Ed Hyman

Ed Hyman’s latest 13F shows no equity positions, no fund assets, and no top holdings. That is the entire filing. For a chairman whose stated style is macro, the absence of a portfolio is itself the positioning: cash, or its equivalent, is the only conviction holding. The filing diverges from peers in a blunt way. Most macro managers carry at least a residual equity book, even when they are bearish. Hyman carries none. There is no hedging via puts, no small satellite stake in a defensive utility, no index short. The zero is total. It suggests he does not see a trade worth making in public equities at current valuations, or that his macro view is expressed entirely outside the 13F window, in rates, currencies, or commodities. Recent moves are unknowable from this document, because there are no moves to track. The quarter-over-quarter change is zero to zero. What the filing does show is discipline: he is not forced into a position to justify a fee or a narrative. For an investor of his tenure, an empty 13F is a statement that the risk-reward in equities is not acceptable, and he is willing to sit out until it is. That is the story.