Constellation Multi Fund

Constellation Multi-Manager Fund is a diversified portfolio of mid-to-high frequency, systematic, quantitative trading strategies managed by independent external teams. Asset class focus: Futures on equity indices, rates, commodities, and FX. Constellation combines a suite of capacity-constrained, hard-to-access strategies into a single portfolio. It trades a range of diverse signals generated by underlying trading teams on an hourly to sub-daily holding period. Constellation’s proprietary risk system dynamically reallocates between trading teams to promote diversification and limit downside. Constellation’s proprietary execution system places orders from external teams on a real-time basis. The risk and execution systems allow the research team to interrogate the signals to analyse alpha changes or decays for each of the underlying teams. Many trading strategies can be subject to alpha erosion or regime shifts and the Constellation team’s prowess comes from the ability to detect them. The Fund is structured as a portfolio of SMAs. Teams trade a range of short term strategies often focusing on specific markets, contracts and frequencies. The strategy relies on multi-year experience in sourcing and managing relationships with complex, often low-capacity trading teams, combining them into portfolios with a tightly supervised risk framework. The relationship with each trading team is set on 0% management fee basis; managers are rewarded based on the quality of their returns (Sortino matrix) and receive progressively higher fees for higher returns. Constellation offers Independent Quants and Pod Managers an offer which attracts top talent-Incentive-compatible, performance-only payout, well beyond what can be paid by other funds -Performance fees defined through a transparent & meritocratic Return/Sortino matrix -Contractual B2B payout for the pods -Full independence is retained by the pods -IP owned by pods -No restrictive contract terms