Crescat Delivers Strong 2018 Performance – 2019 Outlook

September 20, 2018 should mark the closing high for the S&P 500 to end the second longest bull market in US history. It should also mark the top of the “everything bubble”, a term… Read the letter»

2 of World’s Top Funds in 2018 per Bloomberg

“As the dust settles on a troubled year for hedge funds, some managers escaped the wreckage and even thrived.” Read More»

Crescat CIO Kevin Smith Interviewed on Bloomberg TV

Crescat’s Chief Investment Officer Kevin Smith discusses his outlook on China’s Currency and Credit issues. Watch the Video»


Crescat is a global macro asset management firm. We develop tactical investment themes based on proprietary value-driven models. Our mission is to grow and protect wealth by capitalizing on the most compelling macro themes of our time. We aim for high absolute and risk-adjusted returns over the long term with low correlation to benchmarks.

Crescat’s firmwide global macro investment process applies to three Crescat strategies:

Crescat Global Macro: Crescat’s flagship cross-asset hedge fund strives to capitalize on macro themes globally across all major liquid asset classes including large- and mid-cap equities, commodities, currencies, and fixed income.

Crescat Long/Short: Crescat’s long/short equity hedge fund strives to capitalize on macro themes globally across liquid large- and mid-cap equities.

Crescat Large Cap: Crescat’s separately managed account (SMA) strategy strives to capitalize on macro themes globally through an actively managed, long-only equity portfolio of large cap equities. The strategy can also hold cash and precious metals.

We invite you to peruse our website for more information about our investment process, performance, investment outlook, and how to become a client.

Important Disclosures

Chances of re-testing Dec lows? Market is saying close to none!

1yr & 3M implied vol for VIX options at the lowest levels since mid-2014 & mid-2015.

Stocks historically overvalued. Credit spreads historically low. Corporate & GVT debt have never been higher.


A major disconnect:

The more cash $NFLX was projected to burn, the more its stock price went up for four years. Now, the company is raising prices, but costs are going up too. Will it ever be able to monetize or is this just a QE bubble stock destined to deflate?

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