Kensington Asset Management

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.

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

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

• Tactical asset management
• Quantitative investment strategies
• Mutual fund management
• Actively managed ETFs
• Risk-managed investing

Headquarters

HQ city

Austin

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. 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.
2. 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

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core 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

Named customers8 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature4 records

Partnerships

Five partnerships are on record, tiered minor and core.

• SMArtX Advisory SolutionsminorGTM or Marketing Partner · 20 January 2026SMArtX 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 PartnerscoreChannel Partner/ Reseller/ DistributorXtollo 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, LLCcoreChannel Partner/ Reseller/ DistributorQuasar 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, LLCcoreImplementation/ SI/ Consulting PartnerLiquid 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.coreTechnology or IntegrationMerQube, 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

Direct 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

• LinkedInlinkedin.com/company/kensington-asset-management
• Xx.com/KensingtonMgmt

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

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 Kensington Asset Management