA: FIG comeback sparks new interest from PE investors. The financial and insurance groups (FIG) sector has been making something of a comeback in private equity (PE) markets. Check out Robbie Young & Ryan Lloyd's latest article 👇 https://incm.pub/4nHJl2X #investment #wealthmanagement #assetmanagement #finance

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Short mathematical paper: "Empirical estimator of diversification quotient" analyzes "a recently proposed measure...quantifies the reduction in a portfolio’s risk-level parameter attributable to diversification." https://lnkd.in/ezY47Wh6

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Inside Stipelis: A Framework for Trading the Capital Markets with an Eye on Preservation of Capital. Pulling back the curtain—without giving away the code—is a balancing act. At Stipelis Global Trading LLC, we focus on what we can share: how we think about markets, even when we can’t show you the signals. Our short-term trading program targets the most visible and liquid contracts on U.S. exchanges. From E-mini equity indices to currency futures, to treasuries, energy, and agricultural products... we look for conditions that favor tactical positioning—always within a framework that emphasizes capital preservation and disciplined risk. We’re not here to chase every move. We’ll pass on trades if the structure doesn’t line up. The markets we trade are varied—S&P minis, crude, gold, corn, Euro FX—but what matters is how they behave under stress, during catalyst windows, or when volatility shifts. Holding periods range from minutes to weeks, and yes, we’ll hold spreads overnight when it fits. Our edge isn’t based on speed or secrecy. It’s about preparation, execution, and having the discretion to sit out when necessary. We don’t trade retail forex, forwards, or EFPs, and every market in our portfolio must meet liquidity and volatility criteria. For example, we may stand down in certain commodities—not because there’s no opportunity, but because the asymmetry doesn’t meet our standards. Risk management isn’t a feature of our program—it is the program. We use discretionary overlays to size positions based on market conditions and account size, not on gut feeling. Drawdowns happen. Volatility is part of the game. But we believe a well-structured strategy—executed with consistency—can weather those cycles. Every client grants us discretionary authority, and we view that trust as a long-term commitment. That’s why we ask investors to give the strategy three years—not three months—to play out. We don’t aim for daily fireworks; we aim for long-term capital appreciation through disciplined execution in complex, liquid markets. Want to know more about how we think about FX around central bank surprises or equity vol around earnings clusters? Follow us. We’ll keep sharing what we can—and stay focused on executing what we must. For a more detailed description of our trading program, visit stipelis.com. Stipelis Global Trading LLC is registered with the Commodity Futures Trading Commission and is a member of the National Futures Association. Member ID Number 0474441     THE RISK OF LOSS IN TRADING COMMODITY INTERESTS CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION.     #stipelis #marketupdate #crudeoil #USDollar #gold #copper #stockmarket

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Forget the gap - mind the private equity chasm in portfolios - Watch Five V Capital's Ed Bigazzi on Portfolio Construction Forum and earn 0.50 CE/CPD hrs https://lnkd.in/gqiiU_S3 #PortfolioForum #Strategies #Markets #Equities #Stocks #PrivateEquity #AustralianPrivateEquity #PublicMarkets #MidMarketPrivateEquity #BSBTech

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November 17, 2025 *Taking over* The inclusion of FFC in the KMI-30 Index has been long anticipated. Recompositing of the KMI-30 Index has never been this significant before, but this time it is more challenging. Let’s quickly discuss the importance of the KMI-30 Index to better understand the impact of this significant recompositing on stock prices. The KMI-30 index is a benchmark for Shariah-compliant portfolio managers, who have the task of exceeding the index performance to justify their value. The portfolio manager therefore makes a deliberate assessment of holding a stock at a higher or lower percentage versus the benchmark based on their stance on a stock. The allocation percentages in portfolios are usually similar to the KMI-30 index, unless a fund manager has a negative or positive stance, in which case he will hold less or more than the index, respectively. So, if FFC gets an index weight of 15% after re-composition and a portfolio does not hold it, it risks its performance if the stock rises after inclusion. The problem is, however, that it is not only difficult to have a negative stance on this stock, but its weight is so high that any misjudgment will make the error blow the portfolio performance. This brings the discussion to the flip side. FFC is expected to have more than 15% weight in the newly composed KMI-30 Index. So, if a portfolio is already invested in other stocks, how will the space for FFC be created? Naturally, by selling the previous high-weightage stocks such as ENGROH, LUCK, HUBC, MEBL, MARI, OGDC, SYS, and more. Much of the fall in these index-heavy stocks in recent months could therefore be linked with this. Mostly, a stock rallies on rumor, and the momentum fades once the news is out. The news is out; FFC will be taking over a significant slot in KMI with effect from Monday, 24 November 2025. The portfolios that have to include it (and exclude some) should have already done it, but given the size involved and prospective weight in the index, it might take some more time.

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Stay ahead of structured note maturities with the new roll functionality on the CAIS platform. Advisors can now actively manage expiring structured notes by rolling positions into one or more new products. What advisors can do now: ✔️ Move from an expired position into multiple new products ✔️ Create orders directly within the Order Management Tool for submission to the executing broker ✔️ Track roll activity and performance with built-in analytics By streamlining workflows and providing greater visibility, this new tool supports advisors in being proactive with maturities while managing invested capital. Not yet using CAIS? Sign up today to explore the roll functionality on the CAIS platform: https://lnkd.in/gDEYMqBV #structuredinvestments #financialadvisor #fintech

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