Research
Research notes from the TOBAM team.
Bitcoin as a portfolio diversifier: the research case
A store-of-value thesis plus historically low medium-term correlation to traditional assets — with clear risk caveats.
Why civil liberties matter for long-term capital
TOBAM’s motivation for LBRTY® is risk-reward: democratic institutions and civil liberties shape durable economic outcomes.
Why diversified cores matter now
Factor crowding and mega-cap dominance make diversification an active design choice for professional portfolios.
Bitcoin exposure: equities vs spot in institutional wrappers
UCITS constraints, liquidity, and correlation differ across spot Bitcoin and Bitcoin-correlated equity pathways.
Diversification vs market-cap weighting: why cores concentrate
Market-cap indices embed winner concentration. A diversification-maximising core reframes the objective for institutional equity exposure.
Autocracy risk in institutional equity portfolios
Country exclusions miss most of the problem. Stock-level economic exposure to authoritarian regimes is the larger residual risk.
Viewpoint: the end of monetary trust
Yves Choueifaty on monetary regimes, trust, and implications for long-term capital allocation.
LBRTY® USA: mitigating authoritarian exposure in U.S. equities
Even U.S.-listed portfolios can embed economic ties to authoritarian regimes. A research note on measurement and mitigation.