Each book is run on its own mandate and measured on its own risk-adjusted contribution, then combined centrally so the whole is less volatile than its parts.
Fundamental, sector-neutral books in industrials, healthcare, financials and technology. Concentrated on the long side, disciplined on the short, market exposure held near zero through the cycle.
Capital structure arbitrage and event-driven credit across investment grade and high yield. We are paid for complexity and illiquidity, never for direction alone.
Cross-asset models trading rates, FX and commodity futures. Signals are built from economic causality first and validated statistically second — not the reverse.
Dedicated tail and dispersion strategies that carry cheaply and pay in dislocation, functioning as the firm's internal insurance layer.
Capital is reallocated monthly on marginal contribution to risk. Correlation, not conviction, decides sizing when the two disagree.
Independent risk reports to the management committee, with hard drawdown limits, daily stress testing, and liquidity matched to redemption terms.