Hedge Fund Portfolio Analysis Report
The Oglethorpe Collective · Inflection Capital Management · April 19, 2026 · Florida
Recommended Portfolio Allocations
| Fund | Weight | Strategy |
|---|
| RA Capital Healthcare Fund | 16.67% | Equity Long/Short |
| The Quarry (Class L) | 8.33% | Equity Long/Short |
| TOMS Capital Fund | 16.67% | Equity Long/Short |
| Southpoint Capital Fund | 16.67% | Equity Long/Short |
| Brevan Howard Alpha Strategies | 16.67% | Global Macro |
| Lexcor | 16.67% | Event-Driven |
| Blackrock Systematic Total Alph | 8.33% | Quantitative/Systematic |
Optimized Portfolio Allocations
Constrained: 5–6 funds, 10% minimum and 35% maximum allocation per fund.
| Fund | Max Sharpe | Min Variance |
|---|
| The Quarry (Class L) | 10.00% | — |
| TOMS Capital Fund | 10.00% | — |
| North Rock Capital Fund | — | 10.00% |
| 400 Capital Credit Opportunitie | — | 10.00% |
| Whitebox Multi-Strategy Fund | 24.03% | — |
| Hudson Bay Capital Management F | — | 13.49% |
| HBK Multi-Strategy Fund | 35.00% | 33.79% |
| Converium Capital Fund | — | 11.37% |
| Bracebridge Capital Fund | 10.13% | — |
| Blackrock Systematic Total Alph | 10.84% | — |
| Aristeia Capital Fund | — | 21.35% |
Portfolio Allocations — Combined View
Side-by-side percent-of-portfolio allocation for each fund across the Recommended, Max Sharpe, Min Variance portfolios.
Portfolio Comparison
Per-portfolio overlap periods:
Recommended: Sep 2022 – Nov 2025 (39 mo) · Max Sharpe: Sep 2022 – Feb 2026 (42 mo) · Min Var: Apr 2021 – Feb 2026 (59 mo) · After-tax figures apply the blended portfolio tax drag.
| Metric | Recommended | Max Sharpe | Min Variance |
|---|
| Expected Return (Pre-Tax) | 13.71% | 10.01% | 6.66% |
| Expected Return (After-Tax) | 9.15% | 6.55% | 4.26% |
| Blended Tax Drag | 33.27% | 34.50% | 36.00% |
| Ann. Volatility | 5.71% | 1.51% | 1.43% |
| Sharpe Ratio | 1.5900 | 3.6945 | 1.7347 |
| Sortino Ratio | 1.6270 | 5.2301 | 1.6319 |
| Max Drawdown | -2.97% | -0.28% | -1.27% |
| Total Return | 51.85% | 39.63% | 37.30% |
| Best Month | 4.18% | 1.78% | 1.27% |
| Worst Month | -2.21% | -0.28% | -0.89% |
Trailing Performance & Trailing Volatility
Trailing metrics use each portfolio’s full return series. Annual rebalancing after Q4 assumed. Each color-banded pair of columns belongs to one portfolio (Return, Volatility). After-tax return shown beneath each pre-tax return.
| Period | Recommended | Max Sharpe | Min Variance |
|---|
| Return | Ann. Vol | Return | Ann. Vol | Return | Ann. Vol |
|---|
| 1-Year | 17.18%
AT 11.46% | 7.89% | 8.62%
AT 5.65% | 1.12% | 7.26%
AT 4.65% | 1.11% |
| 3-Year | 12.60%
AT 8.41% | 6.65% | 10.28%
AT 6.73% | 1.54% | 7.75%
AT 4.96% | 1.01% |
| 5-Year | 9.57%
AT 6.39% | 6.27% | 8.37%
AT 5.48% | 1.99% | 6.28%
AT 4.02% | 1.62% |
Growth of $100 (Jan 2005 – Feb 2026, annual rebalancing)
12-Month Rolling Volatility
Monthly Returns — Selected Managers
Monthly return series for each manager in the Recommended portfolio. Red = negative, green = positive; intensity scales with magnitude.
