Macro-discretionary hedge fund defined by ambition in returns and discipline in risk – philosophy that drives our pursuit of asymmetric opportunities while ensuring capital remains protected across all market conditions.

Our investment approach is built on a rigorous risk framework, enabling us to express conviction with precision and navigate uncertainty without compromising protection. Our investment process combines a top-down macro framework with opportunistic, high-conviction bottom-up ideas. This hybrid approach allows us to remain flexible and responsive to market dynamics, while maintaining a clear structure that supports repeatability and accountability.

A core distinction of our philosophy is our substrategy-based allocation, in contrast to traditional asset-class frameworks. We allocate capital across distinct, thematically driven substrategies – each defined by unique macro drivers, liquidity profiles, and risk return characteristics. This targeted structure allows us to achieve meaningful diversification and manage risk with greater granularity, enhancing our ability to adapt to shifting macro regimes and focus capital where the asymmetry is most compelling.

The investment team focuses on finding assets with asymmetric risk-return profiles and allocates resources to six substrategies:

ACTIVE
Using statistical and technical models, investment opportunities are sought in the very short term, up to a maximum of one week.

MACRO
It anticipates and capitalizes on trend changes occurring in the main financial asset classes through an analysis of fundamental and technical variables.

MICRO
Direct positions in misspriced values according to historical standards or our valuation models based on fundamental analysis and specific sector analysis.

RELATIVE VALUE
A combination of long and short positions, meaning buying undervalued securities and selling those that are overvalued, with the goal that over time the relative valuations between both assets will converge to levels closer to their theoretical fair price. Thanks to the combination of both positions, the investment pairing offers lower risk compared to directional investments (MICRO and MACRO).

SPECIAL SITUATIONS
Investments based on the anticipation of corporate events, such as M&A, share buybacks, liability and hybrid capital optimization, corporate restructurings, and bankruptcy/insolvency processes.

DEEP VALUE
Investments in assets whose value is tied to relative illiquidity or that require a significant period of time to reach the intrinsic value of the investment (such as a full economic cycle, IPO, etc.).

At RHO, alignment goes beyond philosophy — it’s measurable. Over 50% of the fund’s current AuM is held by the firm’s partners and related entities, including the investment team, who have their entire liquid net worth invested in the strategy. This conviction is possible thanks to the fund’s inherently diversified structure, built around complementary substrategies that offer a robust balance across macro cycles. We manage this capital as we do our own – because it is.

With over 15-year track record, the fund has generated a net annual return of 7.3% with a volatility of 10.08% (compared to a +20% volatility of the stock market). The fund performs very steadily in hostile markets: over the last 5 years, it has achieved a net annual return of +10% with a less than 13% volatility. In 2023, it generated a return of 15.0% with a volatility of 8.3%.

Ranked in the 96th percentile in BBG for a 5-year outlook, in recent years it has been nominated for the most prestigious awards in the Hedge Fund industry: 2022 Eurohedge Awards and 2021 Investors Choice Awards as Multi-Strategy Fund and Best Long-Term Performance Multi-Strategy Fund.

• Founding Partner of Auriga Capital Markets, the parent company of Quadriga Asset Managers SGIIC S.A., with 29 years of investment experience among the most respected players in the fixed income and credit markets in Iberia.
• Before co-founding Auriga in 2007, Rodrigo was the Director of Fixed Income at Caja Caminos and the Director of Fixed Income at Activos en Renta.
• Rodrigo holds a degree in Economics and Business Studies from Wolverhampton University, UK, 1995.

• Over 27 years of experience in investments, proprietary trading, and market-making in global fixed income and credit markets in both cash and derivatives.
• Before joining the RHO team in 2015, José served as General Director and Head of Team Management and Trading at leading firms in the sector such as Barclays Capital, UBS y HSBC.
• José holds a Master’s degree in International Securities, Investment, and Banking from Henley Business School, UK, 1997.

• 10 years of professional experience in corporate finance.
• Before joining the team, Jorge was an M&A Analyst at the UBS London office before moving to the Madrid office as an Associate Director.
• Jorge holds a degree in Business Administration and Management from CUNEF, having completed a year of studies at the University of South Carolina.

• Over 5 years of professional experience in equity markets.
• Prior to joining Quadriga Asset Managers as RHO’s Analyst, Alberto was an Equity Research associate at JB Capital Markets.
• Alberto holds a degree in Economics from the University of Navarra, where he also completed a business program at IESE Business School.

• Over 5 years of professional experience in corporate finance.
• Prior to joining Quadriga Asset Managers as RHO’s Analyst, Alejandro was an M&A senior associate at Morgan Stanley.
• Alejandro has a Double Degree in Business Administration, Management and Law from CUNEF and studied one year of his degree in the University of California,Berkeley.

• She began her career managing projects in the renewable energy sector, collaborating with pioneering startups and securing institutional funding.
• She later developed her expertise in Investor Relations at a venture capital firm — a role she continues to perform following her incorporation into Quadriga Asset Managers in 2024.
• Catalina holds a dual Master’s degree in Smart Industry and Industrial Engineering from ICAI – Universidad Pontificia Comillas, and is a certified Financial Advisor (AF) by the Spanish Institute of Financial Analysts.

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FISCAL YEAR 2025
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FISCAL YEAR 2024
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FISCAL YEAR 2023
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FISCAL YEAR 2022
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FISCAL YEAR 2021
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FISCAL YEAR 2020
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FISCAL YEAR 2019
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FISCAL YEAR 2018
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FISCAL YEAR 2017
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