Hegemonic Growth
We operate the quantitative function for firms that have decided not to build one — the researchers, the infrastructure and the compute. Most of our counterparties run a fundamental process and want a systematic one beside it, not instead of it. Across equities, digital assets and the private record.
Active return is governed by a relationship with no exceptions in it. Grinold set it out in 1989 and nobody has found a way around it since: the information ratio a manager can achieve — active return per unit of active risk — is skill, multiplied by how much of each forecast survives into the book, multiplied by the square root of the number of genuinely independent bets.
Ownership changes, capital formation and control events are disclosed in documents almost nobody assembles, and they are close to independent of one another. A succession in one region tells you nothing about a recapitalisation in another, which is exactly the property the root-breadth term requires and public factors do not have.
The work is unglamorous and that is the moat: ingesting primary documents, resolving entities across registers, and rebuilding the record as it stood on any past date. Nobody is competing to do it.
Constructed from documents rather than from prices, so the forecast is not being arbitraged by every other participant reading the same feed.
Events driven by unrelated causes across sectors and geographies — the condition √BR assumes and factor portfolios violate.
Disclosure diffuses slowly because few people read it. The edge survives long enough to be implemented, which is where most fast signals fail.
The question is never whether the method works. It is who is going to run it on Monday.
A quantitative function is a data engineer, a researcher who can defend a p-value, someone to run the infrastructure, and eighteen months before the first signal is trusted. This is that function, staffed and already running, handed over with its construction visible — because a result you cannot audit is a result you cannot act on.
Cross-sectional and event-driven signals built from primary records. Construction logic, feature definitions and measured decay profile are delivered with the signal — not hidden behind a score.
Ingestion, entity resolution, point-in-time reconstruction and refresh discipline. Delivered as infrastructure you own rather than a portal you rent.
Stated as counts, because a count is the only claim that cannot be borrowed. Market microstructure and order flow, on-chain settlement, and the full private record — ingested continuously and reconciled to the level of the individual entity.
569,937 Form D filings and the principals named on them; the full Form ADV adviser universe; 13F institutional holdings position by position; 57,991 healthcare providers against 143,276 ownership and control records. Assembled and reconciled against one another rather than licensed from a vendor every competitor also buys.
Every record carries the date it was observed and the date it became true, so any universe can be rebuilt as it stood on a past date rather than from today's register. Without that separation a backtest is reading answers it could not have had.
L40 48 GB GDDR6 with ECC, 864 GB/s memory bandwidth, FP8 through FP32. Dedicated instances with no shared tenancy on the research path — sized for continuous reconciliation of the record above, which is where the compute actually goes.
The mathematics does not change between asset classes. What changes is how fast the edge decays and how much size the market will absorb, and those two quantities decide where the work is worth doing.
Single stocks ranked against one another on fundamentals, disclosure and microstructure rather than on a market call. Deep liquidity absorbs size, but price-derived signals decay in hours to days because every participant reads the same tape — so the work here is in the residual that survives after the common factors are hedged out.
Index, rate, energy and metals contracts. A small universe, which constrains breadth, offset by liquidity that tolerates institutional size with modest impact. Useful chiefly as the capacity-bearing sleeve of a portfolio whose alpha is generated in thinner places.
Settlement is observable by anyone, which means the access is worth nothing and the reconciliation is worth everything. Liquidity is deep at the top and thin immediately below it, and varies by venue and by hour — so impact is estimated per venue rather than assumed.
Capital formation, ownership and control, assembled from primary documents and resolved to entity level. Every claim carries a measured half-life before it is used, because filings diffuse slowly and events driven by unrelated causes decay differently from crowded factor exposure — which is the independence the root-breadth term requires.
The research is done by people who publish it. Quantum information. Mathematical physics.
Who does the researchOne where we build the function and you manage the capital, one where we manage it. The terms below are the whole of it — there is no third structure and nothing is unbundled later.
You keep the capital and every allocation decision. We build the signals and the infrastructure underneath them, and hand them over with the construction logic, the feature definitions and the measured decay profile attached.
We do not take a share of a result we did not control. If the research is worth having, it is worth having on terms that survive a bad quarter.
The high-water mark is permanent: no performance fee is charged until prior losses have been recovered in full. We are paid to compound, and we are not paid twice for the same gain.
The terms sit above the standard because the capacity is finite. A signal has a size beyond which it stops working, and we would rather manage less of it than manage more of it badly.
Discretionary mandates are available to professional clients and qualified purchasers only, and only in jurisdictions where they may lawfully be offered. We decline enquiries that do not meet that test rather than work around it.
First mandates are written as a managed account or fund-of-one, not a commingled vehicle: the client keeps custody, sees every position, and can terminate without a queue. Performance is struck by an independent administrator, never by us.
Hegemonic Growth is not a registered investment adviser. Discretionary mandates are offered only where an applicable exemption is available, and the relevant registration is completed before any mandate is accepted. Research retainers are a services engagement and carry no such requirement.
Terms are indicative and subject to final documentation, investor eligibility and jurisdiction. Nothing on this page is an offer to sell or a solicitation of an offer to buy any security or interest in any fund, and nothing on this site is investment advice.
We will tell you whether the record can answer it, what it would take, and whether it is worth doing. If the honest answer is that the data cannot support the question, that is the answer you will get.
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