Managers in the Allocator IQ universe trade across global markets. The market groups below describe where coverage is concentrated.
Crisis alpha describes the tendency of some managed-futures programmes to gain while equities fall. The pattern is conditional: it varies by episode, by programme and by how a programme is built. The groups below come from a historical study of the Gnosis manager universe and describe groups, not any single manager.
Source: Gnosis, The anatomy of crisis alpha (14 October 2026). Average crisis-alpha score by programme group across 300+ actively tracked programmes with sufficient history, each programme's return compared with the S&P 500 across nine named stress periods since 2007. The same research found that a rule selecting the best performer from the previous crisis failed every out-of-sample test applied.
Two episodes in which broad CTA indices moved against the direction of traditional assets.
Direction only; the cited index returns are not reproduced here. Long stretches of range-bound markets have been difficult for trend followers.
Source: published annual returns of the SG CTA Index and the BarclayHedge CTA Index for 2008 and 2022, as cited in What is a CTA?
A sleeve with little relation to equities may narrow the range of portfolio outcomes. The research cited here publishes no correlation figures, so this element remains a concept diagram.
Two managers whose drawdowns fall in the same months add less diversification than their all-month correlation suggests. Correlations shift over time, and diversification does not assure a profit or protect against loss.
Source: overlap point from Drawdown and recovery metrics explained.
After a decline of d, the gain needed to regain the prior peak is d ÷ (1 − d). The curve steepens as losses deepen.
Gain needed to recover: +42.9%
Source: calculated, not drawn from manager data; excludes fees, cash flows and interest. Drawdown and recovery metrics explained.
Crisis alpha is conditional and has not appeared in every episode or every programme. Figures describe historical relationships across groups of programmes, not any individual manager, and are not a recommendation, endorsement or offer.
Allocator IQ prioritizes transparent and liquid fund structures where appropriate to institutional objectives and mandates.
1Institutional allocator
2Investment structures
The primary structure. Funded from your own capital, with position-level transparency and liquidity, and no commingling with other investors.
The best for emerging managers. LODs operate as an account arrangement rather than a vehicle structure. A narrower form of a managed account than an SMA.
Lower minimum investment requirements allow allocators to scale and rebalance exposures incrementally without committing to full SMA minimums. Certificates are held with third-party custodians and are subject to their respective liquidity terms.
A commingled investment fund is established by a hedge fund manager or Commodity Trading Advisor (CTA), pooling capital from multiple investors within a single investment vehicle.
3Investment implementation
Separately Managed Accounts (SMAs) may involve an internal or external platform manager responsible for coordinating investment structuring, governance, manager selection, fee arrangements, and ongoing oversight.
The allocator establishes the investment framework, including operational due diligence requirements, service provider selection (administrator, prime broker, and auditor), investment guidelines, risk parameters, and implementation timelines.
Upon completion of the structuring and approval process, trading authority is delegated to the selected manager or managers identified through Allocator IQ, subject to the agreed investment mandate, risk limits, and applicable account documentation.
The allocator opens and funds its own account at an FCM and signs a letter directing the broker to execute a trader's trade instructions. The trader supplies the instructions; execution sits with the broker.
An AMC is established through an issuing bank or Special Purpose Vehicle (SPV), which defines the certificate’s legal structure, investment mandate, and fee arrangements.
An appointed investment manager is authorized to manage the underlying reference portfolio in accordance with predefined investment guidelines and risk parameters. The issuer then creates a tradable security, typically assigned an ISIN, providing investors with exposure to the strategy without direct ownership of the underlying assets.
Throughout the certificate’s lifecycle, the investment manager adjusts portfolio exposures while the issuer and designated service providers oversee valuation, reporting, and administration.
Investors allocate capital to a commingled fund under established subscription terms, often with lower minimum investment requirements than separately managed accounts.
The fund manager invests pooled capital in accordance with the fund’s investment strategy, mandate, and risk parameters. Liquidity provisions, redemption rights, and withdrawal restrictions are defined by the fund’s governing documents.
Minimum tickets vary by structure. Commingled funds typically carry lower minimum tickets than SMAs. Certificates in some programs scale in smaller increments. Each structure balances transparency, liquidity and control differently.
Own-capital funding and position-level transparency; fixed account minimum.
Allocator-owned account at an FCM; the trader supplies trade instructions and the broker executes them.
Granular sizing and third-party custody; liquidity is set by the certificate issuer.
Lower minimums and pooled administration; liquidity is set by fund terms.
| Attribute* | SMA | Commingled |
|---|---|---|
| Transparency | Position-level | Periodic |
| Liquidity | Higher | Lock-ups common |
| Control | Allocator | Fund |
| Minimum ticket | Flexible* | Often high |
Managed-account setup can be supported through optional FCM/PB relationships, or through a relationship the allocator already holds. A Gnosis-side FCM relationship is referenced here as a placeholder and is not a confirmed partnership.
Tell us about your mandate and we'll follow up about structures that may fit. (Introductions are facilitated where desired; Gnosis does not recommend or select managers for you.)
