Meet Our Managers

Commonwealth Structured Alpha is a multi-manager systematic portfolio that provides investors with access to niche global macro and managed futures managers at lower cost and higher efficiency than traditional funds-of-funds. The Commonwealth Structured Alpha portfolio is designed to generate high single digit returns over a market cycle, with zero to negative correlation to traditional portfolios. Commonwealth Structured Alpha leverages the expertise of StockYards Bank & Trust’s Director of Alternative Investments, who has been allocating to this space for over a decade.

The Fund’s investment objective is to generate diversified investment returns that are uncorrelated with the equity and debt markets by committing the Fund’s assets to the investment discretion of a select group of experienced Sub-Managers that pursue various alternative investment strategies. Specifically, the Fund accesses the Sub-Managers through an affiliated platform called Galaxy Plus Fund, LLC (the “Platform”) and receives certain fees and allocations in return for the services it provides to the Platform. The Platform identifies Sub-Managers that, in its judgment, are capable of generating attractive investment returns whose correlation to the U.S. equity and fixed-income markets is minimal. In implementing their strategies, the Sub-Managers selected by the Platform will have the discretion to invest and trade in a broad variety of securities and other financial instruments (including derivatives). The Fund’s assets are ordinarily committed to Sub-Managers on the Platform by investing such assets in Sub-Funds (e.g., limited partnerships, limited liability companies and business trusts) managed by such Sub-Managers. The Fund may also commit the Fund’s assets to Sub-Managers by opening Managed Accounts with them.

Cane Capital Management, LLC’s Cane Kensington Diversified Opportunity strategy seeks capital appreciation through making long and short investments in fixed income, currency, equity and commodity markets primarily in a portfolio of equities and futures contracts and futures-related instruments, swaps and options. Cane Capital Management, LLC (Cane) utilizes a proprietary quantitative model, deriving inputs from financial data, to identify securities exhibiting particular traits that indicate the potential for outperformance. Cane’s process uses a combination of economic analysis and quantitative market dynamics to determine investment strategies, which are implemented through (i) long positions in equities or (ii) taking long or short positions in the other types of securities described above. Cane’s risk management approach uses statistical processes in seeking to truncate downside risk.

The Canturo Natural Gas Relative Value Strategy (the “Strategy”) utilizes arbitrage methodologies designed to profitably value, trade and hedge financially settled natural gas basis futures primarily traded during bid week. The Strategy, along with its complementary component discussed further below, is designed to yield consistent returns while also serving as a non-correlated hedge against other asset class exposures.

Conquest Quantitative Macro is a systematic absolute return strategy. Designed as an “all-weather” offering, Conquest Quantitative Macro seeks to capture independent alpha from short-term trading opportunities regardless of the risk environment in both “risk-seeking” and “risk-averse” regimes. The strategy employs 4 sub-strategies and over 100 different quantitative trading models using a dynamic risk allocation based on the Conquest Risk Aversion Index. It provides geographic and asset class diversification by trading in over 30 liquid global futures markets including currencies, equity indices, commodities and fixed income with no correlation to traditional portfolios, hedge fund portfolios, and CTA portfolios.

CoreCommodity Management, LLC Founders Absolute Return (FAR) strategy targets consistent returns from a liquid, diversified portfolio holding exposure across commodity sectors including energy, agriculture, industrial and precious metals markets as well as diverse positions within natural resource equities. 

DCM Systematic Advisors SA’s Diversified Alpha program uses a non-trend approach, combining approximately 20 quantitative strategies grouped into three categories: (i) behavioral, (ii) relative-value and (iii) macro. Behavioral strategies are designed to anticipate the flows of large market participants (e.g. CTAs) to take advantage of their market impact. Relative-value strategies aim to seize opportunities on spreads between economically related instruments or across different maturities. Macro strategies use a broad range of statistical models derived from various economic principles. These strategies are targeting opportunities not available to typical CTAs. Risk management is a key component of the investment process and operates at multiple levels within and across the strategies.

