Episode
Meet the 25-Year-Old Running a Multi-Manager Hedge Fund
- Podcast
- Odds on Open
- Published
- Mar 5, 2026
- Duration seconds
- 4282
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Summary
Zachary A. Levitt joins the pod to break down the architecture of a capacity-constrained multi-manager platform designed to harvest high alpha loads in niche, idiosyncratic markets. We dive deep into portfolio construction beyond the "Big Four" pod model, focusing on inverse-volatility weighting, discretionary risk overlays during regime shifts, and the mechanics of screening for relative value arbitrage strategies with minimal factor exposure. Zach explains his transition from a data-driven biotech alpha capture book to running a center book, detailing how he identifies micro-regime persistence and manages the microstructure of a lean, performance-aligned firm. This conversation is a masterclass for allocators and quants on building a non-correlated return stream by targeting the liquidity gaps and specialized incentives that larger, multi-billion dollar funds are forced to ignore.00:00 Intro01:02 The primary constraint for a young multi-manager03:13 Screening for niche strategies and consistent track records06:03 Maximizing idiosyncratic P&L through relative value arbitrage08:19 Tactical sizing and capturing micro-regime persistence12:43 Balancing inverse-vol weighting with discretionary risk overlays15:41 Case study: Rebalancing small-cap L/S during market corrections17:37 Distilling signal from noise in multi-manager portfolio oversight22:02 Coachability and removing emotion from the PM feedback loop25:52 Alpha capture in biotech via options market data30:20 Scaling the boutique multi-manager business model34:02 Disrupting the "Big Four" pods with capacity-constrained strategies42:21 Unit economics of a lean, performance-driven platform53:09 LP management and optimizing the business development funnel1:00:19 Moving from portfolio management…