RA Capital Healthcare Fund · Equity Long/Short
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|
| 2025 | -2.6% | -3.0% | -9.4% | 2.1% | -2.9% | 10.4% | 7.5% | 4.0% | 10.3% | 7.3% | 11.8% | — | 38.6% |
| 2024 | 2.9% | 7.2% | 2.6% | -3.8% | -1.2% | -0.4% | 5.4% | 0.6% | 0.9% | 2.0% | 1.4% | -5.1% | 12.5% |
| 2023 | 1.7% | -5.4% | -5.1% | 2.8% | 7.8% | 3.2% | -0.6% | 0.6% | -4.0% | -8.9% | 10.7% | 11.1% | 12.3% |
| 2022 | -8.8% | -2.0% | -0.4% | -6.9% | -6.7% | 4.0% | 5.3% | 5.4% | 0.0% | 5.2% | -1.9% | 6.7% | -1.7% |
| 2021 | -1.4% | 8.5% | -3.4% | -3.5% | -7.0% | 6.8% | -2.5% | 10.3% | -0.5% | -3.9% | -6.5% | 0.6% | -4.2% |
| 2020 | 2.5% | 0.8% | -7.8% | 6.4% | 4.8% | 11.6% | 4.2% | 5.3% | -1.7% | -3.5% | 2.0% | 2.5% | 29.0% |
| 2019 | -0.7% | 5.8% | 6.6% | -3.1% | 0.5% | -2.8% | 0.0% | -0.1% | -4.2% | 7.3% | 6.8% | 15.4% | 34.2% |
| 2018 | 8.8% | 8.6% | -4.8% | 5.8% | 5.1% | -2.1% | 4.8% | 5.3% | -1.6% | -0.8% | 1.0% | 1.6% | 35.4% |
| 2017 | 0.6% | 3.9% | -0.1% | -5.4% | 1.8% | 4.0% | 1.7% | 8.1% | 8.6% | -1.1% | 8.0% | 4.6% | 39.5% |
| 2016 | -16.8% | -5.3% | 1.6% | 5.1% | 3.2% | -3.8% | 1.9% | 8.6% | 9.2% | -5.8% | 7.1% | -6.5% | -4.8% |
| 2015 | 2.8% | -2.1% | -2.4% | -1.2% | 4.4% | 5.1% | 2.4% | -1.5% | -4.7% | 3.2% | 11.6% | -0.8% | 16.9% |
| 2014 | 12.8% | 2.7% | 2.0% | -7.9% | 0.8% | 15.6% | -6.2% | 2.9% | -1.7% | 2.7% | -0.1% | 5.6% | 30.4% |
| 2013 | 7.7% | -1.3% | 6.5% | 8.5% | 1.0% | 11.3% | 5.1% | 2.2% | -1.9% | 6.1% | 6.6% | 5.4% | 73.4% |
| 2012 | 10.6% | 2.1% | 4.5% | -1.5% | 2.9% | 6.0% | 1.3% | -2.5% | 5.1% | -1.1% | 2.2% | -2.0% | 30.4% |
| 2011 | 1.1% | -5.3% | 2.6% | 4.5% | 1.7% | 1.9% | 1.1% | -6.5% | -9.0% | 7.6% | 13.6% | 2.0% | 14.1% |
The Quarry (Class L) · Equity Long/Short
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|
| 2026 | 2.0% | -0.7% | — | — | — | — | — | — | — | — | — | — | 1.4% |
| 2025 | 1.0% | 1.5% | -2.0% | 2.7% | -0.0% | -0.2% | 0.7% | 2.8% | 0.6% | 2.5% | 1.2% | 0.9% | 12.0% |
| 2024 | 1.1% | -0.1% | 1.8% | 2.1% | 2.8% | -1.5% | 1.5% | -0.7% | 0.2% | -0.1% | 1.2% | -0.4% | 8.1% |
| 2023 | 0.1% | 0.1% | 0.2% | -0.2% | 1.0% | 2.1% | 1.2% | 5.8% | 1.4% | 1.3% | 0.7% | 2.4% | 17.2% |
| 2022 | — | — | — | — | — | — | — | — | -0.2% | 1.1% | 0.3% | -1.0% | 0.1% |
TOMS Capital Fund · Equity Long/Short
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|
| 2026 | -0.1% | 2.7% | — | — | — | — | — | — | — | — | — | — | 2.6% |
| 2025 | 4.0% | 0.5% | -1.8% | 0.9% | 3.3% | 0.6% | 2.3% | -0.5% | -1.8% | -1.4% | 4.0% | 0.6% | 11.0% |
| 2024 | -0.9% | 0.3% | 1.1% | -2.9% | 2.3% | 1.1% | 0.0% | 8.9% | 0.1% | 2.0% | 3.7% | -0.6% | 15.7% |
| 2023 | 1.9% | -0.6% | 1.2% | 1.5% | -0.9% | 1.0% | -1.2% | 0.2% | -1.0% | -0.3% | 1.8% | 4.3% | 8.1% |
| 2022 | -4.0% | -3.0% | 0.4% | 2.5% | 0.4% | -1.2% | 0.9% | -0.2% | -0.6% | 3.2% | 1.5% | 0.1% | -0.2% |
| 2021 | 4.2% | 6.5% | -2.3% | 1.3% | 0.0% | 0.2% | 0.5% | -0.3% | -0.3% | 1.6% | 2.6% | 0.9% | 15.7% |
| 2020 | 1.1% | 0.0% | -1.7% | 3.1% | 1.0% | 1.0% | 1.3% | -0.3% | 3.6% | 1.5% | 3.6% | 4.0% | 19.5% |
