Who we are
Fenyx Capital is an investment manager based in the Netherlands, operating under the regulatory frameworks of both the EU and the UK. We manage a single strategy: a systematically leveraged, diversified futures portfolio designed for investors with a long-horizon orientation and a preference for structural clarity over discretionary complexity.
We are a small team. Our backgrounds span institutional asset management at major Dutch financial institutions. We do not manage a wide range of products, and we do not intend to. Our focus is narrow by design: we believe that depth of understanding in one well-constructed approach is more valuable to clients than breadth across many.
How we work
The strategy we manage is systematic. Allocation decisions are rules-based and do not depend on macroeconomic forecasting or the judgment of any individual portfolio manager. Leverage is adjusted daily according to a defined Value at Risk framework. There is no investment committee convening to take a view on rates or equities.
This is a deliberate choice. We believe that the primary source of risk in active management is not market volatility; it is the accumulation of discretionary decisions made under uncertainty. A rules-based approach removes that risk from the equation and makes the strategy’s behaviour transparent and consistent over time.
We work with a limited number of clients. This is also deliberate. The strategy is appropriate for investors who understand its mechanics, accept its long-horizon requirements, and do not need it to behave differently in different market conditions. We invest time in ensuring that understanding is in place before a relationship begins.
What we are built on
The portfolio’s construction draws on decades of academic research into asset class correlations, the structural properties of futures markets, and the behaviour of leveraged portfolios across market cycles. We engage actively with that literature; not to chase new ideas, but to stress-test the foundations of what we already do.
Our monthly insights are one expression of that engagement. They are not marketing. They are an attempt to think carefully and publicly about the conditions that matter for a long-horizon, multi-asset investor; and to share that thinking with the people who have entrusted us with their capital.