ITERAM - The Alternative Causerie - Q3 2025 - 2025/7/21

ITERAM - The Alternative Causerie - Q3 2025

The new Alternative Causerie is out ! In this Q3 2025 report, we discuss how quant hedge funds are outrunning the pack :  Humans vs. Machines.

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You are connected to the website of ITERAM Capital S.A. (Iteram). This website also includes all content and data provided and all sub- and micro-sites launched and published by Iteram (the Website).

BY ACCESS TO, VISIT TO AND/OR USE OF THIS WEBSITE YOU ARE ACCEPTING THESE TERMS AND CONDITIONS AS SET OUT BELOW, YOU ACKNOWLEDGE THEM BEING THE MUTUALLY AGREED LEGAL BASIS FOR YOUR VISIT OF AND THE USE OF THIS WEBSITE.


Further, as a user of this Website, you acknowledge that you are responsible for ensuring that the legislation applicable to you in your jurisdiction permits you to consult this Website and you represent and warrant that you have the necessary means and skills to access this Website and use it in the intended manner only.

2. Conditions of access and use of this Website

The laws and regulations of the country from which you access this Website may restrict the distribution of information in respect of Iteram or any of the funds (the Information). This Website is not directed at or intended for distribution to or use by any person or entity in any jurisdiction where (by reason of that jurisdiction’s applicable securities laws, person’s nationality, residence or otherwise) such distribution, publication, availability or use of this Website or any part of its contents would be contrary to applicable law or regulation or would subject Iteram, any of the funds or any of their affiliates to any registration or licensing requirements within such jurisdiction. It is your responsibility to ensure that your use of this Website complies with any restrictions or any applicable local laws regarding the use of the Information. If you are such a person or entity, you are not authorised to enter the Website. Persons or entities in respect of whom such prohibitions apply must not access the relevant pages of this Website.

The Information displayed on this Website contains material that may be interpreted by the relevant authorities in the country where you are viewing this Website as a financial promotion or an offer to purchase securities. Accordingly, this Website is only intended to be viewed by persons outside of any such country or who fall outside the scope of any law that seeks to regulate financial promotions in the country of your residence or in the country in which this Website is being viewed. If you are uncertain about your position under the laws of the country in which this Website is being viewed then you should seek clarification by obtaining legal advice from a lawyer practicing in the country of your residence or in the country in which this Website is being viewed before accessing this Website.

Although Iteram takes all necessary steps to ensure that the Information is correct, this Website is provided for information purposes only. The Information should not be relied upon as a substitute for financial or other professional advice. You should not rely on the Information and should obtain relevant and specific professional advice. The Information does not take account of the investment objectives, financial situation and particular needs of any particular person and is not general advice to any class of persons. Before making any investment decision on the basis of the Information or otherwise, you need to consider, possibly with the assistance of a financial and/or taxation adviser, whether the Information is appropriate in light of your particular investment needs, objectives and financial circumstances. Nothing on this Website constitutes or should be construed to constitute investment, legal, tax or other advice.

Nothing on this Website constitutes: (i) an offer, advice, invitation or solicitation by Iteram, any of the funds or their affiliates to buy or sell any investments or securities or other financial instruments; (ii) an invitation or inducement to engage in investment activity or a financial promotion of any kind; or (iii) investment advice or recommendation. Any information contained on this Website on securities/transactions does not constitute an offer or solicitation in any jurisdiction in which an offer or solicitation is not authorised, or in which the person making the offer or solicitation is not qualified to do so, or to any person to whom it is unlawful to make such an offer or solicitation.

Prospective investors in any of the funds should refer to the section of the offering memorandum (the Memorandum) of the relevant fund which is entitled “Risk Factors” or “Facteurs de Risques” as to the risks associated with an investment in the relevant fund. Prospective investors should be aware that past performance is no indication of future performance. Any information given in respect of a particular investment opportunity does not purport to be comprehensive investment advice that on its own should determine any investment decision. Facts stated, and opinions expressed herein are stated and expressed for information purposes only. Prospective investors in any of the funds must refer to the Memorandum and should generally consult a professional and independent adviser before making an investment decision.

THIS WEBSITE DOES NOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ISSUES RELATED TO AN INVESTMENT IN ANY OF THE FUNDS. PRIOR TO TRANSACTING, POTENTIAL INVESTORS SHOULD ENSURE THAT THEY FULLY UNDERSTAND THE TERMS OF AN INVESTMENT IN THE RELEVANT FUND AND ANY APPLICABLE RISKS. INVESTORS SHOULD ONLY SUBSCRIBE IN ANY OF THE FUNDS ON THE BASIS OF THE MEMORANDUM AND THE CONSTITUTIVE DOCUMENTS OF THE RELEVANT FUND (WHICH MAY BE OBTAINED FROM ITERAM), AND NOT ON THE BASIS OF ANY INFORMATION PROVIDED HEREIN. IN THE EVENT OF ANY AMBIGUITY OR INCONSISTENCY BETWEEN OR AMONG THE TERMS OR INFORMATION SET FORTH ON THIS WEBSITE AND THAT SET FORTH IN SUCH DOCUMENTS, THE LATTER WILL PREVAIL IN ALL RESPECTS.

While Iteram attempts to provide accurate information on this Website, it assumes no responsibility for inaccuracy. Iteram reserves the right to correct the contents of this Website at any time and without notice.

