Seeking differentiated sources of alpha, Catenary takes a different approach when we partner with Portfolio Managers (“PMs”).  

1. Our PMs are external to Catenary.

2. They tend to focus on securities others don't, where we know to present alpha rich opportunities. 

3. We do not ask our PMs to be exclusive to us or to change their approach to manage our capital. 

4. We are largely agnostic as to risk model, concentration, net and gross exposure. We use an internally managed optimization to neutralize our total portfolio, prefering to allow our PMs whatever approach they deem best designed to capture high quantity stock selection alpha.

5. We give our PMs access to our insights and data toolkit to help improve their approach. 

The result: a collection of PMs that, while unlikely to fit our peer multi-pm platforms, is capable of generating high quantity stock selection alpha which we then isolate and optimize for our investors at the total portfolio level.