IN THE PRESS
October 2025
On 9 October in Oslo, Alexis Maubourguet took part in a Euronext panel on “From hedging to alpha: why and how hedge funds use derivatives”.
The discussion highlighted the diversity of derivative usage in practice. For some investors, derivatives are a tool for protection, such as index hedging. For others, they can be used for yield-enhancement strategies like single-stock overwriting. As the panelists illustrated, derivatives serve a wide spectrum of objectives, from defensive to income-generating.
Alexis emphasized a different angle: while these flows serve a directional purpose, they also create imbalances in supply and demand in the parameters that are used to price these derivatives. For example when many investors hedge at once, the price of implied volatility will be impacted and will move away from its fair value, leading to dislocations. ADAPT’s approach seeks to capitalize on these situations, turning the broad variety of derivative usage, whether defensive or yield-oriented, into opportunities.
October 2025
Florent Gauthier, Senior Portfolio Manager at ADAPT IM, spoke at a UBS panel on “How to (more) safely extract risk premia”. The discussion focused on risk-taking and portfolio construction.
Core insights from Florent:
- Monetizing risk premia means accepting risk: focus on creating positive asymmetry through healthy structuring rather than on trying to eliminate volatility altogether.
- Discipline matters: base decisions on rigorous quantitative and qualitative analysis of market structure, not emotions or directional bias.
- Portfolio construction is everything: each position is designed on its own merits, then sized within the broader portfolio for balance and resilience.
September 2025
Alexis Maubourguet, CIO of ADAPT, spoke at the Global Volatility Summit, organised by Capstone Investment Advisors in New York on September 30th, 2025, sharing his perspective on where the most compelling volatility opportunities lie today
His key insight: fixed-income volatility looks far more attractive than equity volatility at this stage.
On the equity side, short-volatility strategies have been hit hard twice recently (in August 2024 and April 2025) leading to a sharp reduction in capital dedicated to selling equity volatility. This contraction in supply has caused equity volatility risk premia to rebound.
In contrast, fixed-income implied volatility (mainly in USD and EUR) has collapsed in recent months to levels last seen in 2021, the last year of the “Great Moderation” (2001–2021). During that period, central banks successfully balanced independence with market and economic support, keeping monetary policy uncertainty and rate volatility low.
That era is over. Yet, markets are still pricing rate volatility as if the same stability persists. This suggests an assumption of a smooth, uncontested “takeover” of the Federal Reserve by the administration, accompanied by yield curve control to suppress long-term rates.
While Alexis doesn’t dispute that such an outcome could eventually materialize, he argues the market underestimates the likelihood that these volatility-suppressing measures would only emerge after a period of heightened volatility — triggered by market resistance and declining central bank credibility.
September 2025
Côme Legal, Senior Portfolio Manager at ADAPT IM, spoke on a panel at the Société Générale Global Markets Conference in London on September 30th, 2025, sharing views on the outlook for the U.S. dollar and global markets.
The discussion highlighted the gradual erosion of the USD’s reserve status, a trend that has been underway for more than a decade (from around 70% of global FX reserves in 2000 to 57% today, compared with 59% in 2020).
The outlook pointed to a continuation of USD weakness against emerging market currencies, supported by a lower U.S. yield environment; while G10 currencies are expected to remain broadly neutral, with much of the adjustment already delivered by the EUR. Emerging market currencies were seen constructively, with a weaker USD likely to benefit both bond and equity markets in Asia and Latin America.
A key risk identified was the possibility of fewer rate cuts from the Federal Reserve than currently anticipated.
September 2025
At the CBOE conference in Munich, our CRO Didier Michoud spoke on a panel about risk, volatility, and diversification.
Core insights: correlations aren’t what we think they are in times of crisis. What feels safe in calm markets often unravels under stress — creating both risks and opportunities.
Too often, investors try to reduce volatility to avoid painful losses, but that means giving up potential large gains that drive long-term results. The smarter path: embrace the upside, while using convex strategies to cut the risk of large losses.
True diversification is about protecting the downside when one really needs it, without sacrificing growth — and implementation is everything.
