Systematic Long/Short Equity
Low-Correlation Returns, in Your Own Account
Our systematic long/short equity strategy, traded with our own money, is available as an advisory mandate or a separately managed account through our regulated partners. Its capacity is limited, so we reserve it for these mandates.
LIVE TRACK RECORD
Updated weekly · IBCumulative return, net of financing, gross of fees · shown at 2× gross leverage
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Ann. return
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Volatility
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Corr. S&P 500
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MANAGED STRATEGIES
Our Strategy, Run for You
Noax Systematic L/S Equity, the strategy behind our published track record, is available as SMA & Advisory through our regulated partners. Its capacity is limited, so we reserve it for these mandates.
SMA & Advisory
The strategy in an account in your own name, rebalanced once a week, set up with a regulated firm under its authorisation. You see every position, and you can stop whenever you decide.
How the advisory service works →TERMS
A 1% annual management fee, billed quarterly, plus 15% of performance above a high water mark. Eligibility, minimums and the final terms are set by the regulated firm.
These services are provided exclusively by regulated firms, under their own authorisation. Noax Capital does not provide regulated investment services, manage client money or hold client assets. Past performance is not indicative of future results.
TRACK RECORD
Published in Full, Updated Weekly
Noax Systematic L/S Equity · Live strategy, shown at 2× gross leverage, EUR
Cumulative return
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Annualized
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Sharpe (monthly)
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Max drawdown
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The full page carries the interactive growth and drawdown charts, monthly returns, correlations with the indices you already hold, and every quarterly report since inception.
Full track recordWHERE IT FITS
One Strategy, Two Ways to Hold It
IN YOUR PORTFOLIO
An alternative return stream
Low correlation to the equities, bonds and real assets you already hold. A live record of just over a year cannot show what a diversifier does across cycles, so this exhibit uses the strategy's simulated history, and says so.
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Monthly-rebalanced blends of the strategy's simulated backtest (net of modelled transaction and borrowing costs, gross of fees) with the S&P 500; the reference row blends the S&P 500 with US aggregate bonds. The strategy leg is at the 2× typical calibration, net of an estimated margin financing cost (EFFR + 1.25pp on the borrowed fraction — the same model behind the published track record). Sharpe on daily returns with a zero risk-free rate, the conservative basis for simulated results (the live record's Sharpe is monthly-based). Hypothetical results: no account achieved them, and past performance, simulated or real, is not indicative of future results. The live record is on the track record page and in every quarterly report.
OR STANDALONE
A core absolute-return holding
No dependence on market direction, volatility calibrated to you subject to suitability, weekly liquidity, your custody. The three-year bar applies from day one: judge it on the rolling three-year Sharpe ratio.
HOW WE WORK · ONE AI-NATIVE RESEARCH PROCESS
One Research Process, Live on Our Own Capital
We research it. We trade it ourselves. Then it runs in your account.
ON OUR OWN CAPITAL
- Research systematic strategies from first principles and decades of data
- Trade what survives the research, with our own money only
- Monitor risk continuously and feed live results back into the research
IN YOUR ACCOUNT
The same strategy, in an account in your own name.
Noax Systematic L/S Equity as an advisory mandate or a separately managed account, through our regulated partners and under their authorisation.
Noax Capital does not provide regulated investment services, manage client money or hold client assets.
Question & data
A precise hypothesis and point-in-time data to test it.
Research & testing
AI-assisted research and code, out-of-sample tests, realistic costs, guards against overfitting.
Live, on our own capital
Only what survives the research reaches our book.
Review
Live behaviour is checked against the research and feeds the next question.
✓ Evidence before conviction: every idea is tested out of sample
✓ Costs and capacity measured, not assumed
✓ Peer-reviewed research behind the methods
✓ AI across the process, with a person signing off every result
We Trade Our Research With Our Own Money
We run a systematic book with the firm's own capital: long/short equity and cross-asset strategies, no discretion, no overrides, every position model-driven.
Trading our own money is what keeps the research honest. An idea that looks good on paper has to survive real costs, real liquidity and real drawdowns before it earns a place in the book.
PROPRIETARY BOOK
Our capital
Strategies
Long/short equity and cross-asset, systematic
Process
Rules-based, weekly rebalance, futures overlay
Capital
Our own, and only our own
THE RESEARCH BEHIND IT
What feeds the book
Data
Point-in-time and survivorship-free, decades deep
Method
Out-of-sample tests, realistic costs
Output
Peer-reviewed papers and white papers
THE INFRASTRUCTURE BEHIND IT
AI-Native, Built In-House, Tested on Our Own Book.
POINT-IN-TIME DATA
Research runs on data as it was known on each date, survivorship-free and decades deep, so a backtest never uses information the market did not have yet.
AI-NATIVE ENGINEERING
Data pipelines, research code and monitoring are built and maintained with AI agents, and every step is checked, versioned and reviewed by a person.