| 2019 | 0.8% | -1.2% | 2.2% | 4.6% | 1.6% | 1.2% | 0.7% | 0.6% | -0.3% | 0.6% | 0.3% | 0.3% | 11.9% |
| 2018 | 2.6% | 0.3% | 0.1% | 3.0% | 2.7% | 7.3% | -2.9% | 0.7% | 0.4% | 1.8% | 1.4% | 0.4% | 19.2% |
| 2017 | 4.5% | 0.9% | -1.2% | 1.6% | 2.5% | -3.3% | -2.9% | 2.5% | -5.3% | -1.7% | 3.4% | -1.6% | -1.1% |
| 2016 | -2.4% | -2.2% | 2.1% | -3.5% | 6.7% | 3.7% | 3.8% | 4.5% | 6.7% | 0.3% | -4.3% | 1.2% | 17.0% |
| 2015 | 0.9% | 4.0% | 4.0% | -0.4% | 8.8% | 3.6% | 0.3% | -5.1% | -3.7% | 1.7% | -2.5% | 0.1% | 11.4% |
| 2014 | 4.4% | 3.4% | 1.0% | 2.4% | 4.0% | 11.3% | -1.0% | 1.4% | 0.0% | -4.7% | 1.4% | 0.2% | 25.5% |
| 2013 | — | — | — | — | — | -0.7% | 1.7% | 1.4% | 3.1% | -2.1% | 3.6% | -0.1% | 7.1% |
Southpoint Capital Fund · Equity Long/Short
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|
| 2026 | 6.8% | 3.3% | — | — | — | — | — | — | — | — | — | — | 10.3% |
| 2025 | 5.2% | -1.5% | -5.7% | 0.3% | 4.5% | 3.4% | 0.0% | 0.5% | -0.4% | 4.4% | 0.1% | 1.1% | 12.0% |
| 2024 | 1.9% | 3.8% | 3.8% | -4.4% | -0.3% | -1.2% | 2.5% | 1.7% | 0.1% | 0.9% | 3.0% | -2.6% | 9.2% |
| 2023 | 4.0% | -1.7% | -3.7% | 1.7% | 5.2% | 4.3% | -0.4% | -0.3% | -2.1% | -1.8% | 4.8% | 5.0% | 15.3% |
| 2022 | -1.7% | 0.7% | -1.7% | -6.7% | -3.8% | -6.6% | 5.5% | 2.0% | -0.4% | 5.1% | 5.7% | -1.1% | -3.7% |
| 2021 | -7.5% | 9.3% | 1.3% | 3.6% | 0.7% | -1.1% | -2.0% | -0.7% | -0.9% | 2.0% | -4.0% | 2.5% | 2.3% |
| 2020 | 2.5% | -2.5% | -7.3% | 9.4% | 4.4% | -1.5% | 3.6% | 3.8% | -0.0% | -0.7% | 12.2% | 2.9% | 28.3% |
| 2019 | 5.8% | 4.8% | -0.9% | 4.8% | -0.0% | 1.4% | 1.7% | -0.1% | 0.6% | 1.2% | 2.5% | 1.3% | 25.3% |
| 2018 | 2.4% | -1.4% | 1.4% | 1.3% | -0.0% | -1.0% | 0.4% | 2.3% | -0.9% | -4.6% | 0.6% | -4.0% | -3.8% |
| 2017 | 1.0% | 2.5% | 0.1% | -0.2% | 2.4% | 0.9% | 0.3% | 4.4% | 0.7% | 1.2% | 0.8% | -0.4% | 14.5% |
| 2016 | -3.4% | -1.4% | 3.0% | 1.3% | 3.4% | -1.3% | 2.2% | 0.9% | 0.7% | -2.8% | 3.1% | 0.6% | 6.1% |
| 2015 | -0.1% | 6.1% | 0.9% | -0.8% | 3.0% | -0.9% | 1.3% | -1.9% | -2.4% | 2.0% | 0.7% | -0.9% | 6.8% |
| 2014 | -0.8% | 2.7% | 0.5% | -1.5% | 2.2% | 0.7% | -1.2% | 1.9% | 0.0% | 0.0% | 2.7% | -0.4% | 7.0% |
| 2013 | 2.0% | 1.3% | 2.7% | -0.3% | 1.2% | -1.2% | 4.1% | -1.8% | 2.5% | -0.3% | 1.7% | 2.2% | 14.8% |
| 2012 | 2.5% | 0.7% | 1.9% | 0.6% | -3.9% | -0.7% | -0.4% | 1.5% | -0.1% | 1.3% | 1.4% | 1.1% | 5.7% |
| 2011 | 0.6% | 1.0% | 1.1% | 2.4% | -0.1% | -0.8% | 0.1% | -3.5% | -0.9% | 5.0% | 1.5% | 0.4% | 6.7% |
| 2010 | 0.6% | 2.3% | -0.7% | 1.7% | -2.2% | -4.2% | 3.5% | -1.4% | 3.6% | 2.1% | -0.6% | 2.1% | 6.7% |
| 2009 | 2.2% | 2.5% | 1.8% | 0.4% | 5.4% | 2.3% | 3.1% | 3.4% | 0.5% | 0.2% | 4.4% | 0.9% | 30.6% |
| 2008 | -5.3% | -0.9% | -4.2% | 5.1% | 4.4% | -2.9% | -1.1% | -2.9% | -13.6% | -8.3% | -5.1% | 0.6% | -30.4% |
| 2007 | 3.7% | 0.6% | 4.1% | 2.4% | 5.5% | 0.8% | -0.6% | -1.5% | 4.5% | 4.3% | 0.7% | 1.7% | 29.3% |
| 2006 | 4.1% | 4.9% | 3.2% | 3.4% | -2.2% | -1.5% | -0.8% | 4.6% | 2.9% | 2.0% | 3.0% | 1.7% | 28.2% |