August 2025
ADAPT OPENS NEW OFFICE IN NYC
We are pleased to announce the opening of our new office in New York, marking an important milestone in ADAPT’s global expansion.
Establishing a presence in the United States brings us closer to our investors, strengthens our footprint in North America, and supports our long-term growth strategy.
July 2025
Proud to see our CRO Didier Michoud take the stage in Amsterdam to share his views on a panel exploring key market trends in the options space.
A wide range of high-impact topics were discussed, showcasing the diversity of objectives and approaches in today’s options trading landscape.
From the automation of trading and the evolving relationship between the buy side and market makers, to the trade-offs between OTC and listed options and the latest exchange-driven efforts to boost liquidity — the conversation was rich and forward-looking. The panel also explored what’s next for options trading in the FX space, where innovation and complexity continue to intersect.
Audience questions brought an extra layer of depth — sparking fresh ideas on how we measure market risk, and raising important questions about the growing dominance of large market makers in organized markets, and what that shift might mean.
June 2025
During the Macro Panel of Goldman Sachs’ Hedge Funds European Symposium in Rome on 12 June 2025, our CIO Alexis Maubourguet examined American Exceptionalism and the recent challenges to this concept.
While today’s headlines announcing the “end” of American Exceptionalism may be as exaggerated as the unwavering belief in its permanence just a few months ago, the imbalances built up over the past two decades remain unsustainable.
One telling illustration of these trends at risk of stalling, or even reversing, is the U.S. net international investment position—U.S. investment abroad minus foreign investment in the United States—which has shifted from -USD 2.5 trillion in 2010 to roughly -USD 26 trillion in 2024. (Source: US BEA/Fed of St. Louis) The U.S. dollar has been at the heart of a self-reinforcing loop: foreign inflows (not FX hedged) strengthen the dollar, stronger dollar improves the performance of these investments, which attracts further inflows, and the cycle repeats.
Against this backdrop, the recent breakdown in the FX-Rates correlations is an interesting sign that something new is dominating the short-term dynamic of the US dollar, other than the traditional and fundamental drivers such as rate differentials.
May 2025
Côme Legal, Portfolio Manager at ADAPT Investment Managers, spoke at the 2025 Citi EMEA Derivatives conference in Malaga on how political shocks are shaking the foundations of global markets.
Côme shared how volatility in FX, rates, and gold is no longer just noise — it reflects deeper regime shifts. While G10 vols may mean-revert, structural repricing is underway in managed currencies and gold, driven by central banks’ dedollarisation strategies.
He also highlighted a striking breakdown in traditional correlations: USD yields are rising while the dollar weakens — behavior more typical of emerging markets. Meanwhile, the historic bond/equity relationship is under pressure, calling into question the reliability of the 60/40 portfolio model in a world where US treasuries aren’t considered as a flight to quality asset anymore.
On the opportunity side, Côme pointed to dislocations in inverted volatility curves and stressed the importance of identifying where risk premia are still mispriced.
March 2025
Côme Legal, PM at Adapt Investment Managers, shared his insights on navigating volatility during a panel at the Derivatives Forum – Frankfurt in March 2025.
The discussion centered on key market developments and their impact on volatility throughout 2024, a year marked by significant macroeconomic events. Côme reflected on how some of these events shaped market behavior—while others had a more muted effect. For instance, he pointed out that the August 2024 selloff, although intense, was short-lived and followed by an unusually rapid recovery. In contrast, the U.S. elections, despite being highly anticipated, played out largely as expected, resulting in limited and short-lived volatility.
Côme also elaborated on his approach to volatility trading, underscoring the importance of market imbalances and dislocations in uncovering opportunities. His contribution emphasized Adapt’s data-driven, opportunistic mindset in navigating complex and shifting market conditions.
February 2025
“With options on realised volatility, you can build an asymmetric payoff — limited loss for potentially unlimited gain”
ADAPT’s CIO, Alexis Maubourguet, contributed to a Risk.net article discussing how funds are leveraging options on FX volatility to navigate market disruptions driven by tariff uncertainty.
At Adapt, we emphasize continuous innovation, technological investment, and in-depth research to uncover and capitalize on market opportunities. In the article, Alexis highlights the strategic role that options on realized volatility play in our approach.