Dormouse Limited’s Diversified Trading program is a systematic, quantitative, absolute return strategy aiming to provide long-term, uncorrelated returns relative to traditional asset classes and other managed futures programs. The program’s investment universe consists of liquid futures contracts in developed economies covering bonds, currencies, equity indices, commodities and short-term Interest rates. The program targets 10% annualized risk and seeks returns using a number of diverse analytical resources including macroeconomic, fundamental, and technical factors to provide robustness to changing market conditions and environments.

ETC takes a differentiated approach to systematic trading utilizing its Short-term Volatility Trend, Pattern Recognition, Risk-off Alpha and Sentiment systems. Combined with proprietary, volatility-based signal generation and a risk-first approach to trade implementation, ETC produces a distinctive return profile that aims to help diversify most portfolios of traditional assets, as well as deliver performance through dislocations.

Endura Capital Management LLC (Endura) is focused on short term credit opportunities in the mining and metals space. Endura has partnered with Metalex Commodities, Inc. (Metalex), a US-based mining and processing business focused on operating underfunded African ore mines, to create a mission-driven alternative fixed income product. The Galaxy Plus Hedge Fund LLC – Endura Metalex African Oppty Fund (111) (the Fund) is a trade finance fund advised by Endura that provides liquidity to Metalex. Metalex, in turn, uses the liquidity provided by the Fund to bolster security of ore supply, appropriate processing of the ore supply, and marketing of the concentrates derived from the ore processing in Zambia, Zimbabwe, Mauritania, Nigeria and Mozambique, among other African countries. The Fund’s assets will support financing the procurement, transportation, and sale of metal ore products, including Copper, Zinc, Lead and Manganese, to global buyers.

Falvey Capital is a private credit fund investing in short-term, supply chain finance receivables. Paul Falvey, Falvey Capital’s president, is a career bank CEO who has spent his career focused on the effective negotiation and structuring of complex private credit transactions. The private credit asset class has grown significantly over the past decade as traditional banking institutions scale back their capital-intensive lending businesses, resulting in small and middle market companies increasingly turning to non-bank lenders for capital. Falvey Capital has developed an investment approach in the private credit space focused on providing supply chain financing solutions to these small and middle market privately held U.S. companies. The Galaxy Plus Hedge Fund LLC – Falvey Capital Short-Term Private Credit (106) (the Fund) leverages Falvey Capital’s extensive underwriting and private credit experience and understanding, aiming to offer an investment opportunity focused on capital preservation with a low correlation with bonds and equities. . Private credit transaction terms range from 30 to 120 days, further reducing Fund investors’ exposures to interest rate risk. The incentive fee is subject to achievement of a 9.0% hurdle rate per annum prior to any incentive fees being payable to Falvey Capital.

Fort, LP’s Global Contrarian program is a systematic, trend-anticipating trading program that seeks to capitalize on medium to long-term trends. It trades a spectrum of futures contracts that includes: interest rates, bonds, currencies, equity indices, energy, and metals in the global markets. Its typical holding period is between 2 and 8 weeks. Unlike trend-following programs that attempt to identify existing trends, Global Contrarian attempts to anticipate trends by identifying price behaviors that signal possible turning points. Global Contrarian is not a counter-trend program; it is designed to purchase as prices decline toward support levels and sell as prices rise toward resistance levels. Global Contrarian is designed to dynamically and systematically shift risk allocations among asset classes and underlying parameter choices.

The Horizon3 Programme (the Program) is a global macro CTA strategy that trades a highly diversified portfolio from a universe of 125 markets in FX and Futures in commodity and financial markets. Sectors traded include equity indices, interest rates, bonds, currencies from developed and emerging markets, precious and base metals, energies, grains, meats and softs. The Program uses a hybrid approach based on a core systematic strategy with a discretionary macro overlay based on proprietary macroeconomic research and technical analysis. This allows Horizon3 the opportunity to seek to enhance the Program with its over 30 years of fund management and trading experience in harmony with the quantitative model research. The hybrid approach allows the Program to be adaptable, well-positioned to take advantage of evolving beneficial fundamental conditions and be responsive to abrupt change or adverse conditions.