| 2005 | -0.1% | 6.1% | 0.4% | -0.3% | 2.1% | 5.9% | 3.9% | 0.1% | -0.4% | -3.4% | 0.3% | 4.8% | 20.7% |
Brevan Howard Alpha Strategies · Global Macro
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|
| 2026 | 3.1% | 0.9% | — | — | — | — | — | — | — | — | — | — | 4.0% |
| 2025 | 1.7% | 0.6% | -0.8% | 2.8% | 0.4% | 0.9% | -0.4% | 0.4% | 1.1% | 1.0% | -0.5% | 0.7% | 8.3% |
| 2024 | 0.4% | -2.6% | 0.6% | -1.7% | -0.2% | 0.7% | 1.1% | 0.2% | 2.6% | -1.6% | 3.3% | -0.1% | 2.6% |
| 2023 | 1.3% | -0.4% | -2.1% | -0.2% | -0.5% | -0.2% | 0.5% | 0.5% | 0.2% | 1.1% | 0.4% | 2.3% | 2.7% |
| 2022 | 2.3% | 2.7% | 5.6% | 4.4% | 1.9% | 1.5% | 0.3% | 3.6% | 2.1% | 1.1% | -1.5% | 1.5% | 28.4% |
| 2021 | 1.4% | 0.1% | 1.8% | -0.5% | 0.5% | -1.7% | 0.1% | 0.3% | 1.5% | -0.2% | 0.5% | 0.2% | 4.1% |
| 2020 | -2.8% | 2.3% | 10.2% | 1.8% | 0.3% | -1.6% | 0.2% | 1.2% | -1.0% | 0.5% | 1.0% | 2.7% | 15.2% |
| 2019 | 1.4% | -0.3% | 2.7% | 1.9% | 0.8% | 5.7% | 2.1% | -1.8% | -1.7% | 1.5% | -1.4% | 1.2% | 12.7% |
| 2018 | — | — | — | — | — | — | — | — | 1.4% | 2.8% | 1.7% | 0.6% | 6.7% |
Lexcor · Event-Driven
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|
| 2026 | 4.0% | 4.0% | -5.6% | — | — | — | — | — | — | — | — | — | 2.1% |
| 2025 | 1.9% | 0.0% | 3.3% | 5.2% | 1.5% | 1.0% | 3.7% | 0.4% | -2.2% | -1.5% | 0.1% | 1.7% | 16.0% |
| 2024 | 1.0% | 1.6% | 4.7% | 0.4% | 1.1% | -0.9% | 1.7% | 1.0% | 2.9% | 1.3% | 1.0% | -2.5% | 13.9% |
| 2023 | 3.5% | 0.1% | 2.5% | 3.0% | -1.4% | 3.2% | -0.9% | -0.6% | -4.3% | -0.7% | 3.3% | 0.9% | 8.7% |
| 2022 | 3.2% | 3.2% | 2.1% | 2.6% | 1.3% | -1.8% | 4.6% | -0.6% | -3.9% | 6.0% | 5.3% | 3.4% | 27.9% |
| 2021 | -2.5% | 2.7% | 4.3% | 1.2% | 2.5% | -0.6% | 2.6% | 2.8% | -2.0% | -4.0% | -1.8% | 2.7% | 7.7% |
| 2020 | -1.0% | -3.2% | 7.3% | 1.9% | 0.3% | 3.0% | 1.5% | 1.2% | -0.9% | -3.9% | 4.0% | 2.8% | 13.2% |
| 2019 | 4.1% | 2.0% | -1.1% | 2.3% | 1.6% | 2.8% | 2.2% | -0.1% | -1.6% | 4.1% | 2.0% | 0.2% | 19.8% |
| 2018 | — | — | 1.9% | 0.9% | 1.3% | 1.0% | 0.1% | 1.4% | 0.2% | -1.4% | -2.3% | -0.7% | 2.5% |
Blackrock Systematic Total Alph · Quantitative/Systematic
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|
| 2026 | 0.9% | 1.8% | — | — | — | — | — | — | — | — | — | — | 2.7% |
| 2025 | 1.3% | 0.4% | 3.4% | 2.3% | 2.3% | -0.8% | -2.0% | 3.4% | 1.3% | -0.6% | 0.4% | 3.0% | 15.2% |
| 2024 | 5.3% | 0.5% | 2.8% | 1.6% | -0.7% | 0.9% | 0.1% | 1.4% | 3.1% | -3.0% | 0.5% | 2.0% | 15.2% |
| 2023 | 1.5% | 1.4% | -0.6% | -0.2% | -2.5% | 4.0% | -0.5% | 1.8% | 3.0% | 1.8% | 1.6% | 1.4% | 13.3% |
| 2022 | — | — | — | — | — | — | 1.9% | 0.4% | 1.6% | 0.1% | 1.9% | 1.5% | 7.7% |
Correlation Matrix — Recommended Managers, SPY, AGG
Pearson correlation computed over the overlapping date range. SPY and AGG row/column shaded gold. Diagonal is 1.00. SPY/AGG data is the embedded default (representative historical monthly returns) — replace via fund_data.json with a _benchmarks key for exact yfinance values.
