The part nobody photographs.

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

We take no management fee. No front end load, no ongoing management fee, no per transaction charges, and no administrative costs skimmed along the way. If the fund does not perform, we are not paid.

You keep the first ten percent. Our performance allocation begins only above a ten percent net annual return, rises in bands, and is capped. It carries a perpetual high water mark, so we are never paid twice for the same gains.

Your capital is segregated. Brokerage accounts sit in the name of the investment vehicle, not ours. We reach them through execution only access, which lets us place trades and never lets us move the money.

Net asset value in writing, monthly. Within the first week of every calendar month, and an Annual Refresh statement at your anniversary, net of any performance allocation.

What we keep to ourselves

The models are proprietary, and real time holdings and trade logs stay confidential. We would rather say that plainly than dress it up: publishing a live book would hand the strategy to anyone who wanted it, and the people it would cost are the investors already in.

So the line we draw is this. The strategy is ours. The terms are yours, in full, before you commit anything: what you own, where it is held, who can touch it, what we charge, when you can leave, and what leaving early costs.

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 are not a place to park money you might need back quickly: this is an annual redemption structure with real penalties for leaving early, and it is written that way on purpose.

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 full term sheet, 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.