Adagio Capital Management, LLC

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ADAGIO GROUP | The Applied Mathematical Econophysics Research Institution “In everything we do, we are driven by the belief that truth is more important than conformity. The way we challenge conformity with truth is by driving advancement in applied mathematical econophysics. We just happen to create portfolios that generate exceptional risk-adjusted performance.” - Benjamin D. Summers OUR ARCHITECTURE Where a first-principles research mandate governs the management of institutional capital Mathematical physics operates on first principles and empirical proof; institutional finance largely operates on consensus and convention. Adagio Group was founded to apply the discipline of the former to the domain of the latter. This foundation is expressed through our institutional architecture, which is defined by three governing principles: 1. A First-Principles Definition of Risk. We reject variance as a proxy for risk. Our methodologies are built from the mathematical definition of risk: the probability of loss weighted by the expected degree of loss. This is not a preference; it is a logical necessity for navigating markets that exhibit non-Gaussian behavior, particularly during crises. Risk is not a story; it's not a relationship; it's not a feeling. Risk is a number: it's the probability of loss weighted by the expected degree of loss. 2. Markets as Complex Adaptive Systems. We recognize that markets are not efficient equilibrium machines. They are complex systems that generate p

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