| RA Capital Healthcare Fund | The Quarry (Class L) | TOMS Capital Fund | Southpoint Capital Fund | Brevan Howard Alpha Strategies | Lexcor | Blackrock Systematic Total Alph | SPY | AGG |
|---|
| RA Capital Healthcare Fund | 1.00 | 0.15 | 0.19 | 0.55 | 0.17 | 0.12 | -0.28 | 0.41 | 0.31 |
| The Quarry (Class L) | 0.15 | 1.00 | -0.09 | 0.15 | 0.17 | -0.08 | 0.07 | 0.08 | 0.06 |
| TOMS Capital Fund | 0.19 | -0.09 | 1.00 | 0.43 | 0.16 | 0.34 | -0.16 | 0.47 | 0.37 |
| Southpoint Capital Fund | 0.55 | 0.15 | 0.43 | 1.00 | 0.21 | 0.34 | -0.11 | 0.69 | 0.35 |
| Brevan Howard Alpha Strategies | 0.17 | 0.17 | 0.16 | 0.21 | 1.00 | -0.02 | 0.24 | 0.01 | 0.16 |
| Lexcor | 0.12 | -0.08 | 0.34 | 0.34 | -0.02 | 1.00 | 0.06 | 0.46 | 0.45 |
| Blackrock Systematic Total Alph | -0.28 | 0.07 | -0.16 | -0.11 | 0.24 | 0.06 | 1.00 | -0.13 | -0.01 |
| SPY | 0.41 | 0.08 | 0.47 | 0.69 | 0.01 | 0.46 | -0.13 | 1.00 | 0.62 |
| AGG | 0.31 | 0.06 | 0.37 | 0.35 | 0.16 | 0.45 | -0.01 | 0.62 | 1.00 |
Investment Summaries
Investment memo per manager. Generated via Anthropic API from uploaded manager documents and investment memos. Review carefully before relying on.
RA Capital Healthcare Fund16.7% of Recommended · Equity Long/Short
Overview:
RA Capital Management is a Boston-based healthcare investment firm managing approximately $15 billion in assets with a 20+ year track record since 2004. The firm has delivered a ~21% net annualized return since inception, significantly outperforming the IBB Healthcare Index (10.2%) and S&P 500 (11.1%). RA Capital employs a multi-stage investment approach across the entire biotech lifecycle, from seed/newco formation through public markets.
Investment Strategy:
The fund operates an equity long/short strategy focused exclusively on healthcare and life sciences companies developing drugs, medical devices, and diagnostics. Portfolio construction features a concentrated long book (80% of portfolio, 100-1000 bps typical positions) and diversified short basket (20% of portfolio, 10-50 bps positions). Current exposure shows 105.7% gross long, 5.7% gross short, with 13.6% allocated to private investments and 86.3% to public securities. The strategy spans multiple stages from venture capital through public markets, allowing the firm to support companies from inception through commercialization.
Edge / Differentiation:
RA Capital's primary competitive advantage is TechAtlas, a proprietary research platform staffed by 40+ scientifically trained PhDs and MDs who have developed 168+ comprehensive disease and technology maps. This research infrastructure enables deep fundamental analysis of competitive landscapes and identification of emerging therapeutic opportunities. The firm's Raven incubator has created 28 human health companies since 2019, providing access to early-stage deal flow. The multi-stage platform allows RA Capital to lead financings and maintain relationships across a company's entire development cycle.
Key Risks:
Biotech investing carries inherent binary event risk from clinical trial failures and regulatory setbacks. The concentrated long portfolio creates single-name risk exposure, with position limits of 15% of NAV per issuer. Private investment allocation of 20% introduces illiquidity risk and valuation uncertainty. The strategy's healthcare sector focus creates concentration risk during periods of biotech market volatility or regulatory pressure.
Fit in Recommended Portfolio:
RA Capital provides specialized healthcare expertise and access to private biotech opportunities typically unavailable to institutional investors. The fund's long-term outperformance and defensive characteristics during healthcare downturns make it suitable for portfolios seeking alternative equity exposure with sector specialization. Monthly contributions and quarterly redemptions (with 90-day notice) offer reasonable liquidity for a strategy with significant private allocations.
The Quarry (Class L)8.3% of Recommended · Equity Long/Short
Overview:
The Quarry LP is a global multi-manager platform that launched TQ Master Fund LP on September 15, 2022, under Chief Investment Officer Peter Bremberg. The fund has generated strong risk-adjusted returns with an ITD annualized return of 7.86% and volatility of only 3.21%, resulting in an Information Ratio of 2.45. The strategy allocates capital across 34 portfolio managers operating in four distinct categories: Equity RV & Arbitrage, Event Driven & Capital Markets, Fixed Income Currency & Commodities, and Quantitative & Volatility.
Investment Strategy:
The fund employs alpha-oriented, relative value and market neutral strategies across multiple asset classes through both internal portfolio managers and external managed account allocations. The approach targets absolute return strategies with distinct, uncorrelated sources of alpha, maintaining low correlation to traditional markets with a beta to S&P 500 of only 0.02. Capital allocation is relatively balanced across the four strategy categories, with Fixed Income Currency & Commodities representing the largest allocation at 28.68% of risk capital.
