Kensington Asset Management
Kensington Asset Management is an Austin, Texas-based active quantitative asset manager founded in 1984 that delivers systematic tactical strategies across equities and fixed income via separate accounts, four mutual funds, and two ETFs (KHPI, KAMO), distributed exclusively through financial advisors and platform partners.
- Company typePrivate
- Founded1984
- HeadquartersAustin, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Kensington Asset Management does
Kensington Asset Management, LLC is a private Austin, Texas-based active quantitative asset management firm founded in 1984 by Bruce P. DeLaurentis. The firm operates a systematic, process-driven platform that uses proprietary trend and counter-trend indicators to dynamically pivot portfolios between Risk-On (equities/high-yield) and Risk-Off (cash/U.S. Treasuries) positions, seeking to capture upside while mitigating drawdowns. Its product shelf comprises five core strategies — Managed Income, Dynamic Allocation, Credit Opportunities, Active Advantage, and Defender — delivered across separate accounts (SMAs), four mutual funds (KAMIX, KAGIX, KADIX, DFNDX), and two ETFs (KHPI, KAMO).
The underlying technology stack combines in-house quantitative decision models with an innovative options overlay sub-advised by Liquid Strategies, which uses layered S&P 500 option spreads to collect premium and provide downside protection; the KHPI ETF additionally references the MerQube MQKHPI index. Investment minimums range from $1,000 for A/C mutual fund shares to $25,000 for I-shares, with total annual operating expenses between 1.43% and 2.64% across mutual fund share classes, and 0.92%–0.98% expense ratios on the ETFs.
Kensington does not sell directly to retail; it distributes exclusively through financial advisors, with Xtollo Investment Partners (an affiliated entity) acting as primary distribution partner, Quasar Distributors, LLC serving as principal underwriter for funds and ETFs, and platforms such as SMArtX Advisory Solutions extending RIA reach. The firm reports 11–50 employees and does not publicly disclose revenue; its funds have earned a Morningstar 5-star rating and five consecutive quarters of PSN Top Guns recognition for Dynamic Allocation through Q1 2026.
Kensington Asset Management firmographics
Firmographics- Name
- Kensington Asset Management
- Legal name
- Kensington Asset Management, LLC
- Website
- https://kensingtonassetmanagement.com
- Company type
- Private
- Founded year
- 1984
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Kensington Asset Management is an Austin, Texas-based active quantitative asset manager founded in 1984 that delivers systematic tactical strategies across equities and fixed income via separate accounts, four mutual funds, and two ETFs (KHPI, KAMO), distributed exclusively through financial advisors and platform partners.
- Ownership category
- akta.pro rank
Kensington Asset Management industry classification
Industry- Product category
- Tactical Asset Management
- NAICS
- Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Quantitative/Systematic Equity (Active) (FSAAAIAL)
- akta.pro secondary industry
- Large-Cap Equity (Active) (FSAAAIAA)
Keywords
Where Kensington Asset Management is headquartered
LocationHeadquarters
- HQ city
- Austin
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Kensington Asset Management business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Investment Advisory Fees (Mutual Funds): Kensington charges investment advisory fees through its mutual fund share classes. The primary management fee is 1.25% across funds, with total annual operating expenses ranging from approximately 1.43%–2.64% depending on share class (I, A, C), covering management, distribution (12b-1), other expenses, and acquired fund fees. Strategies are also offered as separate accounts.
- ETF Management Fees: Kensington's ETFs (KHPI and KAMO) charge expense ratios of 0.98% and 0.92% respectively. ETF shares are bought and sold on exchanges with no sales load, generating revenue through the fund's expense ratio applied to assets under management.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Managed Income Fund (KAMIX/KAMAX/KAMCX) — Total Annual Operating Expenses |
| Subscription | Annual | Dynamic Allocation Fund (KAGIX/KAGAX/KAGCX) — Total Annual Operating Expenses |
| Subscription | Annual | Active Advantage Fund (KADIX) — Total Annual Operating Expense |
| Subscription | Annual | Defender Fund (DFNDX/DFNRX) — Total Annual Operating Expenses |
| Subscription | Annual | Hedged Premium Income ETF (KHPI) — Expense Ratio |
| Subscription | Annual | Credit Opportunities ETF (KAMO) — Expense Ratio |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels6 records
Kensington Asset Management product offering
Product offeringCore offering
Kensington Asset Management is an active quantitative asset management firm that develops and manages tactical investment strategies delivered through separate accounts, mutual funds, and ETFs. The firm employs proprietary trend-following and counter-trend quantitative models to dynamically pivot portfolios between Risk-On (equities/high-yield) and Risk-Off (cash/U.S. Treasuries) positions, augmented by an options overlay sub-advised by Liquid Strategies for income generation and downside protection.
