February 25, 2026
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What defines strong investment decision-making in volatile markets? How should aspiring investors think about risk, technology, and career development in fundamental equities? What practical steps create teams that sustain conviction and generate durable returns?
These questions framed a discussion at HEC Paris between Drew Gillanders, Head of International Equities at Citadel, and Dean Eloïc Peyrache. The event included a fireside conversation and a networking session with members of Citadel’s International Equities team, including HEC alumni now working as analysts and associates.
Citadel’s edge in fundamental equities begins with research. As Drew put it, “Our returns are governed by the quality of our research.” Investment outcomes are driven by differentiated analysis of sectors, companies, and identifying inflection points.
That philosophy shapes hiring and team design. Candidates are evaluated through stock case studies, portfolio construction discussions, and behavioral assessments to understand both analytical rigor and judgment. The objective is to build teams where collective insight compounds.
Culture reinforces this structure. “He or she who has the knowledge, at whatever level within the firm, is who we go to,” Drew explained. Expertise, not title, steers debate. Whoever understands the idea best leads the discussion. That approach accelerates learning and sharpens conviction.
Volatility is constant. Process is what separates durable performers from the rest.
Drew drew a distinction between rigid limits and disciplined guidelines. “When we are facing periods of market turmoil, we rely on risk guidelines as opposed to risk limits.” That distinction reflects a deeper emphasis on understanding how individuals and teams make decisions.
In environments constrained by hard limits, behavior can shift toward defensiveness. As Drew noted, when capital is automatically cut after a drawdown, “your mentality shifts and it becomes about protecting and defending.” A disciplined process instead creates the space to reassess facts objectively and determine whether conviction should decrease or increase.
Resilience is engineered through portfolio construction, collaboration, and accountability. It is what allows teams not just to survive volatility, but to act when opportunities emerge.
Students were particularly interested in how AI is reshaping investing.
Drew framed AI as an efficiency tool rather than a replacement for human insight. It allows investors to process large volumes of information more quickly and redeploy time toward higher-value analysis. “You’re trying to get to the higher, more profound judgments,” he said, describing how technology can support deeper thinking.
At the same time, he cautioned that AI-generated summaries can “lack texture and contour and judgment.” In markets where many firms access similar data sets, the edge remains the human ability to ask sharper questions and synthesize information with commercial clarity.
Technology raises expectations. It does not eliminate the need for judgment.
Career progression at Citadel is capability driven. Responsibility expands when leaders repeatedly observe sound judgment and measurable impact.
Drew described advancement as rooted in “the frequency of observation.” When strong decision-making is observed consistently, leaders can confidently expand responsibility. Growth is tied to demonstrated capability, not tenure.
He also emphasized that investing is fundamentally a talent business. Drew personally meets candidates for key roles and spends time observing how teams interact. “It’s all about the people you’re going to surround yourself with,” he reflected. The right environment should “allow me to be curious… invest in me… and expose me to risks and discomfort,” because that is what accelerates growth.
The presence of HEC alumni now working on the International Equities team reinforced this commitment. Students engaged directly with recent graduates who are building careers in fundamental investing, making the pathway from classroom to desk visible and tangible.
Every idea should answer a core question: what is our right to win?
Drew challenged students to identify their “point of differentiation” and to ask how that insight will “transmit to the stock.” What do you know that others do not? How will that view flow through earnings and valuation? This commercial framing forces clarity and prevents conviction from becoming narrative-driven consensus.
It also reflects a mindset. Intellectual rigor must connect to outcomes.
The conversation at HEC Paris made one practical point clear. Strong investment decision-making is not a single capability. It is the product of disciplined research, intentional team design, calibrated risk processes, and sustained investment in talent.