Here’s why these options play a key role in our strategy :
Asymmetric payoff with limited downside – The maximum loss is capped at the premium paid, while the upside potential can be substantial.
A controlled approach to elevated volatility – A strategic way to express short volatility positions with defined risk.
Tailored for relative value strategies – Ideal for structuring asymmetric trades and portfolio positioning.
January 2025
“This was taken by the market as a micro story or rotation… implied volatility did not jump, and we saw no dislocations”
In a feature with Risk.net, our CIO Alexis Maubourguet, explains why the volatility markets remained unfazed during the $1 trillion selloff in semiconductor stocks on the 27th of January 2025 after the DeepSeek news.
Key structural factors helped absorb the shock:
Autocallables muted volatility instead of amplifying it
Stock dispersion limited broader contagion
Long gamma positioning acted as a stabilizer
This episode highlights how crucial it is to understand the evolving dynamics of the derivatives market.
August 2024
“It happened on the back of a very, very small macro catalyst – almost zero real fundamental reason for such a move”
In a feature with Risk.net, our CIO Alexis Maubourguet reflects on the unprecedented 180% pre-market spike in the VIX on 5 August 2024 — the largest single-day surge in the index’s history.
For Alexis, this wasn’t about macro shocks — it was about liquidity illusion and structural fragility:
Thin pre-market trading allowed small flows to trigger massive dislocations
Market-makers “disappeared” when volatility surged
“All the market needed was a very, very small impetus to trigger something pretty huge”
This event, he warns, is a stark reminder that modern markets may not be built to handle even modest shocks without dysfunction.
August 2024
“We haven’t seen capitulation because there hasn’t been a clearing level where the shorts are being bought back and the longs are selling back to the shorts”
In a Bloomberg article, our CIO Alexis Maubourguet cautioned against reading too much into the quick rebound of Wall Street’s popular dispersion trade following August’s short-volatility turmoil.
He points to persistently low stock correlations as a sign the trade may still be crowded — and vulnerable:
Crowded positioning has not meaningfully reset
Low correlations suggest the cost of entering dispersion remains too attractive to last
Volatility spike didn’t force a true unwind, raising questions about what happens in a deeper dislocation
The message is clear: the dispersion trade may have survived this shock, but structural fragility still looms beneath the surface.
May 2024
In a Risk.net article, our CIO Alexis Maubourguet offers a stark warning as equity convexity selling returns to the spotlight in 2024 — despite its explosive track record in past crises.
Why it matters:
Convexity is the last juicy premium left: With skew and term structure “on their knees,” convexity has become the last remaining source of meaningful carry.
But the danger is real: “Once this risk premium is compressed too, we switch from a vulnerable environment to an outright toxic environment,” Alexis warns.
Toxic = self-reinforcing collapse: No external catalyst needed — leverage and positioning alone can trigger the next dislocation.
As Alexis puts it, the crowd isn’t fully in — yet. But the clock may be ticking.
“Both 2018 and 2020 led to such an outsized reaction on derivatives markets because the convexity risk premium had been crushed to zero, meaning there were too many short convexity participants”
May 2024
At the 12th Euronext Annual Conference, our CIO, Alexis Maubourguet, shares how the ADAPT strategy turns market volatility into a powerful engine for portfolio growth.
Discover our investment philosophy and how we navigate complexity with precision and purpose.
May 2024
Adapt’s CIO, Alexis Maubourguet, contributed to a recent Risk.net article discussing the OCC’s newly implemented intraday risk charge for zero-day-to-expiry options (0DTEs). This initiative aims to address the limitations of end-of-day margining, which often fails to reflect the rapid and significant intraday risks associated with 0DTE trading.
Why this matters for market participants:
Intraday risk visibility – 0DTEs can create sharp intraday exposures that traditional risk systems may overlook.
Limitations of current oversight – Standard controls frequently miss transient positions that don’t persist until end-of-day reporting.
Reinforcing risk discipline – The new rule encourages more proactive and resilient trading practices by incorporating real-time risk awareness.
“There is a definite possibility that 0DTEs are under-margined — at the exchange level, and possibly also at the broker level”