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Research notes from the Qlumina archive. For professional readers. Not an offer or solicitation.

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Illustration of an investment committee seated around a circular table in a boardroom with a skyline viewIllustration of an investment committee seated around a circular table in a boardroom with a skyline viewFeatured noteStructures & diligence

Hedge Fund Due Diligence Questionnaire: How to Read One

What a hedge fund due diligence questionnaire covers, how to read the answers, and the red flags that matter, for allocators and emerging managers.By André Popov8 min readRead the note

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34 notes

Structures & diligence

Operational Due Diligence for Emerging Hedge Fund Managers

What operational due diligence checks at an emerging manager: people, entity, controls, legal terms and infrastructure, and what good evidence looks like.8 min read
Structures & diligence

How Emerging Hedge Fund Managers Raise Capital

How emerging hedge fund managers raise capital: the main routes, what allocators need to see, and why a managed account changes the conversation.8 min read
Structures & diligence

Systematic Trading Strategies: An Allocator's Map

The main families of systematic strategy, what each tries to earn and where each tends to struggle, plus a screening sequence for allocators.8 min read
Structures & diligence

How Qlumina Verifies a Quant Strategy Before Allocators See It

Which records count as evidence, what the three gates examine, what a live pilot adds and what verification does not mean.7 min read
Structures & diligence

How Allocators Find and Connect With Systematic Managers

The routes allocators use to find quant funds, a screening funnel, and how the Apex Marketplace connects professional investors with systematic managers.8 min read
Structures & diligence

How to Verify a Quant Track Record: A Due-Diligence Checklist

A working checklist for verifying a quant track record: documents to request, statement reconciliation, backtest tests and live evidence.8 min read
Research integrity

Combinatorial Purged Cross-Validation: Why Standard Backtests Overfit

Why k-fold and walk-forward backtests leak information, and how purging, embargo and combinatorial purged cross-validation (CPCV) address it.8 min read
Structures & diligence

How an Allocator Network for Systematic Managers Works

How allocators connect with quant funds: admission on evidence, diligence attached to each program, and capital held in the investor's own account.6 min read
Structures & diligence

Verified Quant Track Record: Quant Fund Diligence

What a verified quant track record should mean, how backtests, statements and live pilots compare, and a five-question diligence checklist.8 min read

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