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Investment Products

An overview of our investment programs, including performance, and attribution reports due diligence documents and offering memoranda.

Macro Diversified Program

The Macro Diversified Program continues and enhances the strategy and models of the firm’s flagship Diversified Program (30-year track record; 2022 +59%; 2021 +19%; 2020 +32%) that has provided enormous crisis alpha in the most volatile market periods (e.g. Tech Crash +130%; GFC +107%). The Macro Diversified Program maintains the program’s historic downside protection abilities for equities and fixed income and adds additional overall return expectation by providing additional upside convexity in strong years for financial assets and commodities. The program invests in all four asset classes and raises the expected correlation of the program from its historic -0.3 to equities to approximately 0.0. The enhancements raise the program’s expected Sharpe Ratio by about +0.7. These enhancements are expected to improve the fund’s overall performance in rising equity markets -- which had been more difficult for the program in prior years – while maintaining its left-tail-risk protection.

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An investment in the Funds is speculative and involves significant risks including, without limitation, those set forth herein. The Funds’ investments are highly leveraged and performance may be volatile. The Funds engage in futures and options trading, both of which involve substantial risk of loss. RGNCM has complete discretion over the investments of the Funds. The fees and expenses of the Funds are high and may offset trading profits. A substantial portion of trades may take place on non-U.S. exchanges and markets which may be subject to less regulatory oversight than trades on U.S. exchanges and markets. Such risks are more fully set forth in the applicable offering document for each Fund.



Smart Alpha 2x Program

The Smart Alpha 2x program applies the strategy of the firm’s flagship Diversified Program to 16 highly liquid global Fixed Income and F/X markets. Trading is quantitative and systematic, with an average investment duration from minutes to weeks, averaging 1.5 days. The program performs particularly well in volatile market conditions, when investors are most susceptible to biased, predictable behavior. Because of this, the strategy is long realized volatility. The trading strategy is the result of 30 years of research into how cognitive/behavioral biases impact financial markets, and consists of over 60 diverse, systematic trading rules.

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An investment in the Funds is speculative and involves significant risks including, without limitation, those set forth herein. The Funds’ investments are highly leveraged and performance may be volatile. The Funds engage in futures and options trading, both of which involve substantial risk of loss. RGNCM has complete discretion over the investments of the Funds. The fees and expenses of the Funds are high and may offset trading profits. A substantial portion of trades may take place on non-U.S. exchanges and markets which may be subject to less regulatory oversight than trades on U.S. exchanges and markets. Such risks are more fully set forth in the applicable offering document for each Fund.