Nomura · McElligott Sell-side卖方

GS McElligott STAY WEIRD

Sep 17, 202613 pages页McElligott

From the report报告摘录Semi-Energy Barbell Outperformance: 54% YTD return, 2.9 Sharpe Ratio, -8.8% drawdown vs. peers (Equal-Weight CTA: 12% YTD, 1.9 Sharpe), driven by Long Commodities/Long Trend and Long AI Bottleneck Equities.

Inside the report报告内文 Verbatim from the original PDF — first pages原版 PDF 开篇原文 · 逐字摘录

Nomura McElligott - STAY WEIRD 17 Sep 2026 Charlie McElligott · Nomura · Equity Derivatives Sales / Strategy Thu 17 Sep 2026, 1:28pm ET

Things I think I think...as this email was intiially a bunch of random thoughts that has since gone unhinged, lol

• The "High Sharpe" -expressions which keep working are some mix of "The Same Trade": Long Stocks + Long Commodities / Long Trend (Long Commods / Short Bonds) + Long Equities / Long Energy Eq + Long AI Bottleneck Eq "Barbell"

• Hiding in Carry, Hedged with Trend / Momentum + "Uncorrelated Diversifiers / Long Vol / Defensives"

• Long Commods Spot Beta / Long Backwardation from Scarcity-Driven Inflation

• Long Trend (which is currently Long Commods, Short Bonds, Long Equities)

• Long Vega Swaptions / Rate Vol

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