Two questions of any instrument
How reliably does it build a defined floor for the portfolio? And what does that floor make possible in the capital above it?
The floor sets the risk budget.
A well-built floor uses little of the risk budget, freeing the rest to pursue true alpha, especially in private markets.
That is why Kedrin serves as a standard for modeling the whole portfolio, and as a baseline for investing for alpha above the floor.
How the research is built
One framework for every instrument
The floor and the alpha above it are judged on the same terms.
Contracts over projections
What an instrument is obligated to deliver, as written in its terms.
The strength behind the promise
Whether the party making the promise can keep it under stress, beyond its ratings.
Public, verifiable sources
Regulatory filings and published actuarial and capital markets data.
What is published, and what is licensed
The framework, what it measures and the questions it asks are published openly. The methodology that applies it is licensed.
Interested in the research?
If you would like to discuss the research or how Kedrin applies to your portfolios, we welcome the conversation.