WHO ARE WE?
AP Research is an independent cross-asset research platform focused on global macro, thematic investing and portfolio construction.
We combine macro fundamentals with valuation, positioning, flows, market structure and fundamental research to identify opportunities across global markets.
There is no shortage of financial information. What is increasingly scarce is perspective.
Our job is to filter the noise, identify what matters and translate it into investable views.
WHAT DO WE OFFER?
We don’t just tell you what happened. We’re focused on what matters next, how markets are positioned for it, and where we think the opportunity sits.
Our research spans equities, rates, FX, credit, and commodities, with a deliberately cross-asset approach. Sometimes that leads us towards a directional trade. Sometimes it produces a relative-value opportunity, a longer-term thematic allocation, or simply a part of the market we think consensus is overlooking.
Think of AP Research as an independent research desk in your inbox: cross-asset, opinionated and focused on what is actually useful to investors.
Our readers range from professional investors to sophisticated private investors, but the objective is the same: understand what matters, why it matters, and how to position around it.
WEEK AHEAD
Every Monday, we publish our outlook for the week ahead.
Rather than simply running through the economic calendar, we focus on the developments we think will matter most for markets, how we expect investors to react, and the trades or themes on our radar.
RESEARCH & THEMATICS
Throughout the week, we publish deeper research ranging from macro memos and cross-asset analysis to thematic investment ideas.
These pieces are designed to go beyond the immediate news cycle and identify opportunities that can matter over months and years, not merely the next trading session.
MACRO MONITOR
Macro Monitor is our central hub for navigating the global macro landscape.
It brings together the rates, credit, FX, and macro data we use internally, giving subscribers a clearer view of positioning, market pricing, and the relationships developing across asset classes.
CHARTBOOKS
Our Chartbooks provide regularly updated PDFs covering the market data, positioning, and cross-asset relationships we think investors should be watching.
The objective: put useful market intelligence in one place without requiring subscribers to spend hours finding and organising it themselves.
PORTFOLIO
Research is ultimately most useful when it informs decisions.
Our portfolio work shows how our macro and thematic views translate into asset allocation, individual positions, and portfolio construction.
PRIMERS
Markets have their own language.
Our Primers break down the mechanics behind topics ranging from derivatives and market plumbing to rates, FX, and credit, giving readers the institutional framework needed to understand how these markets actually work.
OUR APPROACH
Markets are rarely driven by one variable. That is why our process is deliberately cross-asset.
We look at economic fundamentals alongside valuation, positioning, flows, liquidity, market structure, and catalysts. We are interested not just in identifying a good story, but in understanding what is already priced, who already owns it and what could cause the market to think differently.
The aim is not to have an opinion on everything, but to have conviction when we believe something matters.
MEMBERSHIP
$50/month
$400/year
THE PAYWALL PARADOX
There is one obvious problem with explaining the value of paid research: Most of the evidence is behind the paywall.
So don’t take our word for it.
If you would like to preview AP Research before subscribing, email theeditor@alphapicks.co.uk and we’ll arrange trial access.
FOR INSTITUTIONS
For professional investors looking for more specialised research, we also operate APFX, our institutional-focused rates and FX service.
APFX provides more detailed research, trade expression, and market analysis across global rates and currencies.
More information can be found here.
ELSEWHERE
We also publish shorter market thoughts, charts and, occasionally, memes on X.
Follow us there for the things that don’t require 3,000 words and a paywall.
DISCLAIMER
This substack is not and should not be considered investment advice. This substack is for informational purposes only. Nothing on this substack constitutes a recommendation to buy, sell or hold any security at any time.
