AIS Capital Management, L.P. (AIS) is an investment management firm focused on absolute-return strategies in global financial markets. Relying on its thorough understanding of the driving forces behind price action in global markets, the investment team has developed and implemented discretionary and systematic global macro strategies that seek to generate alpha over multiple market cycles while minimizing risk.
AIS provides asset management based on the principle that successful investing often requires independent thinking to develop appropriate investment strategies. We base our decisions on extensive analysis of global macro-economic factors and asset valuations, and we draw on decades of investment experience.
Systematic and Discretionary
Unlike a majority of global macro investment managers that would typically classify themselves as being either discretionary or systematic in their trading style, AIS approaches this distinction differently because we appreciate the strengths and weaknesses inherent in both styles. AISâ€™s investment programs uniquely combine systematic processes with discretionary global macro views. Our investment programs vary in methodology; some allocate according to longer-term discretionary global macro view while others allocate based on a systematic interpretation of shorter-term economic fundamentals and rigorous, disciplined risk controls.
Advantage in Flexibility. Markets have changed dramatically over the last several decades. Since 2008 in particular, markets have become more highly correlated and coordinated global monetary policy has exerted a significant impact. The ability to move nimbly amongst non-traditional market sectors has become increasingly important. AIS has an advantage in being a smaller firm with great flexibility. We can respond quickly to changing market environments. Furthermore, AIS is an independent, privately- held firm and we do not face any liquidity issues associated with extended lines of credit.
Highly Liquid and Transparent. AIS only invests in highly liquid instruments that trade on major exchanges. In addition, our investment programs are highly transparent. We do not use â€˜black boxâ€™ systems. AIS takes a consultative approach, providing a detailed explanation of our investment process and our investment views with clients. We believe clients should thoroughly understand their investment structure and the global macro-economic outlook we anticipate during each market cycle.
Investment Team. AIS was founded in 1992 by John Hummel and Brad Stern, both of whom are still principals in the firm as well as majority owners. Steve Edwards and John Zhang later joined AIS and are also principals of the firm. All four principals oversee the management of AISâ€™s investment programs (see Bios for more information on AISâ€™s principals and other team members).