QVR Advisors

ABOUT QVR ADVISORS

• QVR Advisors focuses on quantitatively driven, options, and volatility-focused strategies across absolute return and bespoke solutions business lines.

• QVR's absolute return strategies reflect its partners' deep history and experience managing risk through the market and economic cycles.

• QVR is customer-centered, designing customized investment programs out of strategy building blocks and bespoke overlays to meet the needs of each client.

QVR ADVISORS COVERAGE

• How markets fundamentally changed following the Great Financial Crisis

• Call overwriting – the favorite strategy of yield-thirsty institutions

• Why ‘selling vol’ is too broad a term and has all but lost its meaning

• Everybody wants protection – reflexivity and the options tail that wags the equity dog

• The behemoth equity hedged strategy that now moves the market at the end of every quarter

• “Gradually, then suddenly” – the nature of volatility

• Gamma & Vanna – the second-order ‘Greeks’ and their outsized influence in short-term moves

• Execution is key – don’t trade against the Flash Boys

• Buying what you don’t want to build

• Systematic vs Quant

QVR STRATEGIES

ABSOLUTE RETURN STRATEGY

• Seeks a diversifying absolute return stream with low correlation to traditional asset classes, and in permissive market environments, owning cheap convexity and tail risk.

• Seeks to be market-neutral and all-weather, not long volatility or high bleed strategy.

• QVR sources alpha from price-insensitive end-users of derivatives (corporates, overwriters, hedgers, retail).

• The market impact potentially compensates relative value traders such as QVR for providing liquidity, warehousing basis risk and potentially owning mispriced convexity. 

CUSTOM SOLUTIONS

• Tailored solutions mandates for large institutional investors.

• Strategies include tail hedging, hedged equity, and opportunistic exposure.