Penso

What Penso does

Penso Advisors LLC is a New York-based, SEC-registered discretionary global macro investment manager founded in 2010 by Dr. Ari Bergmann. The firm runs a focused two-strategy platform: Macro Convexity (MC), an absolute-return discretionary macro strategy expressing long-convexity, limited-downside directional macro views across G7 and liquid emerging markets (Equities, FX, Rates, Credit, Commodities) using listed and OTC derivatives with no borrowing leverage; and Negative Correlated Alpha (NCA), a dynamically traded, multi-asset class tail-risk and risk-mitigation overlay designed to deliver highly convex payouts in stressed 'risk off' regimes while limiting drag in benign conditions. Both strategies share a single investment committee and a conviction-driven, alpha-generating philosophy described by the firm as 'buyers of convexity with disciplined downside risk management.'

Capital is deployed through bespoke separately managed accounts (SMAs), Fund-of-One mandates, and, with an ETA of Q2 2026, a Commingled Fund for Macro Convexity. The firm states an institutional and high-net-worth client base that historically includes large hedge funds, multi-strategy platforms, corporate and public pension plans, endowments and foundations, fund-of-funds groups, and family offices. Revenue is generated through conventional investment-advisory management and performance fees on AUM deployed across these vehicles; no AUM, fee schedule, or revenue figures are disclosed in the source material.

Operations are led by founder and CIO Ari Bergmann, COO Jaime Shechter (founding team member), CCO Leigh Waxman (since 2016), General Counsel Dustin Barzell (since 2021), Senior Portfolio Manager Eric Nie (since March 2022), Director of Risk Analytics Greg C. Gao (since August 2022), and Middle Office Manager Paul Murphy (since August 2021). The firm is NMSDC-certified as a Minority Business Enterprise, is GDPR- and GLBA-compliant for investor data, and explicitly does not market its funds in the EEA.

Name

Penso

Legal name

Penso Advisors LLC

Website

https://penso.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

Penso Advisors LLC is a New York-based, SEC-registered discretionary global macro investment manager that runs two strategies, Macro Convexity and Negative Correlated Alpha, for institutional clients and family offices via bespoke SMAs, Fund-of-One mandates, and a forthcoming Commingled Fund.

Ownership category

akta.pro rank

Product category

Discretionary Global Macro Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Discretionary Macro (Rates, FX, Equities) (FSAHABAA)

akta.pro secondary industry

Portfolio Construction & Asset Allocation Advisory (FSAEAAAC)

Keywords

• Global macro management
• Derivatives-based investing
• Tail risk hedging
• Institutional asset management
• Multi-asset strategies

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Core offering

Penso Advisors LLC is a New York-based SEC-registered discretionary global macro investment manager that delivers two derivatives-based strategies: Macro Convexity (a multi-asset class, directional, long-convexity absolute return strategy) and Negative Correlated Alpha (a dynamically traded risk-mitigation/tail-risk overlay). Strategies are offered to institutional and high-net-worth clients through bespoke separately managed accounts (SMAs), fund-of-one vehicles, and a Commingled Fund (for Macro Convexity, ETA Q2 2026), executed with no borrowing leverage and a focus on capital efficiency and limited-downside structures.

Product overview

Penso Advisors LLC is a New York-based discretionary global macro investment manager that offers a focused two-strategy platform composed of Macro Convexity (MC) and Negative Correlated Alpha (NCA), rather than a single unified software product. The Macro Convexity strategy is the firm's core absolute-return offering, expressing long-convexity, capital-efficient directional macro views across multi-asset classes; the Negative Correlated Alpha strategy is an add-on risk-mitigation / tail-risk overlay designed to complement MC by producing convex payouts in stressed market regimes. Both strategies are delivered through Bespoke SMAs and Fund-of-One mandates, with Macro Convexity also being rolled out via a Commingled Fund (ETA Q2-2026). The two strategies are managed under a single investment committee and are unified by a shared philosophy of buying convexity with disciplined downside risk management and no borrowing leverage.

Differentiator

Problem solved

Functional benefit

Brands

• Macro Convexity (MC): A multi-asset class, directional, discretionary global macro strategy that targets uncorrelated absolute returns via a long-convexity, derivatives-based, capital-efficient approach; offered via SMAs, Fund-of-One, and a Commingled Fund (launch ETA Q2 2026).
• Negative Correlated Alpha (NCA)

Products and services

• Macro Convexity (MC) A multi-asset class, directional, discretionary global macro strategy that seeks uncorrelated absolute returns using a highly capital-efficient, long-convexity, derivatives-based trading approach. It expresses asymmetric directional global macro themes across G7 and liquid emerging markets (Equities, FX, Rates, Credit, Commodities) using creative structures with listed and OTC limited-downside derivatives. Offered via SMAs, Fund-of-One, and a Commingled Fund (launch ETA Q2-2026).
• Negative Correlated Alpha (NCA) A dynamically traded, macro-based, multi-asset class risk-mitigating (tail risk) strategy that aims to produce highly convex payouts during turbulent 'risk off' environments while maintaining low drag during benign, low-volatility 'risk on' periods. Targets mispriced hedging opportunities and correlations in liquid markets (Equities, Credit, Rates, FX, Commodities) using creative listed and OTC derivatives structuring and a dynamic monetization strategy. Offered via Bespoke SMAs and Fund-of-One structures.
• Penso Bespoke SMAs / Fund-of-One Mandates Customized separately managed account and fund-of-one investment vehicles that deliver Penso's Macro Convexity and Negative Correlated Alpha strategies to institutional and high-net-worth clients, with terms tailored to each client's mandate.

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Brevan Howard: London- and NYC-based discretionary global macro manager with deep derivatives expertise and a flagship macro absolute-return strategy; directly comparable to Penso on strategy style, client base, and derivatives-driven convexity approach.
• Caxton Associates: Established discretionary macro hedge fund combining fundamental macro views with systematic execution across multi-asset classes; similar to Penso in offering institutional allocators a multi-asset macro absolute-return product.
• MKP Capital: Macro and credit-focused hedge fund manager employing options-based and convexity strategies across global markets; comparable to Penso on the use of derivatives to express asymmetric macro themes.
• Universa Investments: Specialist tail-risk hedging manager founded by Mark Spitznagel, focused on deep out-of-the-money option portfolios that deliver convex payoffs in market crashes — the closest direct comparable to Penso's Negative Correlated Alpha overlay.
• Capula Investment Management: London-based macro and relative-value hedge fund manager with significant rates and tail-risk overlay capabilities; comparable to Penso on multi-asset macro and risk-mitigation mandates.
• Moore Capital Management: Louis Bacon's discretionary global macro firm trading fundamental macro themes across equities, rates, FX, and commodities; comparable in investment philosophy (discretionary macro with derivatives) and institutional client base.
• Discovery Capital Management: Robert Citrone's global macro manager with a research-driven, multi-asset approach and long-standing institutional client base; closely comparable to Penso on discretionary macro positioning and institutional distribution.
• Hathersage Capital Management: Boutique multi-asset hedge fund manager focused on absolute return and tail-risk hedging strategies; comparable to Penso on size, multi-asset derivatives approach, and emphasis on risk-mitigation mandates.

Broad incumbents

• Millennium Management: Large multi-strategy hedge fund platform that hosts many independent discretionary macro pods; broader incumbent competing for similar institutional capital, talent, and risk-mitigation mandates.
• Bridgewater Associates: Largest global macro manager (Pure Alpha and All Weather), serving many of the same institutional clients as Penso; broader incumbent that competes for discretionary macro and risk-balanced allocations at the largest pensions and endowments.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Penso