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Diversified Program

Our flagship since 1993, the Diversified Program seeks to provide both attractive stand-alone returns and consistent protection during equity declines and difficult periods for hedge fund portfolios. Unlike other trading programs, the Diversified Program seeks to maintain a consistent low or negative correlation to traditional and alternative investments. The Program, which targets annualized volatility of 16%, utilizes a quantitative short-term trading strategy, and tends to do particularly well in high volatility environments. A lower volatility version of the Program, which targets 8% annualized volatility, was launched in August 2011.

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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.



Optimal Alpha Program


The Optimal Alpha ST Futures/Crypto Program is designed to maximize its benefit to client portfolios by combining strong stand-alone returns with portfolio downside protection. The strategy has its roots in the firm’s flagship Diversified Program, which has a 25-year track record. The Optimal Alpha Program utilizes the same models as the Diversified Program but is designed to capture greater upside during equity market rallies. The Optimal Alpha Program incorporated Digital Assets (“cryptocurrency”) into its strategy in August 2017. The program blends trading of futures and cryptocurrency, offering unique diversification for portfolios containing equities, fixed income, and hedge funds.


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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. The RGN Optimal Alpha ST Futures/Crypto Program trades digital assets, including cryptocurrencies (“Digital Assets”), which have significant risks, including risks discussed in the following paragraph. 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.
In August 2017, the RGN Optimal Alpha ST Futures/Crypto Program began trading Digital Assets. There is no assurance that Digital Assets will maintain their long-term value in terms of purchasing power in the future. The Digital Asset exchanges on which Digital Assets trade are relatively new and largely unregulated, and may therefore be more exposed to theft, fraud and failure than established, regulated exchanges for other products. The effect of any future domestic or foreign regulatory changes are impossible to predict, but such changes could be substantial and adverse. Maintaining Digital Assets with RGNCM or with any third party in a custodial relationship has attendant risks. These risks include security breaches, risk of contractual breach, and risk of loss. A full discussion of risks is set forth in the applicable PPM.