ML Capital Crabel Gemini UCITS fund

Volatility and dispersion drive performance

Hamlin Lovell

Crabel Capital Management is a Los Angeles based CTA founded by short term trading pioneer, Toby Crabel. The firm has delivered over 25 years of uncorrelated returns for an institutional client base and currently manages $2.8bn. Crabel specialises in a unique corner of the CTA industry with the flagship programme, Multi-Product, trading more than 200 futures and foreign exchange instruments with an average holding period of approximately one day. The portfolio trades 14,000 round turns per million dollars per year, making Crabel one of the largest futures traders in the world with a trade tally of more than 60 million futures contracts per year. 

The volume and frequency of trading places a premium on execution efficiency, and the firm has invested in co-location facilities that can execute in 15 microseconds (millionths of a second). “We are as much a technology firm as an investment firm, with half of our 84 staff working in research and development,” says CEO and President, Michael Pomada. 

Crabel’s execution infrastructure is used not only for its flagship strategy, but also for its two flat fee programmes: medium-term (35-45 day) trend follower Advanced Trend and short-term trader Gemini. Both can be accessed through commingled funds, separately managed accounts, and through Irish UCITS feeders on the MontLake UCITS platform.

“We first met Cyril Delamare when he founded ML Capital in 2010. We were impressed by the quality and integrity of the people and by how hard they work to keep costs down. It would be a shame to create a low fee vehicle and then have a lot of fees on top, as is the case with some platforms. We want to deliver as much return as possible to the end investor,” says Crabel’s Director of Business Development, Lisa Martin. 

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