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Squarepoint Capital: Strategy Frame, Part I

Squarepoint Capital is a very important and influential player within the realm of systematic trading strategies. Therefore, following Alphacution's recent developments in enhanced modeling to produce the groundbreaking case study, "D. E. Shaw's Strategy Frame," followed by the more recent case study, "Quadrature Capital: Strategy Frame," this Feed post is a 20-exhibit sample from Alphacution's upcoming case study, "Squarepoint Capital: Strategy Frame." In this Part I, Alphacution presents its findings without commentary. In the upcoming Part II, Alphacution will append...
By Paul Rowady | September 30, 2026 | Premium Subscribers
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Quadrature Capital: Strategy Frame

In this 33-exhibit case study deck, Alphacution presents its modeling output and select commentary for London-based systematic hedge fund manager, Quadrature Capital Ltd. The output presented in this study is based on the modeling template originally designed for Alphacution's case study on D. E. Shaw & Co, Inc. which is based on enhanced 13F data infrastructure developed with a stealth partner...
By Paul Rowady | September 15, 2026 | Premium Subscribers
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Strategies and Structures: Why Jane Street is Not a Hedge Fund

Perhaps because they want to be part of one of the biggest market stories of the year - but don't really know what to say - an "argument" has been floated that Jane Street is actually a hedge fund instead of a market maker. Though Alphacution would rather not bring more attention to this shallowness, it's important for us to make the distinction for why Jane Street is not a hedge fund...
By Paul Rowady | August 30, 2026 | Open
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Jane Street Removes Its Mask

Uniquely, Alphacution has been analyzing Jane Street's trading methods for years. That Jane Street became a central player in one of the biggest stories in US markets for 2026 to date is no surprise to us. Despite all that, this Feed post is part of an analysis of the group's most recent Q1 and Q2 2026 13F filings wherein we provide new details about Jane Street's core trading strategy and the increasingly clear role of an affiliate, Jane Street Global...
By Paul Rowady | August 28, 2026 | Premium Subscribers
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Jane Street Global Trading: All In On Artificial Intelligence

Apparently, in Jane Street's world, an historic $15 billion monthly loss in the context of a $40 billion year-to-date gain for 2026 is the new normal. Naturally, the directional risk of longer-term discretionary bets lowers Sharpe Ratios. No big deal. However, beyond the spin and gaslighting for the debt holders, Alphacution believes something else is going on here that's strange and unprecedented and further supports the thesis presented in our recent case study, "How Jane Street Generates Alpha." The analysis...
By Paul Rowady | August 18, 2026 | Premium Subscribers
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The Manchurian Hedge Fund Manager

Why is so much attention being showered on less-than-novice hedge fund manager, Leopold Aschenbrenner, and his now-paradoxically-named fund, Situational Awareness? Along with an analysis of Leo's strategy and holdings, Alphacution asks the question that no one wants to ask too loudly in this "kayfabe" market: Cui bono?
By Paul Rowady | August 11, 2026 | Open
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Has Citadel Securities Lost Its Crown?

Not since the early post-GFC era had the rankings of the top few proprietary market makers by option open interest changed. But, at the end of Q1 2026, it happened: Jane Street overtook Citadel Securities in a dramatic and decisive manner to capture the #2 spot behind perennially top ranked Susquehanna International Group (SIG). Was this event CitSec's loss? Jane Street's gain? Or, something attributable to market evolution? Alphacution uses this unusual scenario to explore specific strategies of the top...
By Paul Rowady | July 2, 2026 | Premium Subscribers
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The Quant 100 Rankings, Part II – Strategy Clues

With all the attention currently being paid to the most profitable quantitative trading shops, the one area where Alphacution has the most distinctive voice is around the core strategies of these players. Coupled with our contextual modeling approach and proprietary ecosystem framework, there is no other independent source of research on these players and their strategies quite like it. The recent publication of Alphacution's "Quant 100 Rankings" was intentionally included with little narrative. In this Feed post, we change that...
By Paul Rowady | July 1, 2026 | Premium Subscribers
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