Penso Advisors LLC, established in 2010, is a New York-based discretionary macro manager. We operate as a single investment committee with a unified team structure, trading opportunistically across all liquid asset classes. Our core specialty is sourcing convexity through limited-downside, convex structures, leveraging deep derivatives expertise to express macro views in a capital-efficient manner. Our client base has historically included some of the largest hedge funds, multi-strategy platforms, corporate and public pension plans, endowments and foundations, fund of hedge fund groups, and family offices.

The Penso team, led by Ari Bergmann, has been at the forefront of derivatives innovation and trading for over 25 years, helping investors and corporations navigate difficult-to-manage risks. We adhere to a conviction-driven, alpha-generating approach: capital is deployed only on compelling, highly asymmetric, mispriced opportunities. We are buyers of convexity with disciplined focus on downside risk management—our entire philosophy is built around risk-adjusted returns. Patient anticipation and avoiding crowded trades is demanding work, at times unpopular, yet we believe it is the most reliable path to long-term value for sophisticated investors. Ari has been trading the markets using this approach since 1996.

We specialize in a niche convexity space within discretionary global macro and manage several strategies, including:

1. Macro Convexity – An absolute return discretionary macro strategy.

2. Negative Correlated Alpha – A risk mitigation overlay solution.

Click here for more details on the strategies.