KeyQuant SAS’s Key Trends program is a fully systematic quantitative strategy that trades only the most liquid futures markets. It combines a medium-to-long-term approach with short-term signals (holding period < 3 days). The medium-to-long-term strategy is based on an innovative probabilistic model designed to quickly detect emerging trends, characterize high-potential established trends, and identify trend reversals earlier, thereby enhancing Key Trends’ profit potential. Additionally, using KeyQuant’s “Global Economic Factor” (GEF), Key Trends aims to be positioned to assess the strength of global economic trends to optimize its portfolio exposure. Introduced in 2023 and accounting for one-third of the risk, the short-term component uses divergent signals to identify trend opportunities uncorrelated with medium-to-long-term CTAs. These signals are based on various trading approaches (time series momentum, dynamic trends, mean reversion, etc.) and are combined across different trading speeds to achieve a comprehensive probabilistic analysis. KeyQuant does not rely on historical data, generally accepted theories, or the optimization of backtests to build the Key Trands model. Instead, KeyQuant relies on mathematics, resulting in, in KeyQuant’s belief in a model that is less prone to curve-fitting.

The Millburn Resource Opportunities Program (ResOP) is a long/short strategy that applies the Millburn proprietary systematic, machine-learning-based technology to a broad based set of liquid global commodity and commodity-related futures, currency, and security markets, with an emphasis on risk management. ResOP builds upon Millburn’s more than 50-year experience in the active trading of commodities, including via the firm’s Millburn Commodity Program and China Futures Program.

ResOP implements a group of models that collectively trade more than 100 instruments in various commodity and commodity-related markets, including Chinese and international commodity futures, currency forwards, equity index futures, securities, and spreads. Positions in each instrument traded can be either long or short, providing opportunities in both rising or falling markets.

ResOP’s trading strategies rely heavily on the implementation of a multi-data-input, statistical/machine learning framework, and are 100% systematic and quantitative in nature. This framework utilizes a range of different quantitative data inputs, or “features” in an attempt to provide an informed, context-specific and continuous view of portfolio positioning (long or short, and to what extent) in a particular market.

ResOP’s statistical/machine learning approaches can enable the models to adapt over time, with the goal of reflecting changes in underlying structural properties of markets and the importance of particular features. Strategies are intended to be able to detect and take advantage of longer-term, persistent trending activity (up or down), but also short-term or idiosyncratic market behavior, including mean reversion. Risks of over-fitting are reduced through the application of statistical techniques, a focus on diversification and the use of often decades of historic data in the construction of the models.

NWOne manages quantitative strategies in commodity and commodity-linked futures based on market fundamentals. The strategies are designed to extract uncorrelated alphas from the market under a variety of market conditions, and establish long and short positions in outright futures, calendar spreads, and inter-commodity spreads with holding periods ranging from 30 minutes to 8 weeks. The NWOne Diversified Strategy Program (the Program) aims to exploit supply and demand imbalances, hedging activity from physical commodity traders, and financial flows from investors that cause commodity prices to experience short-term deviations from intrinsic value. Models are calibrated using rigorous statistical methodology and out-of-sample tested using state-of-the-art machine learning methods. The Program consists of 3 independent strategies:

1) Directional futures: Fundamental supply and demand driven modelling of each commodity combined with macro demand forecasts. Seeks alpha capture around scheduled and unscheduled events. Targets highest return during periods of high/transitory inflation. Long and short positions in outright futures with holding period of 4-7 days.

2) Calendar spread futures: Individual commodity inventory modelling combined with risk premium capture around producer/consumer hedging. Targets stable risk adjusted returns at low/negative correlation with the benchmarks. Positions in calendar spread futures with holding period of 1-8 weeks.