HONEST BACKTESTS
Transaction costs, borrow and capacity built into every simulation, and guards against multiple testing, so the number on the page is one we would trade.
RISK, MONITORED CONTINUOUSLY
Exposure limits and drawdown controls on our own book, applied continuously rather than at review points, with every live position reconciled against its target.
WHO IT'S FOR
Built for Investors Like You
INDIVIDUAL INVESTORS
Investors who want a systematic strategy in an account in their own name, typically with portfolios in the 50k to 100k range and up.
For individuals →
FAMILY OFFICES
Looking for an alternative return stream next to real estate, private equity or their market strategies, with weekly liquidity instead of lock-ups.
For family offices →
FINANCIAL ADVISORS
The strategy for the accounts you manage for your clients, through our regulated partners, calibrated per account.
For advisors →
INVESTMENT FIRMS
Asset managers, hedge funds and prop trading firms adding a sleeve to diversify their strategy stack or to offer an alternative product.
For firms →
15+ years bridging peer-reviewed research and live markets. Systematic strategies, traded with our own capital.
Research Output · Peer-Reviewed
Journal of Financial Economics2017
The Bright Side of Financial Derivatives: Options Trading and Firm Innovation
With David WehrheimSSRN →
The Accounting Review2026
R&D Disclosure and Short-term Investors: Evidence from Mandated Patent Disclosure
With Sergio García and David WehrheimSSRN →
Journal of Corporate Finance2024
Climate Shocks, Institutional Investors, and the Information Content of Stock Prices
With Jose M. Martín-Flores and Alvaro RemesalSSRN →
Journal of Empirical Finance2023
Overlapping Momentum Portfolios
With Miguel De Jesús and Alvaro RemesalSSRN →
Markets
- Ex-Quant PM, Arfima Trading (TransMarket Group)
- Ex-Quant, Banco Santander
- Ex-Quant, BBVA
Academia
- Associate Professor of Finance, CUNEF Universidad
- Director, Master in Finance
Education
- PhD in Finance, UC3M
- MSc Finance & Quantitative Methods
- Aeronautical Engineer, UPM
WEEKLY NOTES
Not Ready for a Call? Read Along.
Two research papers and one idea a week, with the chart behind it. Free, every Monday, from a finance professor who trades his own research. What is inside →
Research publication, not investment advice. We measure which links are clicked; we do not track opens. Unsubscribe anytime. Privacy.
FAQ
The Questions Everyone Asks First
How can I invest in your strategy?›
Through an advisory mandate or a separately managed account with one of our regulated partners, who provide the service under their own authorisation; the contract and the regulated service are theirs. The strategy's capacity is limited, so we reserve it for these mandates. SMA & Advisory →
How does the advisory service work?›
Each week the rebalance arrives as a recommended order file for your own account. You review it and accept it, which takes under five minutes a week, and the decision stays yours. We take care of everything else, from monitoring the strategy and controlling risk to checking the execution of every rebalance. The track record we publish was built under this same advisory model, with a real client account. The advisory mandate is provided by our regulated partners under their own authorisation. How it works, step by step →
Does my money ever leave my account?›
No. Your money stays in an account in your own name. You see every position, and you can stop whenever you decide.
What does it cost?›
A 1% annual management fee, billed quarterly, plus a 15% performance fee above a high water mark, so most of what is earned still depends on your account making new highs. The exact terms are set out by the regulated firm in your agreement before you commit, with no hidden charges.
How should I judge the results?›
On a three-year window, and we say it upfront: the bar we set ourselves is a rolling three-year Sharpe ratio above 1, sustained. Shorter windows measure noise. The record is published in full and updated weekly, and every quarter has its report. The full track record →
How do I get out?›
You can stop at any time. No lock-ups, no exit windows, no penalties. And you are not left alone on the way out: the portfolio is wound down in an orderly way, so exiting does not cost more than it should in transaction costs.
Do you manage money yourselves?›
No. We trade our own capital, and advisory mandates and managed accounts are provided by our regulated partners under their authorisation. We do not hold client assets.
How do you use AI?›
Our process is AI-native: agents and language models help build the data pipelines, write and test research code and monitor strategies, and a person reviews every result before it counts. The infrastructure →
Who actually does the work?›
Iván Blanco leads the research and the trading personally, with the methods behind our peer-reviewed research. The advisory mandates and managed accounts themselves are provided by our regulated partners. About Iván →
Why should we trust your research?›
Because we trade it with our own money. Our research appears in peer-reviewed journals, and every idea in our book first has to survive realistic costs and out-of-sample tests. How we work →
Still have a question?
Ask it in a 30-minute call, no commitment, no jargon.
Start a Conversation
A 30-minute call, no commitment. We respond personally within 48 hours.
How it works
Conversation
A first call about what you need and every detail of the strategy.
The options
We explain how SMA & Advisory works with our regulated partners, and answer every question.
The mandate
The regulated firm assesses suitability and signs the mandate with you, under its own authorisation and terms.