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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.



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.