Thalēs Field Notes | H1 2026

Thalēs Field Notes returns with a new edition synthesizing anonymized feedback and recurring themes from our ongoing dialogue with institutional investors and fund managers across the alternative investment landscape.

This edition draws on 300+ recorded investor conversations across asset managers, single family offices, endowments and foundations, fund of funds, multi-family offices, and private banks during the first half of 2026, covering how allocators are approaching strategy, structure, and risk in the current environment.

Themes explored in the report include:

• Long-volatility and uncorrelated strategies as portfolio-construction tools, valued for how they behave alongside existing exposure rather than for standalone returns
• A maturing appetite for Private Credit, with investor interest tilting toward specialized exposure over conventional Direct Lending
• Separately Managed Accounts (SMAs) continuing to emerge as a baseline structural expectation across a wide range of investor types
• Renewed attention to Managed Futures and CTA approaches, alongside continued interest in Japan-focused mandates

Grounded in real-world dialogue rather than theory, Field Notes offers context on how allocators and managers are actually thinking about the current market backdrop.

Read the Full Report on Agora

The full edition of Thalēs Field Notes | What We’re Hearing Across the Market (H1 2026) is available exclusively through Agora via gated access for accredited institutional investors.

👉 Click here to view the full report on Agora:

Legal & Regulatory Disclosure

This communication is provided for informational purposes only and is intended solely for accredited institutional investors. It does not constitute an offer to sell or the solicitation of an offer to buy any security or other financial instrument, nor should it be construed as investment, legal, tax, or accounting advice.

The themes referenced above are drawn from anonymized conversations and are presented for educational and discussion purposes only. Nothing herein should be interpreted as a recommendation, endorsement, or prediction regarding any investment strategy or outcome.

Past performance is not indicative of future results. Investing involves risk, including the potential loss of principal. Readers should conduct their own independent analysis and consult their professional advisors before making any investment decision.

Access to the full report is provided through gated distribution and is intended only for accredited institutional investors.