Product overview
Kensington Asset Management is an active quantitative asset management firm founded in 1984 by Bruce P. DeLaurentis, specializing in systematic, process-driven investment strategies. The company offers a unified platform of investment solutions consisting of five core strategies (Managed Income, Dynamic Allocation, Credit Opportunities, Active Advantage, and Defender), delivered through both separate account managed strategies and four mutual funds (KAMIX, KAGIX, KADIX, DFNDX) plus two ETFs (KHPI and KAMO). The offerings share a common quantitative framework using proprietary trend-following and counter-trend indicators to dynamically pivot between Risk-On and Risk-Off positions. Strategies are distributed through financial advisors via platforms, with Quasar Distributors as the fund distributor and Xtollo Investment Partners as the distribution partner. The firm has been recognized with multiple PSN Top Guns awards for the Dynamic Allocation Strategy.
Differentiator
Problem solved
Functional benefit
Products and services
- Managed Income Strategy Flagship fixed income strategy with a 30-year track record providing tactical fixed income management that alternates between high-yielding fixed income securities and US Treasuries/cash equivalents based on market conditions.
- Dynamic Allocation Strategy Tactical equity strategy that dynamically adjusts exposure between equities and cash or US Treasuries, seeking to capture market gains while reducing drawdown during periods of heightened volatility.
- Credit Opportunities Strategy Unconstrained, flexible fixed income solution that actively shifts exposures across multiple fixed income sectors in real-time, seeking opportunities both long and short across US High Yield, Investment Grade Corporates, Senior Loans, Emerging Markets, Asset-Backed Securities, and US Treasuries.
- Active Advantage Strategy Tactical multi-asset allocation strategy that shifts among equities, fixed income, and defensive assets based on market conditions, seeking total return through capital appreciation and income while limiting downside risk and volatility.
- Defender Strategy Momentum-based multi-asset strategy managed by Liquid Strategies that dynamically allocates across global asset classes including domestic/international equities, real assets, and fixed income, with proprietary option overlay for premium income and built-in tail hedge for capital preservation.
- Managed Income Fund (KAMIX/KAMAX/KAMCX) Tactical allocation mutual fund providing institutional, A, and C share classes that seeks total return through income and capital appreciation via dynamic adjustment between fixed income and cash based on market conditions. Minimum investment $25,000 (I Share) or $1,000 (A/C Shares).
- Dynamic Allocation Fund (KAGIX/KAGAX/KAGCX) Tactical allocation mutual fund providing institutional, A, and C share classes that seeks capital gains through dynamic adjustment between equities and cash or US Treasuries.
- Active Advantage Fund (KADIX/KADAX/KADCX) Moderate allocation mutual fund that seeks total return through tactical shifting among equities, fixed income, and cash/Treasuries based on market conditions, aiming to limit volatility and downside risk.
- Defender Fund (DFNDX/DFNRX) Global allocation mutual fund seeking capital preservation and total return through momentum-based dynamic allocation across global asset classes with option overlay for premium income and downside hedge. Provides monthly income distributions.
- Hedged Premium Income ETF (KHPI) Actively managed hedged equity ETF listed on CBOE that seeks to capture upside of rising equity markets while hedging downside through buy put spreads, and deliver consistent distributable income through sell call spreads. Expense ratio: 0.98%.
- Credit Opportunities ETF (KAMO)
Quantifiable outcome
- Dynamic Allocation Strategy achieved 34.27% gross return (1Y as of Q1 2026) vs. S&P 500 TR of 17.80%, with downside capture of only 43.46% vs. 100% benchmark.
- +4 more outcomes
Companies that use Kensington Asset Management
Customer profileNamed customers8 records
Segments2 records
Ideal customer profiles2 records
Kensington Asset Management technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability1 record
Feature4 records
Kensington Asset Management partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered minor and core.
- SMArtX Advisory SolutionsminorSMArtX Advisory Solutions added Kensington Asset Management's investment strategies to its Manager Marketplace platform, expanding offerings to 388 partner firms and 2,668 investment strategies. Kensington's strategies became part of SMArtX's platform accessible to registered investment advisors.
- Xtollo Investment PartnerscoreXtollo Investment Partners serves as Kensington's primary distribution partner for financial professionals. Xtollo and Kensington are affiliated entities. Financial advisors are directed to Xtollo to learn about and access Kensington's investment solutions. Xtollo is not affiliated with Quasar Distributors.
- Quasar Distributors, LLCcoreQuasar Distributors, LLC serves as the principal underwriter and distributor for all Kensington mutual funds and ETFs. Quasar is not affiliated with Kensington Asset Management or Xtollo Investment Partners.
- Liquid Strategies, LLCcoreLiquid Strategies, LLC serves as sub-advisor to Kensington Asset Management, providing the innovative options overlay for the Defender Strategy, Defender Fund, and Hedged Premium Income ETF (KHPI). The options overlay employs S&P 500 option spreads to generate income and provide downside protection. Liquid Strategies is not affiliated with Kensington or Xtollo.
- MerQube, Inc.coreMerQube, Inc. provides the MerQube Hedged Premium Income (MQKHPI) Index, which underlies the Kensington Hedged Premium Income ETF (KHPI). The index is designed to be 100% invested in Vanguard S&P 500 ETF while employing put and call option strategies. MerQube is a registered trademark and data provider. MerQube has no duties or obligations to KHPI investors.
