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.
Learn more
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.
Zero Beta Program
The Zero Beta Program delivers true market-neutral absolute return with a beta of approximately 0.00 to the S&P 500 and a correlation of just +0.04 since 2020. Designed to maximize the incremental Sharpe Ratio improvement when added to any existing portfolio, Zero Beta is the purest expression of the firm's alpha generation divorced from any equity directional exposure. The program applies the full suite of the firm's 60+ diverse, systematic trading rules across all four major asset classes — equities, fixed income, foreign exchange, and commodities — with an average investment duration of approximately three days. The strategy performs particularly well in volatile market conditions, when investors are most susceptible to biased, predictable behavior, and is designed to generate consistent positive returns regardless of the direction of equity or fixed income markets.
Learn more
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.
Absolute Return Program
The Absolute Return Program targets maximum absolute return with a low but positive equity beta of approximately +0.4 to the S&P 500. The program carries the best risk-adjusted performance record of any of the firm's programs since 2000 and has never had a down calendar year in a down year for the S&P 500. Absolute Return applies the full suite of the firm's 60+ diverse, systematic trading rules — the result of over 30 years of research into how cognitive and behavioral biases impact financial markets — across equities, fixed income, foreign exchange, and commodities with an average investment duration of approximately three days. The program's positive equity beta allows it to participate meaningfully in rising equity markets while its behavioral trading overlay provides meaningful downside protection during periods of market stress.
Learn more
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.
SP50 Enhanced Equity Replacement Program
The SP50 Enhanced Equity Replacement Program combines 100% long exposure to the S&P 500 with a 50% allocation to the firm's Macro Diversified trading strategy, putting each investor dollar to work 1.5 times. The program is designed to deliver equity-like returns with meaningfully lower drawdowns and improved risk-adjusted performance. The Macro Diversified overlay — with its structurally negative correlation to equities — is expected to provide significant downside protection during equity market declines while contributing additional return in volatile market environments. SP50 offers investors a direct replacement for passive equity indexing that adds the diversification and enhancement of the firm's quantitative behavioral finance-based trading strategy.
Learn more
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.