Crosscurrent Capital is a private investment vehicle managing a macro-driven, factor and risk-optimised portfolio across rates, credit, and equities in the US, Europe, and the United Kingdom.
The portfolio is constructed top-down from a view of the macro cycle, then refined through factor and risk optimisation. The objective is durable, cycle-aware return: neither chasing momentum nor anchored to a fixed allocation.
Allocation is anchored to a view of growth, inflation, and policy across the major developed economies. Scenarios are probability weighted.
Positions are sized by their underlying exposures: duration, credit, equity beta, carry, quality. Diversification is measured at the factor level, and by instrument.
Optimisation respects soft caps on individual positions and on aggregate factor exposure. The aim is robustness across regimes without sacrificing return.
The investable universe is deliberately narrow: government and corporate fixed income, public equities, and liquid ABS across the US, Europe, and the UK. Within that universe, the portfolio is built to express macro views efficiently and to harvest carry where it is compensated for the risk taken.
Decisions are evidence-based. Frameworks are tested against historical regimes. Positions are reviewed against their original thesis, and resized when the thesis changes.
Tomas Hirst manages Crosscurrent Capital. He is a multi-asset strategist with experience across rates, credit, and equity in public and private markets.
His previous role was in a Global Strategy and Capital Allocation team managing the in-house investment process of a large US insurer, where he built and ran a discretionary funding sleeve based on cross-asset fair-value and relative-value frameworks as well as worked with portfolio teams to translate macro views into allocation decisions across the General Account.
Before that, he was Head of European Credit Strategy at CreditSights for six years, covering EUR investment grade and high yield across sectors, curves, and single names, and briefing institutional investors including asset managers, pension funds, supranationals, and central banks.
He holds a CISI Level 3 Certificate in Securities and a degree from the University of Oxford.
