We manage systematic strategies in US stocks, designed to grow independently of the stock market.

01 · Independent return

Most portfolios are one bet on the market, held in many forms.

Individual stocks, index funds and most active managers share a single dominant exposure: the direction of the market, known as beta. When it turns, they fall together, which is why diversification tends to disappear precisely when it is needed.

Our strategies balance long and short positions, so returns come from selecting securities rather than from the market rising. That residual return, independent of the index, is what the industry calls alpha.

02 · Consistency through breadth

Hundreds of small, independent decisions instead of a few large convictions.

A discretionary manager may hold twenty positions and need most of them to be right. We take hundreds of small positions each quarter, each carrying a modest statistical edge. Individually they are noise; in aggregate they converge on their expected value, the same arithmetic an insurer relies on.

03 · Risk sized in advance

Every position is sized to a small planned loss before it is opened.

A handful of stocks you do not follow closely carries idiosyncratic risk: one earnings report or headline can erase a year of gains, and nothing limits the downside. Discretionary trading and crypto add leverage and emotion to the same problem.

We size each position so its planned loss is a small, fixed fraction of the account. A price gap or a fast market can carry a loss past that plan, but no single company can decide the outcome, and the portfolio's drawdown can be estimated in advance and monitored against that estimate.

04 · Capacity

An opportunity set the largest funds cannot reach.

A fund managing tens of billions cannot trade a mid-sized company without moving its price; its own orders become its largest cost, an effect known as market impact. Scale confines it to the most liquid and most competed-for trades.

Short-lived inefficiencies in mid-sized companies remain available to smaller, faster capital. We operate deliberately below the size at which those opportunities stop being tradable.

05 · Evidence before capital

A strategy is funded only after it has worked on data it has never seen.

Each strategy is built on one period of history and tested on the next, rolling forward across years. The most recent months are sealed and used only to confirm, never to tune. Every idea we test is discounted for the number of ideas tried, so luck is not mistaken for skill.