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News & Insights

Featured appearances

Hilbert Group CEO Barnali Biswal interviewed by Dagens Industri

Hilbert Group CEO Barnali Biswal was recently interviewed by Dagens Industri. The interview and news article focused on the recent acquisition of Liberty Road and the development of new fund strategies, as well as the future plans for the company. Watch the interview and read the article here.

Hilbert Group CEO Barnali Biswal featured in Noterat podcast

Hilbert Group CEO Barnali Biswal was recently featured in Noterat podcast. The conversation ranged from her background in traditional and digital asset markets as well as the exciting future for Hilbert Group. Listen to the full episode here.

Press releases

HILBERT GROUP PUBLISHES INTERIM REPORT FOR THE FIRST QUARTER 2026

The first quarter 2026(compared to first quarter 2025) Revenues amounted to KSEK 3,606,045.7 (KSEK 44,977.7) Operating profit/loss (EBIT) totalled KSEK -35,589.5 (KSEK -11,852.7) Profit/loss for the period were KSEK -43,062.1 (KSEK -24,626.4) Earnings per share before and after dilution amounted to SEK -0.38 (SEK -0.37) Equity KSEK 21,520.0 (KSEK 7,291.5) Total assets KSEK 253,724.7 (KSEK…

Hilbert Groups årsredovisning för 2025 har publicerats

Årsredovisningen är bifogad och kan även laddas ned från Hilbert Groups hemsida: www.hilbert.group. I samband med detta informerar Hilbert Group om följande ändringar i årsredovisningen för 2025, jämfört med bokslutskommunikén 2025 publicerad 31 mars 2026: Justeringar har gjorts i koncernens kassaflödesanalys: • En justering har gjorts av kassaflöde använt i investeringsverksamheten, vilket resulterat i en…

Hilbert Group’s Annual Report for 2025 has been published

The Annual Report (in Swedish) is attached and can also be downloaded from Hilbert Group’s website: www.hilbert.group. In conjunction with this, Hilbert Group informs about the following changes in the Annual Report for 2025, compared to the Year-end Report 2025 published March 31, 2026: Adjustments have been made to the Consolidated Statement of Cash Flows:…

Recent Publications

Hilbert regularly publishes market analyses and peer-reviewed academic articles that study the quantitative-financial workings of markets.

Bitcoin: Where Next? — The Liquidity Lie

In this latest CIO paper, Russell Thompson examines the relationship between Bitcoin and global liquidity — and why conventional liquidity measures may be misleading investors. While broad indicators such as M2 have continued to rise, Bitcoin has declined sharply since late 2025. This report argues that the key driver is not the absolute level of…

Kelly Trading When Asset Prices Have Jumps

  ABSTRACT In this paper, Magnus Holm and Hans-Peter Bermin revisit the foundational Kelly trading strategy in the context of modern financial markets where asset prices can experience discrete jumps—sudden changes in value that are not captured by traditional continuous models. While classical results show that the Kelly strategy (which aims to maximise long-term capital…

Limiting Distribution of the Maximum Drawdown for Brownian Motion with Positive Drift

A new working paper by Dr Hans-Peter Bermin (Chief Risk Officer, Hilbert Group) and Dr Magnus Holm (Co-Founder, Hilbert Group) shows that the maximum drawdown of a standard asset-price model converges to a Gumbel distribution, meaning extreme losses follow a predictable statistical pattern. This insight provides practical tools for estimating worst-case drawdowns over long horizons and strengthens the quantitative foundations behind Hilbert’s…

The Geometry of Risk Adjustments

ABSTRACT – In this paper we present a geometric approach to portfolio theory, with the aim to explain the geometrical principles behind risk adjusted returns; in particular Jensen’s alpha. We find that while the alpha/beta approach has severe limitations (especially in higher dimensions), only minor conceptual modifications are needed to complete the picture. However, these…