Allocator IQ is offered to the teams and individuals responsible for selecting, allocating to, and overseeing external managers. It is not offered to individual retail investors.
Reduce the operational burden of manager due diligence and oversight, and consolidate scattered manager data into one workflow.
A defensible, consistent basis for evaluating and monitoring external managers across the mandate.
Compare managers and strategies quickly and understand how each may fit an existing book.
Through a broad universe of managers, strategies, and investment structures, Allocator IQ supports disciplined family office portfolio construction amid global macroeconomic uncertainty. Our approach emphasizes diversification, liquidity, and risk management to support long-term capital preservation and the maintenance of purchasing power across market cycles.
Allocator IQ facilitates early engagement between family offices and emerging managers, creating opportunities for relationships that extend beyond an initial capital allocation. As managers establish track records, expand operational capabilities, and grow assets under management, family offices can evaluate opportunities to scale their allocations alongside the manager’s development.
The growing complexity of pension benefit obligations and defined contribution arrangements places increasing demands on liquidity management and long-term funding sustainability. Allocator IQ supports these priorities through flexible investment structures and broad manager coverage, enabling pension funds to evaluate strategies aligned with their liquidity requirements, risk parameters, and long-term investment objectives.
Fragmented data remains a significant operational challenge for pension fund investment teams, complicating manager evaluation, portfolio oversight, and allocation decisions. Allocator IQ consolidates manager data, performance analytics, and portfolio intelligence into a unified platform, enabling more informed investment decisions in support of long-term retirement outcomes for plan members.
Crowded trading strategies can erode return potential and increase correlated exposures, presenting challenges for trading pods seeking to maintain differentiated sources of alpha. Allocator IQ provides access to 40 managers specifically classified within trend-following strategies, enabling trading pods to evaluate differentiated approaches and potentially mitigate concentration risk arising from crowded market positions and correlated trading signals.
Source, allocate and oversee a portfolio of managers with continuous, not quarterly, oversight.
Access to a curated manager universe and decision-support tooling, within a regulated framework.
A consistent, documented basis for evaluating and overseeing external managers and sub-advisers — supporting the governance and compliance review a regulated fund requires.
Inconsistent reporting across underlying fund managers can complicate due diligence, limiting funds of funds managers’ ability to evaluate investment strategies, compare performance, and assess manager characteristics within a framework. Allocator IQ consolidates manager performance data, risk metrics, and reporting activity into a unified analytical environment, enabling investment teams to evaluate exposures, identify changes in manager behavior, and maintain consistent oversight across allocations.
As wealth transitions to the next generation, high-net-worth investors increasingly require digital investment infrastructure that supports transparency, accessibility, and informed decision-making. Allocator IQ integrates manager performance data, risk analytics, and ongoing monitoring into a unified platform, providing greater visibility into investment allocations and supporting continuity in portfolio oversight across generational transitions.
Allocator IQ's Manager Pipeline enables relationship managers to track prospective investments through three stages: Watching, Introduction, and Manager Response Received. Following manager engagement and capital allocation, Allocator IQ integrates ongoing manager intelligence, portfolio monitoring, and a streamlined allocation workflow, helping relationship managers coordinate investment activity and maintain informed oversight of HNWI portfolios.
Evolving investor liquidity requirements place increasing demands on timely and efficient investment exits. Separate accounts and fund-of-one structures offer greater flexibility in aligning redemption provisions, capital access, and investment implementation with individual investor objectives, subject to the terms of each arrangement.
Request access and we'll calibrate a walkthrough to your mandate.
Decades of manager relationships, consolidate into one transparent workflow.
"Gnosis was built to close the gap between institutional allocators and alternative investment managers."
Gnosis originated from a discussion with a GCC family office on how institutional allocators could adapt to evolving equity and fixed-income markets. What began as a search for effective portfolio diversifiers evolved into a broader effort to identify, evaluate, and connect allocators with alternative investment managers.
Through continuing relationships with GCC family offices, two structural gaps in the allocation landscape became clear:
Existing investment or allocation platforms rarely connected allocators to managers.
Many current domestic industry intermediaries and platforms in the allocation space overlooked clients abroad.
Gnosis was built to close both of those gaps on an ethos of symbiosis: our success intertwined with that of the allocators and managers we work with, rather than tied to a retainer.
Relationships are personal and held at arms length: we know the people behind the programs. Through these partnerships, our dataset is maintained with monthly reporting updates.
The manager network has developed with our partner, a former capital raiser for one of the largest quantitative funds in the world, whose managed futures relationships span more than 30 years.
Share a few details and the Gnosis team will follow up.
Trading futures, options and other commodity interests involves a substantial risk of loss and is not suitable for all investors. For institutional investors / ECPs only.
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Gnosis research on the managed-futures industry, the managers we cover, and the account structures allocators use. Written to support better-informed allocation decisions.
Why do some managed-futures programmes hold up better than others when equity markets break down? We examined Gnosis’s manager universe and found four characteristics you can screen for before you allocate.
How does a CTA separately managed account work, and what should you ask before opening one? This guide covers ownership, funding, liquidity, fees and oversight for family offices and institutional investors.