Penso Advisors LLC, established in 2010, is a New York-based manager and advisory boutique specializing in discretionary macro and risk mitigating strategies. Our niche specialty is derivatives structuring/trading and systemic risk management. We manage discretionary global macro strategies as well as high convexity negative correlated alpha portfolios for sophisticated institutional money managers and allocators. Our clients include some of the largest hedge funds, corporate and public pension plans, endowments/foundations, fund of hedge fund groups and family offices.
The Penso team, led by Ari Bergmann, has been in the forefront of derivatives innovation and trading and helping investors and corporations deal with difficult to manage risks for over 25 years.
We believe in the old-school of true alpha generating money management style where capital is employed only on compelling, highly asymmetric, mispriced opportunities. We are buyers of convexity with a keen eye for managing downside risk and our entire ethos is based on RISK ADJUSTED returns. Patient anticipation and avoiding the crowds is hard work, at times even unpopular, yet, we believe it is the best way to provide long term value to sophisticated investors. Ari been trading the markets using this approach since 1996.
We specialize in a niche space within discretionary global macro and manage three strategies.
1. Global Macro Opportunities (GMO) – A high convexity, capital efficient, discretionary global macro strategy.
2. Negative Correlated Alpha (NCA) – An alpha based, high convexity risk mitigation strategy implemented on a bespoke basis for institutional investors.
3. Risk Dislocation Opportunity (RDO) – A recently launched (October 2017), opportunistic negative correlated macro strategy whose goal is to take advantage of what we believe is a multi-asset class risk and vol repricing coming within the next 1-2 years.
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