We wanted to call this one “Why $18B of Investors Missed the Tayvis Wedding.”
But maybe too abstract?
And we were going to write the long version, digging into everything about the JP Morgan hedged equity strategy. How they have to sell closer and closer calls, how their size and transparent plumbing can cause execution issues.. And how $18 billion in investors probably didn’t really know — until this year — that they could get capped like this. Like the market up 12%, then down 1% type capped…
And then show you all the liquid alts that do a better job of the same thing on the new Liquid Alts page of our new website…

Source: ycharts
And the comps…

Source: ycharts
Nothing nefarious here. This is just how the strategy works. This is its known blind spot… Still, we think there’s better options out there. [See the Liquid Alts page →]
Continue the conversation in person.
Join us on Wednesday, July 22, at CME Group Headquarters in Chicago to hear directly from many of the managers featured above as they share their market outlooks, portfolio positioning, and investment ideas for the remainder of 2026.
Register here: An Economist, 4 Fund Managers, and You Sit Down for Lunch




