Tenac Asset Management

Established in 2020, Tenac Asset Management ("Tenac") is a hedge fund manager based in Argentina. It manages a global macro strategy that focuses investments on emerging markets. Tenac's risk-management framework is thorough and methodical. The firm targets 12% annualized volatility and sizes positions ex-ante to avoid stop-losses and meet potential liquidity needs. The firm uses risk limits that depend on the conviction had based on each investment and imposes caps on net market-value exposures. The risk-management framework is designed to obtain a diversified portfolio and limit idiosyncratic drawdowns. Tenac's focus is on capturing alpha. The team is experienced and has developed over the years a network of investors and policymakers. The investment team has 75+ years of combined investment, capital markets, and policy making experience.