What we do

Investment Philosophy

From a philosophical standpoint, AENAON’s investment approach has been deeply influenced by the Fractal Market Hypothesis, a theoretical framework developed by the notable French and American mathematician, Benoit Mandelbrot. His pioneering work in the field of fractal geometry has revolutionised our understanding of market dynamics.

The Fractal Theory is a powerful body of mathematics that has been utilised to describe and analyse a variety of social and natural processes. The concept, with its intricate patterns and infinite scalability, has found successful applications in a diverse range of scientific disciplines including physics, computer science, biology, and finance.

The Fractal Market Hypothesis views financial markets as “fragmented” in different investor groups, with each group having a different investment horizon but showcasing “self-similar” behaviors. During stable economic times, information does not affect investment horizons and market prices. However, this assumption changes dramatically during volatile market conditions, caused by any kind of external or informational shock, causing liquidity to become less available and non-uniform. Under those conditions, investors trend towards shorter-term horizons, reacting rapidly to price movements and incoming information. This shift causes markets to become even less liquid and more inefficient, creating non-linear risk/reward opportunities.

A fractal is a rough geometric shape that can be split into parts, where each part is a reduced-size copy of the whole.
In nature, typical approximations of fractals are clouds, river networks, snowflakes, trees, and more.

Risk Management

Our investment team implements a comprehensive, multi-tiered strategy for risk management. At the base of this approach lies a thorough research and development process to design, stress-test, and routinely review the performance of all our models. This ensures that our systems remain robust, effective, and up-to-date with our latest findings and developments.

Additionally, risk is systematically distributed across strategies and models in a dynamic fashion. Risk allocation is constantly adjusted based on the strength of different signals and current market conditions. This approach allows our strategies to adapt quickly to changing market conditions and results in reducing potential drawdowns. 

Finally, the quality of trading execution and portfolio risk management is ensured through the use of our robust, proprietary IT infrastructure, an area where we have made substantial investments over the years.

Investment Solutions

We offer our clients the flexibility to handle their investments the way they see fit: we can either take care of both the investment strategy and execution or just focus on idea generation and allow the client to execute in their own trade environment.

Therefore, we allow exposure to our strategies through different avenues including segregated Managed Accounts, a Swiss-based Actively Managed Certificate (AMC), and partnerships with regulated asset managers. For technologically advanced environments, we can further facilitate institutional-grade signal transmission via our custom-built API or SFTP channels.

Segregated Managed Accounts

For investors that prefer hands-off account handling, we partner with certified and regulated Investment Managers who execute our strategies on the investors’ capital with their permission.

Actively Managed Certificate

For individual or institutional investors who prefer an exchange-listed certificate, we allow exposure through our Actively Managed Certificate, managed by a Swiss FINMA-regulated asset manager. 

Institutional Signal Provision

For institutional asset managers preferring to implement our strategies on their infrastructure, we provide access to our proprietary trading signals via various delivery channels. 

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    AENAON is a technology-driven investment research company. For more than a decade, our team has been committed to systematic alpha generation, investment research, and quantitative model development. We design and develop innovative, proprietary investment strategies that deliver superior and uncorrelated returns.
    Contact Information
    14-20 Vassileos Alexandrou, Peristeri, Athens, Greece
    +30 210 5779 238
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