Eight macro themes are reshaping hedge fund strategy for H2 2026, with alpha replacing beta as the primary driver. From AI monetisation scrutiny to merger arbitrage and global macro fractures, precision and selectivity define the opportunity set ahead.
The first half of 2026 gave hedge funds a relatively forgiving environment. Beta contributed, the AI narrative sustained momentum and the macro backdrop cooperated.
Hedge fund strategy for H2 2026 will demand more of managers and more of the allocators choosing between them.
Across all of them, the message is consistent: markets are becoming more selective, alpha is replacing beta as the primary driver, and the strategies best positioned for H2 are those built for precision rather…