3) Intraday futures: Aims to exploit structural inefficiency arising from producer hedging activity. Positions in outright futures with holding period under 1 hour.

PlusPlus Capital Management is a quantitative trading firm that trades futures and options all around the globe. The PlusPlus Global Alpha program seeks to exploit the behavioral inefficiencies of market participants through the historical modelling of a variety of indicators using a proprietary technological infrastructure built by the co-founders over a period of several years.

The PlusPlus Global Alpha program seeks to deliver returns that are uncorrelated with all asset classes, in addition to delivering returns that have a risk-adjusted return that is considerably higher than its peer group. 

The Principalium Defensive Global Alpha Strategy (PDGAS) is a systematic absolute return investment solution that strives to provide positive returns during market corrections and aims to generate alpha through a wide range of market conditions to effectively capture the daily compounding of returns over the long term. PDGAS is designed to benefit from upward (Risk-On), sideways (Non-Directional) and downward (Risk-Off) market movements. It combines a “Net Long Volatility” with a “Carry & Alpha” investment profile. Each trading position has embedded “intelligence” to adapt and risk adjust to the respective volatility environment while seeking an asymmetric pay-off. The investment universe consists of highly liquid global futures markets: volatility, stock indices, commodities, currencies, fixed income and rates. Principalium Capital AG seeks to generate value by combining intelligence from volatility, financial and commodity-based, medium- and short-term algorithmic trading.

ProfitScore’s Regime-Adaptive Long/Short Equity program (the Program) is a highly liquid, systematic program trading S&P 500 and Nasdaq 100 E-Mini Futures. Depending on the market state – low (Low Vol) or high (High Vol) volatility – trading decisions are driven by two different trading constructs. During Low Vol, the system is designed to identify and dynamically capture gains based on persistent directional moves. As volatility increases, markets often become increasingly unstable and inefficient. During these High Vol states, trade lengths tend to shorten as the Program quickly adjusts exposures to capitalize on market inefficiencies. This Program’s most significant value potential generally occurs during periods of high volatility and market stress when many other strategies are faced with performance challenges.

Quantica’s Managed Futures Program’s (the Program’s) investment philosophy centers around the belief that quality risk adjusted returns can be systematically exploited from liquid markets by analyzing risk adjusted outperformance of one market versus other markets in the investment universe. The Program is designed to identify and exploit inefficiencies in relative, risk-adjusted price movements across major asset classes by detecting global capital flows. Risk and price movements are statistically analyzed in order to determine if a market should be over- or underweighted versus a neutral portfolio. The Program uses daily risk adjusted returns as sole data input and operates in real time. Overall exposure is designed to be self-regulated according to proprietary predefined risk parameters. When the Program detects higher inefficiencies in markets it is designed to adjust the exposure higher versus a neutral portfolio, and vice-versa.

QIM’s Global Program (the Program) seeks to deliver strong risk-adjusted returns through the use of proprietary machine learning predictive techniques. The average trade length for the Program is one to two weeks. The holding period for all trades typically ranges from 1 to 60 days. Since inception, the Program has had a low correlation to its benchmarks. QIM currently employs numerous quantitative trading models that utilize pattern recognition to predict a wide variety of price movements. All models are tested across massive data sets. Only those models that prove to be the most robust, statistically significant and conceptually diverse are used in actual trading. The resultant system of models offers signals that guide market timing and trade allocation. The Program universe contains over 60 distinct futures contracts. Contracts from this universe may be added or removed from active trading based on current research, liquidity or other factors. Each day’s risk allocation to each contract is based solely on liquidity and signal strength.

The Quest Tracker Index (“QTI”) is a relatively lower cost systematic program seeking to replicate the performance generated by the broad class of managed futures trading strategies of trend following CTAs and provide risk-adjusted performance comparable to or better than that of the asset class. QTI trades over 60 specified futures contracts in liquid global markets for commodities, currencies, equity indices and fixed income. Three trading systems are implemented, which function independently of each other, and are applied to all markets traded.

