Silver / Premium

Blood Bath: Foreign Holdings of US Equities by Domicile, YE2024

In keeping with its current focus on the evolution of US equity market macrostructure, Alphacution presents its estimate for foreign (non-US) holdings of US equities by domicile for year-end 2024. As if right on cue, Bloomberg published similar estimates by Goldman Sachs this morning. In this Feed post, find out 1) how close Alphacution's estimate is to GS, and 2) what both estimates likely mean for US equities in the current era...

By |2025-04-25T15:13:47-04:00April 25th, 2025|Silver / Premium|
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BlackRock + Millennium: A Succession Plan?

Last week, the Financial Times was first to report that BlackRock, the largest overall asset manager in the world (at ~$11.5 trillion), was in early talks to buy a minority stake in Izzy Englander's Millennium Management, one of the largest hedge funds in the world (at ~$67.9 billion). Though there is no way of knowing the outcome of this news at this time, Alphacution presents its analysis of the potential meaning and impacts of this partnership...

By |2025-04-25T13:46:43-04:00November 11th, 2024|Silver / Premium|
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Introducing Alphacution’s Strategy Factor Library

Alphacution goes wider and deeper than ever before - as part of the research for our unexpectedly exhaustive case study on US equity option markets and option market makers - to compare trading entities based on at least 84 strategy factors from the simplest factors - like securities universe or number of positions by product class - to some of the most sophisticated comparisons that Alphacution has ever attempted. In this Feed post, we publish this list - the first version of our Strategy Factor Library - as well as a ranking of 19 option market making entities by our "shorts universe" factor...

By |2024-11-13T21:13:34-05:00June 28th, 2024|Silver / Premium|
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Global Asset Manager Rankings by US Equities, Part I

As of December 2023, there were ~7,200 asset managers who filed 13F reports. In collaboration with its development affiliates, Alphacution publishes its first exhibit to illustrate a ranking of this global asset manager universe by the value of their US equity holdings. To commemorate this development - and refresh those who may be new to Alphacution - we include a brief summary of key research milestones that led to this 'leveling up'...

By |2024-11-13T21:17:00-05:00May 30th, 2024|Silver / Premium|
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Susquehanna Securities and the Hidden Arbitrage Strategy – Part II

In this Feed post, Alphacution updates an analysis of Susquehanna Securities - the primary risk-warehousing affiliate of legendary options powerhouse, Susquehanna International Group (SIG) and the place where the largest piece of SIG's global market making operation resides - originally published in Dec 2020. Now, more than 3 years later, Alphacution adds significant new color to that analysis - including 12 charts - and sets the stage for a much more nuanced understanding of the broader group of option market makers...

By |2024-04-08T20:14:58-04:00April 5th, 2024|Silver / Premium|
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