About us
The part nobody photographs.
Every fund shows you the lever. This page is about the thing underneath it, which is the part that decides whether the lever holds.
What we are
Fulcrums is a start up boutique quantitative fund firm. Two partners, systematic strategies in liquid markets, and a fund that is capped by design rather than grown by default. We are early, we say so plainly, and we would rather be judged on how we work than on a number we have not earned yet.
Why we started it
We kept meeting people with money in quantitative funds who could not answer one simple question about them: what would have to be true for this to stop working? Not because they were not sharp. Because nobody had ever told them.
That gap is the whole reason this firm exists. A model you cannot describe is a model nobody can supervise, including the people running it. So we built the firm the other way around: write the rules first, keep the record of every change, and make the whole thing legible to the person whose money it is.
What we hold ourselves to
Every model change is dated. When the model changes you get the date, the reason, and what it replaced. There are no silent revisions, because a silent revision means you no longer own what you thought you owned.
Leverage is stated as a number. A ceiling we do not step over, and if we ever want to move it you hear about it before it moves.
Risk throttles are written down. The rules that cut risk in a drawdown exist on paper and can be tested. Ask us to walk through any one of them and we will.
What we are not
We are not a high frequency shop and we do not compete on speed. We do not trade instruments we cannot exit in a normal market. We do not take a view on a Monday because the mood in the room changed over the weekend. And we do not run a strategy whose behaviour we cannot explain to the person who owns the risk.
Where we are early
We have no published track record yet, and we will not dress one up. Simulated results shown as if they were real is the single fastest way for a young fund to fail its first serious diligence, and it deserves to be. What we can put in front of you today is the process itself, in writing, and an hour with the two people who built it.
When there is enough of a record to mean something, it goes on this site.
The two of us
Fulcrums is run by its two founding partners, Aditya and Narayan. Between us we cover the research side and the risk side, and neither of us signs off on the other's work without reading it properly. You can write to either of us directly, and on the way in you will speak to both.
Come and ask the hard question.
Twenty minutes, both partners, and anything you want to put to us about the model that is not the source code itself.