Redhedge Asset Management, a London-based firm led by Andrea Seminara, has pursued a market-neutral, short-biased relative-value strategy in investment-grade credit since 2014, rather than the high-yield or distressed debt favoured by most credit investors. Seminara says the approach requires very careful execution and regular strategy updates, and calls current spreads “unsustainable” as hyperscale debt issuance now makes up 10% of all USD investment-grade issuance. He notes the European investment-grade credit universe is roughly $3.5tn, compared with $800bn for the high-yield and leveraged-loan market. Redhedge is considerably smaller than large hedge funds such as Elliott, which has assets well above $50bn. The firm plans a US presence in the foreseeable future.
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• NeutralSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/20/2026 | 769.05 |
| Change that session | +0.34% |
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