Stephen Crewe

portfolio manager, Fulcrum Asset Management

Bio

Stephen Crewe is a partner at Fulcrum. A specialist in the field of volatility, he developed and is the PM for the Fulcrum Equity Dispersion Fund. In addition, he is actively involved in the design and implementation of systematic risk premia strategies, and among his numerous responsibilities are tail risk mitigation and the generation of alpha in discretionary multi-asset portfolios. Stephen holds an engineering master’s from Oxford and a finance master’s from London Business School. Before Fulcrum he was at F&C Asset Management, where he had a decade of experience running a derivative-focused hedge fund, as well as a range of structured, income and targeted return funds.

Event Participation

May 16 – 17, 2022

Europe EQD 2022

This event was originally scheduled for January 24-25, 2022. Attendance is for sponsoring banks, non-bank sellside and buysiders only. You must register to secure a spot in the room. Registrations are subject to approval.

October 14, 2021

The Global Equities Digital Forum, In Partnership With BBVA

Registration for this event is now closed. For questions regarding access, please contact events@eqderivatives.com. Attendance is complimentary and for asset allocators and asset managers only. You must register to secure a spot in the room. Registrations are subject to approval. To request an invitation, please contact Kathrine Fiksdal at fiksdal@eqderivatives.com

May 26 – 27, 2021

Global EQD 2021

Registration for this event is now closed. For questions regarding access, please contact events@eqderivatives.com. Day I | May 26 12:00 pm - 3:00 pm PDT Day II | May 27 12:00 pm - 3:00 pm PDT Global EQD attendance is complimentary and for buyside and sponsors only. You must register to secure a spot in the room. Registrations are subject to approval.

January 27 – 28, 2021

Europe EQD 2021

Europe EQD attendance is complimentary and for buyside and sponsors only. You must register to secure a spot in the room. Registrations are subject to approval.

November 26, 2019

London Buyside Forum: Derivatives Strategies for an Evolving Marketplace

London

All Eyes on Dispersion But Execution Is Everything

Dispersion traders are enjoying the benefits of increasingly idiosyncratic equity markets, but managers say the edge lies in execution.

JUL 28, 2026

Still Low Correlation Spurs Dispersion Trades

Still low implied correlation is keeping single stock dispersion elevated, creating tactical openings for dispersion traders amid fresh bouts of volatility.

JUN 10, 2026

Fulcrum Adds Capital, Favors Vol Swaps As Dispersion Bets Persist

USD8.1 billion Fulcrum Asset Management has raised fresh capital for its dispersion fund, sticking with its vol swap strategy.

JUL 03, 2025

U.S. Dispersion Emerges As A Popular Hedge In A Concentrated Market

As the magnificent seven stocks draw significant inflows, investors are increasingly concerned about concentration and leverage risks. S&P 500 dispersion strategies have emerged as a versatile tool.

JAN 16, 2025

Markets Are Risk On; Trend, Rates Vol, Dispersion Remain High Conviction Trades

While questions remain about what the election result will mean for markets next year -- especially in light of higher for longer interest rates and the return of inflation -- in the short term, markets are risk on.

NOV 06, 2024

S&P Short Vol Activity Unlikely to Cause Cascade of De-Risking

Increased short volatility products and derivative income products implementing covered calls or cash secured puts on the S&P 500 are distorting the fair value of shorter dated options, but it may not be as much of a risk to markets as some investors have been led to believe.

AUG 09, 2024

European Dispersion Is Coming Back Into Focus at Fulcrum

Fulcrum Asset Management is adding more European exposure to its dispersion basket, bringing it back to a neutral level relative to U.S. dispersion.

JUN 25, 2024

Vol Investors Face Challenging Start to Year

What is up with equity volatility?

MAR 25, 2024

Equity Vol Strategies Could Face Challenging Year, Pockets Of Opportunity Eyed

Equity volatility strategies could be difficult to find this year, pushing some investors to look for opportunities elsewhere. Søren Grooss, chief portfolio manager at PKA in Copenhagen, said it could end up being a rather muted year in terms of trading if the very benign volatility environment continues.

JAN 22, 2024