ROW’s Diversified Program (the Program) seeks to generate consistent long-term appreciation through active leveraged investing in global futures, forwards, and options markets. ROW utilizes a quantitative approach to forecasting, portfolio construction, and risk management. The Program invests in currency, interest rate, energy, agriculture, metal, and equity index instruments. ROW seeks to achieve style diversification within the Program by using a combination of Carry, Trend, Fair Value, Pattern Recognition, Volatility, Sentiment, and Mean Reversion models.

Indigo (the “Strategy”) is a volatility arbitrage strategy with a strong equity defensive bias that has adapted from Trajectoire’s “Black Tail” strategy implemented on behalf of the Trading Company at its inception. The Strategy’s portfolio consists of multiple sub-strategies designed to capitalize on the volatility price structure, both long and short. The decorrelation among sub-strategies allows for a diversified portfolio construction, optimised to benefit from various market trends and volatility regimes.  Signals are generated systematically by the process, which triggers investments that are executed rigorously by highly experienced options traders. Trajectoire monitors the Strategy’s portfolio risk using proprietary tools, which include simulations, stress tests and VaR analyses. 

Valent’s Tatum Series Strategy (the Program) is designed to capture opportunities in metals markets via relative-value, directional and volatility trades. The Program utilizes rigorous fundamental analysis to identify economic disconnects with quantitative analysis in an effort to enhance trade construction and timing. Trades may be derived from the frequent dislocations inherent within the metals sector to broad, multi-year themes, such as the step change in metals consumption currently being brought on by the “Third Industrial Revolution”, which includes the transition to net zero carbon energy. Portfolio construction is a function of both conviction and a quantitative assessment of the trading environment. The Program’s portfolio can be delta neutral or directional while seeking to capture the inherent alpha in the metals space and minimizing the portfolio’s correlations with all major asset classes.

Watts Gwilliam is an SEC-registered Investment Advisor and fiduciary financial advisor with over 20 years of experience managing option overlay strategies. In advising the Galaxy Plus Hedge Fund LLC – Watts Gwilliam Option Overlay Fund (110) (the Fund), Watts Gwilliam seeks 100% exposure to US Large Cap Equities through individual stocks and sector ETFs (generally investing in the S&P 500 index through ticker symbol SPY, though it may utilize other holdings to achieve its objective), then overlaying the Watts Gwilliam OPTIC (Covered Call Option Overlay) strategy over the individual holdings as an income enhancement. Along with the tactical selling of calls, the Fund will strategically own different levels of S&P 500 puts, depending on various market conditions.

Welton Global (the Program) was conceived to provide investors with a source of non-correlated returns and long-term capital appreciation by capitalizing on the full range of investment opportunities available in the global futures and FX markets. The Program pursues this aim by employing a broadly diversified portfolio architecture that spans multiple asset classes, strategy types, holding periods and directionality (i.e., taking either long or short positions). To accomplish its goals, today the Program trades 24 unique and diverse strategies, each attempting to capture a specific recurrent market phenomena generated by behavioral inefficiencies amongst capital market participants. These inefficiencies can include, but are not limited to, under-anticipated price shifts from a variety of recurrent global macroeconomic themes, carry differentials, structural financing premiums within and across markets, and the exploitation of a variety of short- and long-term statistical probabilities, among others. Strategies are then systematically combined through a top-down Multi-Asset Class Correlation and Risk Optimization (MACRO) allocation framework to achieve the Program’s objectives over the long-term. This system was specifically designed to target maximum diversification to complement the Program’s momentum / trend following core, and embeds risk management at multiple layers within the portfolio for a stable portfolio risk profile over time. By maintaining these core design principles, an unwavering focus, and a process of continuous improvement, Welton hopes to ensure that the Program will continue to seek to deliver the dual traits of alpha plus portfolio-enhancing diversification.