Cazadores Multi Macro (CMM) comes to the market for the first time in 2025, offering a risk-focused liquid strategy designed to generate returns exceeding 10%, a Sharpe ratio above 2, and controlled drawdowns.
Developed and refined over the past five years, CMM employs a multi-signal approach that integrates both trend-following and mean reversion strategies, applied across a diversified universe of over 40 instruments spanning equities, rates, commodities, and FX. The strategy is built from the ground up, leveraging insights gained from extensive market experience while addressing key inefficiencies observed in traditional approaches.
CMM is rules-based, employing a structured, dynamic signal methodology that enables entry into long-term trends while allowing for rapid exit and re-entry as short-term opportunities arise. It distinguishes itself through a unique time- and volatility-based rule set, with a strong emphasis on per-instrument stop losses and take-profit limits. Unlike conventional trend-following CTAs, CMM integrates a mean reversion component, ensuring that its returns exhibit minimal correlation to other CTAs, fixed income, and equities.
Risk management is embedded in the daily operation of the strategy. The portfolio manager actively monitors per-instrument stop losses, sector-level exposures, and P&L, ensuring disciplined oversight. The system dynamically adjusts its overall risk exposure based on signal strength, scaling risk when conviction is high and reducing exposure when signals weaken. Enforced stops, systematic rule discrimination, and discretionary oversight further contribute to the robustness of CMM’s approach.
This strategy is not merely the product of a backtest but combines rules-based trading with the expertise of an experienced portfolio manager, supported by a dedicated research team. Their combined efforts ensure that CMM is well-equipped to navigate complex market environments through rigorous execution, continuous refinement, and ongoing strategy development.
Importantly, CMM is neither always fully invested nor strictly market-neutral. Its aggregate exposures dynamically adjust based on the strength of underlying signals. When conviction is high, the system takes on greater risk, but in periods of uncertainty, it systematically reduces exposure through pre-defined stops, patiently awaiting better opportunities. This adaptability ensures resilience and strong risk-adjusted returns in varying market conditions.
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Credit Alpha is a global long/short credit strategy focused on emerging market high-yield corporates and quasi-sovereign bonds denominated in hard currency. The strategy leverages deep fundamental research, macro analysis, and active risk management to identify mispriced credit opportunities and generate capital appreciation, with enhanced yield from coupon income.
The two portfolio managers bring nearly forty years of institutional fixed income trading experience, having managed multi-billion-dollar trading books at Credit Suisse, RBC, and Credit Agricole. His background spans SSA, covered bonds, and high-yield emerging market credits, giving the strategy a distinct advantage in credit selection, trade structuring, and market execution.
The fund targets superior risk-adjusted returns with low correlation to traditional fixed income indices. Portfolio construction emphasizes flexibility, liquidity, and strict risk controls—avoiding over-diversification while maximizing alpha from relative value and directional trades.
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The European Convertible Bond Arbitrage Fund is a market-neutral strategy designed to capitalize on mispricings between a convertible bond’s fixed income value and its embedded equity option. The fund focuses on the European market, where structural inefficiencies, less liquid instruments, and a diverse issuer base offer attractive relative value opportunities.
The core strategy involves purchasing undervalued convertible bonds and simultaneously hedging the associated equity delta, credit risk, interest rate exposure, and volatility using a combination of short equity positions, CDS, and interest rate derivatives. Through this approach, the fund aims to isolate and monetize the pricing anomalies and volatility premiums inherent in convertible securities.
Risk is tightly monitored at both the position and portfolio level, with controls on gross and net exposure, beta neutrality, sector concentration, and liquidity. The strategy is designed to perform across market cycles, with low correlation to equities, credit, and rates.
The fund targets mid-to-high single-digit annual returns with low volatility and drawdown risk. Historical performance of similar strategies has demonstrated resilience during periods of dislocation, particularly when volatility and credit spreads widen.
Risk Disclosure: Please note there is a substantial risk of loss in trading commodity futures, options and off-exchange foreign currency products.
Cazadores Investments Ltd (“Cazadores Ltd”) is a limited company registered in England and Wales, registration number 10181648. Authorised and Regulated by the FCA with FCA reference number 771719 | LEI Number: 213800ZHM57PSVHJM845 | Pillar 3 Disclosure can be found here.