PA Video Insight: Seeing inefficiency, volatility and risk as opportunities

True alpha is not generated from single trades, argues Pioneer’s Adam Macnulty, but is the result of a carefully built portfolio of multiple, independent strategies.

Market inefficiencies suit Pioneer’s multi-strategy approach to generating alternative sources of alpha but as inefficiency rises so does volatility and risk so there is a balance to be made. Adam talks through where he sees the current opportunities with many coming from the lack of any investment bank prop desks following the global financial crisis that would ordinarily have arbitraged some of them away.

He also gives an insight into how he put on a US volatility trade on the back of the EU referendum.

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