Scale indicators7 records
Recent moves7 records
Expansion highlights5 records
Kensington Asset Management competitors and assessment
Company assessmentDirect peers
- Leuthold Group: Minneapolis-based systematic asset manager known for the Core Equity (LCF) and tactical asset allocation funds. Directly comparable to Kensington because both run quantitatively driven tactical allocation strategies targeting downside protection while capturing upside, distributed primarily through financial advisors.
- Stadion Money Management: Tactical asset manager offering managed portfolios and ETFs (e.g., SDTY, SMOT) that dynamically shift between risk-on and risk-off allocations. Highly comparable to Kensington's Dynamic Allocation and Active Advantage strategies due to overlapping tactical methodology and advisor-distributed model.
- Cambria Investment Management: ETF sponsor focused on active, quantitatively driven and options-overlay strategies (e.g., TAIL, GVAL, BUFR). Directly comparable because Cambria also offers options-based hedged equity products distributed through advisors, mirroring Kensington's KHPI structure.
- Aptus Capital Advisors: Active ETF issuer offering tactical equity, fixed income, and risk-managed income funds (e.g., APLY, ACIO). Comparable to Kensington given the overlap in advisor-distributed tactical ETFs and risk-aware income products.
- Simplify Asset Management: ETF sponsor specializing in options-overlay and hedged equity strategies (e.g., SPY, PLCY, HDRO). Closely comparable to Kensington's KHPI and Defender Strategy through similar use of options structures for income and downside protection.
- Catalyst Capital Group: Sponsor of tactical mutual funds (Catalyst/Millburn Tactical, Catalyst Systematic Alpha) targeting risk-managed returns. Comparable to Kensington because both are boutique active managers distributing tactical fixed-income and equity mutual funds through Quasar or similar fund platforms to advisors.
- CLS Investments: Tactical asset manager offering ETF-tactical managed portfolios and mutual funds designed for advisor platforms. Comparable to Kensington because both build advisor-channel product wrappers around systematic risk-on/risk-off and trend-following strategies.
Emerging players
- Alpha Architect: Quantitative ETF sponsor focused on factor-based and active quant strategies (e.g., QMOM, IMOM, QVAL). Comparable to Kensington given its use of proprietary quantitative signals and small-cap, factor-driven ETF offerings distributed through RIA platforms.
Broad incumbents
- WisdomTree Investments: Large publicly traded asset manager offering a broad lineup of quantitatively designed ETFs across equities, fixed income, and alternatives. Broadly comparable to Kensington through its quantitative DNA, ETF vehicle format, and advisor-focused distribution, though it is far larger and more diversified.
- AGFiQ (American Century Investments): The quantitative ETF platform of American Century, offering multifactor and tactical ETFs (e.g., AGGY, AGNG). Broadly comparable to Kensington through its systematic methodology and ETF vehicle, scaled up under a much larger institutional asset manager.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks4 records
Key highlights7 records
Customer concentration
Kensington Asset Management social profiles
Digital presenceKensington Asset Management financial estimates
Financial estimateRevenue estimate
Valuation estimate
Kensington Asset Management leadership team
Management profileNumber of profiles
Profiles8 records
Kensington Asset Management funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Kensington Asset Management M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Kensington Asset Management
What does Kensington Asset Management do?
Kensington Asset Management is an active quantitative asset management firm that develops and manages tactical investment strategies delivered through separate accounts, mutual funds, and ETFs. The firm employs proprietary trend-following and counter-trend quantitative models to dynamically pivot portfolios between Risk-On (equities/high-yield) and Risk-Off (cash/U.S. Treasuries) positions, augmented by an options overlay sub-advised by Liquid Strategies for income generation and downside protection.
Is Kensington Asset Management a public or private company?
Kensington Asset Management is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Kensington Asset Management founded?
Kensington Asset Management was founded in 1984. It employs 11 to 50 people.
Where is Kensington Asset Management based?
Kensington Asset Management is headquartered in Austin, United States, in the North America region.
How does Kensington Asset Management make money?
Two revenue lines are on record. Investment Advisory Fees (Mutual Funds) is the primary driver. The others are ETF Management Fees.
Who are Kensington Asset Management's main competitors?
Direct peers on record are Leuthold Group, Stadion Money Management, Cambria Investment Management, Aptus Capital Advisors, Simplify Asset Management, Catalyst Capital Group and CLS Investments. Alpha Architect is listed as an emerging player. Broad incumbents are WisdomTree Investments and AGFiQ (American Century Investments).
Does Kensington Asset Management have an API?
No public API is recorded for Kensington Asset Management.
What industry is Kensington Asset Management in?
Kensington Asset Management's product category is Tactical Asset Management. Its primary akta.pro industry code is FSAAAIAL, Quantitative/Systematic Equity (Active), with a secondary code of FSAAAIAA, Large-Cap Equity (Active). Its NAICS code is 523940 and its SIC code is 6282.