Edge / Differentiation:
The Quarry's primary differentiation lies in its multi-manager platform approach that seeks uncorrelated alpha sources while maintaining market neutrality. The fund has demonstrated strong downside protection, showing positive returns in several months when the S&P 500 declined. The platform's diversification across 34 managers and four strategy categories provides significant risk dispersion while maintaining attractive risk-adjusted returns compared to traditional hedge fund benchmarks.
Key Risks:
The fund carries typical multi-manager risks including manager selection risk and the challenge of maintaining performance as assets under management grow. The strategy's complexity across multiple asset classes and 34 underlying managers creates operational risk and potential style drift. Lock-up periods of 2 years for Founding Partner Class and 1 year for Class A limit liquidity, and the fund's reliance on relative value strategies may face challenges in trending markets.
Fit in Recommended Portfolio:
The Quarry would serve as a diversifying absolute return allocation within a portfolio, providing low correlation to traditional equity and fixed income positions. The fund's market-neutral approach and strong risk-adjusted returns make it suitable as a hedge fund allocation for investors seeking alpha generation with downside protection.
TOMS Capital Fund16.7% of Recommended · Equity Long/Short
Overview:
TOMS Capital Investment Management (TCIM) is a long/short equity hedge fund founded in June 2018 by Benjamin Pass, who previously managed a nearly identical strategy at Noam Gottesman's family office for six years. The firm manages over $2.0 billion in assets with approximately 20 employees across New York and London offices. The strategy charges a 2% management fee and 20% performance fee with monthly liquidity and a one-year lock-up.
Investment Strategy:
TCIM deploys capital across fundamental model-driven investments with value dislocations and catalyst-based opportunities, emphasizing expected value analysis to prioritize attractive risk/reward opportunities. The strategy maintains a concentrated portfolio with top conviction long positions comprising approximately 15% of long market value. Single stock call options are frequently used at the position level to maximize convexity, while dynamic index put options provide portfolio-level market shock protection. The short portfolio primarily consists of customized baskets, sector ETFs, and indices used for risk management rather than alpha generation.
Edge / Differentiation:
The firm's primary differentiation lies in its risk management-centered investment process, led by dedicated Chief Risk Officer Gitesh Parmar who provides position and portfolio-level hedging recommendations. TCIM emphasizes convex trade construction through strategic options usage and active tail hedge management, with demonstrated skill in increasing protection ahead of market drawdowns in late 2018, early 2020, and April 2022. This risk-focused approach aims to isolate idiosyncratic risk while generating alpha-driven returns.
Key Risks:
The strategy relies heavily on long ideas for alpha generation, as the short portfolio serves primarily hedging purposes rather than generating persistent single-name alpha. Significant basis risk exists due to heavy use of custom equity baskets, ETFs, and indices for hedging, though this is somewhat mitigated by limited balance sheet leverage and thorough correlation monitoring.
Fit in Recommended Portfolio:
TCIM offers a risk-managed equity long/short exposure suitable for investors seeking concentrated fundamental equity alpha with downside protection. The strategy's emphasis on convexity and tail hedging provides defensive characteristics during market stress while maintaining upside participation through concentrated long positions.
Southpoint Capital Fund16.7% of Recommended · Equity Long/Short
Overview:
Southpoint Capital Advisors launched the Southpoint Qualified Fund in 2004 as a fundamental, value-oriented long/short equity strategy focused primarily on US securities. The firm was founded by Josh Clark after his tenure as a senior analyst at Greenlight Capital, with Benjamin Carter joining as partner in 2005. The boutique organization manages approximately $4.5 billion in assets across this single strategy with no plans for additional product launches.
Investment Strategy:
Southpoint employs a deep value, private equity mindset to identify securities trading significantly outside intrinsic value for both long and short positions. The strategy utilizes a three-pronged approach allocating 40-50% to "mispriced compounders," 40-50% to "special situations," and 0-10% to "free options." The portfolio maintains concentrated name exposure while diversifying across market capitalizations and industry sectors.
Edge / Differentiation:
The fund's balanced three-bucket approach provides variant sources of return that can act as volatility buffers through different market cycles. Southpoint focuses on off-the-run names not typically held by long/short peers, creating a unique portfolio composition. The stable, boutique structure allows the team to remain solely focused on their core strategy without distractions from multiple products or excessive asset raising.
Key Risks:
Short attribution has been subpar over the fund's life and requires ongoing monitoring despite strong overall performance. The fund's success has resulted in significant asset growth, potentially impacting the ability to invest effectively in small and mid-cap companies where the strategy has historically generated meaningful returns.
Fit in Recommended Portfolio:
Southpoint offers differentiated exposure within the equity long/short category through its value-oriented approach and unique three-bucket framework. The strategy provides diversification benefits from traditional long/short managers while maintaining focus on fundamental security selection and intrinsic value identification.