Neither Iteram nor its parent companies, subsidiaries, associated entities, directors, employees, representatives, suppliers does guarantee the accuracy or completeness of information which is contained in this Website and which is stated to have been obtained from or is based upon trade and statistical services or other third party sources. Iteram declines all liability for direct or indirect losses that may be caused by the use of this Website. Furthermore, Iteram declines all liability in the event of any delay, error or omission regarding the contents of this Website or in the event of any interruption to the service or of the service ceasing to be available.

Any data on past performance contained in this Website is no indication as to future performance. All opinions and estimates are given as of the date hereof and are subject to change. The value of any investment may fluctuate as a result of market changes. The information in this Website is not intended to predict actual results and no assurances are given with respect thereto.


This Website and its contents are protected by intellectual property rights and are edited for the purpose of consultation only. It is prohibited, without the prior written permission of Iteram, to reproduce, distribute or edit the contents of the site, whether in whole or in part.

6. Applicable legislation and jurisdiction in law

The use of the website is governed by the laws of Switzerland. The courts of the Canton of Geneva will have sole jurisdiction regarding any dispute in this regard.

ITERAM Capital SA
Rue de Hesse 7
1204 Geneva
Switzerland 
iteramcapital.com


Iteram is a public limited liability company (société anonyme) incorporated under Swiss law.

Registration number in the Geneva Commercial Register: CHE-212.132.359

ITERAM Capital S.A. is registered on the official list of Asset Managers of collective investment schemes and Swiss representatives of foreign investment schemes supervised by the Swiss Financial Market Supervisory Authority (FINMA).


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In collaboration with our hosting providers, we do our utmost to protect databases against unauthorized access, loss, misuse or falsification.

We would like to point out that data transmission over the Internet (e.g. e-mail communication) can be subject to security breaches. Uninterrupted protection of data against access by third parties is not possible.

By using this website, you agree to the collection, processing and use of data as described below. In principle, this website can be visited without registration. Data such as the pages viewed or the name of the file called up, date and time are stored on the server for statistical purposes, without these data being directly linked to your person. Personal data, in particular name, company and e-mail address, is collected on a voluntary basis wherever possible. No data is passed on to third parties without your consent.

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We process personal data in accordance with Swiss data protection law. In addition, we process - if and insofar as the EU GDPR is applicable - personal data according to the following legal bases in connection with Art. 6 para. 1 GDPR:

- Let. a) processing of personal data with the consent of the data subject.

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We process personal data for as long as is necessary for the purpose(s) concerned. In the event of longer retention obligations under legal and other obligations to which we are subject, we will limit processing accordingly.

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Google is committed to ensuring an adequate level of data protection in accordance with U.S., European and U.S.-Swiss privacy protection standards (Data Protection Shield). Further information can be found in the Google Privacy Policy.

If you send us inquiries via the contact form, your details, including the contact data you have provided, will be stored by us for the purposes of processing the inquiry and in case of further questions. We will not pass on this data to third parties without your consent.

PRIVACY POLICY CONCERNING THE RIGHT TO INFORMATION, DELETION AND BLOCKING

You have the right to receive, free of charge and at any time, information on the personal data you have stored, on its origin and recipients and on the purpose of data processing, as well as the right to rectify, block or delete such data. To this end, as well as for any other question relating to personal data, you can contact us at any time at the address indicated in the legal notice.

This website may use Google Analytics, a web analysis service provided by Google LLC, 1600 Amphitheatre Parkway, Mountain View, CA 94043, USA ("Google"). The statistics collected enable us to improve our offer and make it more interesting for you as a user. This site may also use Google Analytics to analyze visitor flows independently of the devices used, an operation performed with the aid of a user ID. If you have a Google user account, you can deactivate the cross-sectional analysis of your use in the settings under "My data", "Personal data". The legal basis for the use of Google Analytics is Art. 6 para. 1 sentence 1 let. f RGPD. The IP address transmitted by your browser as part of Google Analytics is not aggregated with other Google data. We would like to point out that on this website, Google Analytics has been supplemented with the code "_anonymizeIp();" to ensure that IP addresses are collected anonymously. This means that IP addresses are further processed in abbreviated form, thus excluding the possibility of personal identification. If the data collected about you contains a personal reference, this is immediately excluded and the personal data is therefore immediately deleted. Only in exceptional cases is the full IP address transferred to a Google server in the USA and shortened there. Google will use this information for the purpose of evaluating your use of the website, compiling reports on website activity for website operators and providing other services relating to website activity and internet usage. In exceptional cases where personal data is transferred to the USA, Google is subject to the "EU-US Data Protection Shield" www.privacyshield.gov/EU-US-Framework. Google Analytics uses cookies. The information generated by the cookie about your use of this website is usually transferred to a Google server in the USA and stored there. You can refuse the use of cookies by selecting the corresponding setting in your browser. Please note, however, that in doing so you may not be able to use all the features of this website. You can also prevent the collection by Google of the data generated by the cookie and relating to your use of the site (including your IP address) and the processing of this data by Google by downloading and installing the browser plug-in available through this link: https://tools.google.com/dlpage/gaoptout.

You can also prevent the use of Google Analytics by clicking on this link: Disable Google Analytics. An “opt-out” cookie is stored on your data carrier, preventing the processing of personal data by Google Analytics. Please note that with the complete deletion of cookies on your device, these "opt-out" cookies are also deleted, i.e. you will need to set them again if you wish to continue to prevent this form of data collection. data. Opt-out cookies are set per browser and computer/device and must therefore be activated separately for each browser, computer or other device.

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We may modify this privacy policy without notice. The version currently published on our website will apply. If the privacy policy forms part of an agreement with you, we will notify you by e-mail or other appropriate means if we change it.

If you have any questions about our privacy policy, please send us an e-mail to contact@iteramcapital.com.