A hedge fund run by 1,204 research agents. They read every filing and trade inside limits people set.
<thesis> Since 1982 </thesis>
The next Renaissance
won’t bolt AI on
Every era of quant investing gave machines a bigger job. This one gives them the strategy itself.
STATISTICAL ERA
Computers read prices
MACHINE-LEARNING ERA
Models read alt data
AGENT ERA
Agents write strategies
Language models read filings and calls like analysts and can run the research loop themselves. The fund becomes the swarm.
<engine> Every trading day </engine>
One loop,
run every trading day
Four steps, the same every morning, finished before the market opens. People set the limits on each one.
Read
Every report, earnings call and news story from overnight, read in full.
e.g. Northgate Freight’s unsold stock grew by nearly a quarter.
Argue
One side argues to buy, the other to sell. Weak ideas drop out.
e.g. The case against Northgate wins, nine votes to two.
Test
What survives is checked against past markets, both calm and rough.
e.g. It held up in all four kinds of market we test.
Trade
Only then does the fund trade, and only inside limits people set.
e.g. A small bet against Northgate, under half a percent.
<tested> 31 proposed, 6 trading </tested>
Strategies
the swarm found
Our agents keep proposing new ways to spot mispriced companies. Of the 31 so far, 6 trade with real money.
TRADING
Since March 2025
Risk-factor drift
When a company quietly adds or rewrites a warning in its annual report, we compare it with its rivals.
TRADING
Since June 2025
Supply-chain echo
A supplier’s results often show up in its biggest customer’s later. We read both before either price moves.
IN TESTING
Since February 2026
Evasion index
How long a company’s bosses take to answer analysts on earnings calls, and how often they dodge the question.
SWITCHED OFF
Until August 2026
Guidance tone
How upbeat a company sounds about next year. It stopped working once others copied it, so we turned it off.
<terms> $1M minimum </terms>
Founders close
at $50M
The first $50M of commitments get the lowest fees the fund will ever charge. After that, two standard classes.
Founders
First $50M only. Quarterly liquidity.
1% / 15%
Class A
Standard terms. Quarterly liquidity.
1.5% / 20%
Class B
Lower fees. One-year lock.
1.25% / 17.5%
Management fee / performance fee. A summary, not an offer; the full terms are in the offering memorandum.
Questions LPs ask
The five we hear most. Anything else, write to us and a partner will answer.
<contact> ir@exhibit99.fund </contact>