Brevan Howard Alpha Strategies 16.7% of Recommended · Global Macro
Overview:
The Brevan Howard Alpha Strategies Fund is a multi-risk taker global macro hedge fund managing approximately $15 billion as of December 2024. The fund consists of over 100 distinct trading portfolios across nine unique strategies, emphasizing diversification across asset classes including interest rates, foreign exchange, equities, commodities, credit, and digital assets. The strategy launched in September 2018 and employs monthly liquidity with a 2-year soft lock-up period.
Investment Strategy:
The fund combines directional and relative value approaches to macro trading across a broad range of asset classes to generate consistent absolute returns. The strategy is highly diversified across tens of thousands of positions, with allocations to individual risk takers distributed such that no single trader receives more than 3% of fund assets under management. The approach includes relative value, directional, short-term trading, and volatility strategies across global markets.
Edge / Differentiation:
Brevan Howard's primary competitive advantage lies in its exceptional scale and quality of macro trading talent, with over 100 individual portfolio managers representing significantly more diversification than peer firms. The firm maintains a highly specialized risk management framework with over 30 experienced risk officers, resulting in an impressive 3-5 trader-to-risk manager ratio that enables granular real-time monitoring of individual positions and exposures.
Key Risks:
The firm faces concerns regarding potential asset bloat, as firm-level assets are approaching the $41 billion peak reached in 2013 before declining substantially to $6 billion by 2019. Additionally, non-core business line distractions, particularly the BH Digital Liquid Trading Fund launched in 2022, may divert management focus and resources from the firm's core macro trading competencies despite representing only 1% of fund allocation.
Fit in Recommended Portfolio:
The fund provides diversified global macro exposure through a multi-manager platform approach, offering access to significant breadth of trading talent and strategies within a single vehicle. The monthly liquidity terms and established track record since 2018 make it suitable for institutional portfolios seeking alternative beta exposure with enhanced risk management oversight.
Lexcor16.7% of Recommended · Event-Driven
Overview:
Lexcor Capital is a London-based long/short equity hedge fund founded in 2017 by Kaveh Sheibani and Nicolas Gourdain, with over 50 years of combined investment experience. The fund launched with $37 million in March 2018, with the founders contributing $27 million of their own capital and remaining among the largest investors. Since inception through August 2025, the fund has generated a net annualized return of 14.74% with 8.10% volatility and a Sharpe ratio of 1.50. The strategy focuses primarily on European-listed companies with market caps over $2 billion.
Investment Strategy:
Lexcor operates four distinct books: Long Book (80-100% gross exposure) targeting superior growing companies trading below intrinsic value with positive catalysts; Short Book (20-25% gross exposure) focusing on structurally challenged companies with negative catalysts; Tail Risk Hedges Book (5-10% net delta exposure) using rolling put spreads for portfolio protection; and Opportunistic Book (0-30% gross exposure) pursuing event-driven opportunities including merger arbitrage and relative value trades. The fund maintains 100-150% gross exposure and 30-70% net equity exposure with a concentrated approach of 12-15 long positions and 20-25 short positions.
Edge / Differentiation:
The fund's edge derives from its co-portfolio manager structure ensuring joint responsibility for every investment decision, eliminating agency risk and enhancing decision-making quality. Lexcor's extensive network capital and proprietary sourcing capabilities, developed over decades of European market experience, provide access to non-widely held investment opportunities. The systematic tail risk hedging program distinguishes the strategy from traditional long/short approaches, providing downside protection while enabling opportunistic deployment of capital during market stress.
Key Risks:
The concentrated portfolio structure amplifies individual position risk, with maximum position sizes of 15% for longs and 5% for shorts. Geographic concentration in European markets creates exposure to regional economic and political risks. The strategy's reliance on catalysts for value realization introduces timing risk, as catalyst materialization may take longer than anticipated or fail to occur.
Fit in Recommended Portfolio:
Lexcor provides attractive risk-adjusted returns with low correlation (0.37) to European equity markets, offering meaningful diversification benefits within an alternatives allocation. The fund's defensive characteristics through systematic tail hedging and demonstrated ability to generate positive returns across market cycles make it suitable for investors seeking equity-like returns with reduced downside risk. The strategy complements traditional long-only equity exposure while providing opportunistic alpha generation through event-driven investments.
Blackrock Systematic Total Alph8.3% of Recommended · Quantitative/Systematic
Overview:
BlackRock Systematic Total Alpha (STA) is a Cayman-domiciled multi-strategy hedge fund launched in June 2022 with $5.3B in fund assets and $8.1B in total strategy assets. The fund targets 10% annualized volatility and has delivered 14.57% annualized returns since inception with a 1.72 Sharpe ratio and -0.09 correlation to the S&P 500. STA combines BlackRock's flagship systematic capabilities across equity, fixed income, and macro strategies into a single diversified alpha vehicle.
Investment Strategy:
STA employs a systematic approach across nine sub-strategies spanning global equity markets (large cap, small cap, emerging markets), fixed income (rates relative value, credit long/short, mortgage/securitized), and cross-asset macro strategies. The fund utilizes quantitative models incorporating fundamental data, sentiment analysis, cross-market signals, and alternative datasets including machine learning and large language models. Portfolio construction employs risk budgeting optimization targeting the highest risk-adjusted returns while maintaining low correlations between sub-strategies (average 0.10 cross-correlation).
Edge / Differentiation:
STA leverages BlackRock's institutional platform advantages including $26.7T in annual trading volume, relationships with 290+ counterparties, and the Aladdin risk management system processing 2.3M+ daily positions. The team combines 30+ years of systematic investing experience with continuous innovation in data science, having onboarded 100+ new datasets in 2023 with 60% being ML/alternative data sources. The diversified alpha approach seeks to generate idiosyncratic returns independent of broad market performance.
Key Risks:
Model risk across multiple quantitative strategies could result in correlated failures during market stress periods. The fund's complexity across asset classes and geographies introduces operational and liquidity risks, particularly given monthly redemption terms. Performance depends heavily on BlackRock's proprietary technology and data infrastructure, creating key person and systems dependencies.
Fit in Recommended Portfolio:
STA provides diversifying alpha exposure with demonstrated low correlation to traditional equity and fixed income markets. The fund's systematic approach and institutional backing offer attractive risk-adjusted returns for portfolios seeking uncorrelated alpha generation. Monthly liquidity and established track record make it suitable for institutional allocators seeking alternatives to traditional hedge fund strategies.
Portfolio Metrics Methodology
Each portfolio’s CAGR, volatility, Sharpe ratio, max drawdown, and other metrics are computed identically using geometric compounded returns (CAGR) over each portfolio’s own common overlap period — the date range when all of that portfolio’s selected funds have reported return data. This ensures apples-to-apples comparison across portfolios. Growth-of-$100 and rolling volatility charts are truncated to the common period where all displayed portfolios have data (both start and end dates), preventing distortion from partial month reporting. All return series assume annual rebalancing after Q4: weights drift naturally during the year and reset to target allocations each January. The portfolio optimizer uses constrained Monte Carlo simulation with multi-start convergence (5 independent runs, 5–6 funds, 10–35% allocation bounds per fund).
After-tax returns apply the blended portfolio tax drag (weighted average of per-fund drags produced by the Anthropic-API tax engine using each fund’s strategy classification and the investor’s state of domicile). Volatility is not adjusted for taxes. Investment summaries are drafted by an AI model from uploaded manager documents where available and are advisory only — not a substitute for full due diligence.
Important Disclosures
This report may include information about your accounts at various custodians and supplied by third party investment managers, administrators and the client. The reporting technology is provided by a third-party vendor that is not affiliated with Inflection Capital Management, LLC (“ICM”) dba The Ogelthorpe Collective, LLC. (TOC-23”). The factual information provided has been obtained from sources believed to be reliable, but is not guaranteed as to accuracy or completeness and we assume no liability for damages resulting from or arising out of the use of such information. Additionally, because we do not render legal or tax advice, this report should not be regarded as such.
Although every attempt has been made to make the information contained herein as complete as possible, its accuracy is not guaranteed by ICM and should not be considered as a replacement for confirmations, statements and tax forms that should be retained for tax purposes you receive from your custodian(s) or other financial institutions. Those statements are your primary source of information regarding your holdings, valuations, transactions, and other important and relevant disclosures applicable to your accounts and investments. You are encouraged to compare the account information in this report with the account information sent to you by your custodian. The information contained in this report is not the official record of your account(s) and investments. It has been prepared to assist you with your investment planning and is for informational purposes only and is not a solicitation for a purchase or sale of any securities or other financial instrument. The data contained in this report should not be used as a sole basis for making any financial decisions and is provided for informational purposes only. Information as to current ownership and cost basis of assets held at other financial institutions is based upon information provided to ICM by the client.
Values of assets “held away” are manually entered based on the information from your current statement(s) provided by the respective Fund(s) or the management of the Investment. We have not reviewed, independently valued, verified, compared to other pricing sources or otherwise performed due diligence on said valuation information and historical data and make no representations or warranties with respect to its accuracy. If there are any discrepancies between this consolidated investment summary report and your individual account statement(s), you should rely on your individual account statements as provided by the Fund, or the management of the Investment.
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate and thus an investor’s shares, when redeemed, may be worth more or less that their original cost. Current performance may be lower or higher than return data quoted herein. All performance data, while obtained from sources deemed to be reliable, are not guaranteed for accuracy.
Indices which might be included in this report are for purposes of comparing your returns to the returns on a broad-based index of securities most comparable to the types of securities held in your account(s). Although your account(s) invest in securities which are generally similar in type to the related indices, the particular issuers, industry segments, geographic regions, and weighting of investments in your account do not necessarily track the index. The indices assume reinvestment of dividends and are unmanaged, not available for direct investment and do not reflect the deduction of fees or expenses.
Projected income does not represent actual income and should not be interpreted as an indication of such. Actual income may be materially lower than projections. Forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of ICM. There can be no assurance that projections will match realized outcomes.
Any market commentary represents the opinion of ICM. The views are subject to change at any time based on market conditions and are current as of the date indicated on the materials. This is not intended to be a forecast of future events or guarantee of future results. It is not intended to provide specific advice or to be construed as an offering of securities or recommendation to invest.
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