We stargaze the alpha in Orion.
Redesigning fundamental investing for the quantamental era. Macro context. Stock-level conviction. AI-operated execution.
Three lenses. One coherent book.
Markets are efficient in the long run and inefficient in the short run. We exploit both — generating idiosyncratic alpha while engineering smart-beta exposures that compound when our stock-level edge sleeps.
What risk to take, and when.
We read the cycle, the liquidity regime, the rate path, and the dispersion environment to decide how much beta, how much hedge, and which sectors deserve capital this quarter.
What to own.
Stock-level conviction built from deep fundamental work — business quality, forward earnings, segment economics, and a variant view that disagrees with consensus for a specific reason.
How the book is shaped.
Deliberate factor and sector tilts — quality, momentum, low-vol, AI-beneficiary — engineered into position sizing so the portfolio earns structural risk premia even between alpha events.
Our edge is not only in picking the right names. It is in shaping the entire book — macro frame, alpha selection, and beta engineering — so each layer carries weight when the others go quiet.
Where a solo fund wins.
Time horizon
Concentration
Complexity tolerance
Variant view
Cross-pollination
AI operator
“We do not invest in AI. We invest in who wins from AI — companies whose cost structure, margin, or addressable market is permanently re-rated by deploying it. We can make that distinction because we live it.”
From the desk.
Selected research, frameworks, and investment memos. Written for partners and serious readers.
The Quantamental Stack
Why macro, alpha, and beta live in one book.
Most funds choose a lane: fundamental or systematic, alpha or beta. Three lenses, used together, beat any one of them used alone.
Beneficiary-Side AI
A test, not a theme.
Most AI investing is producer-side: betting that this startup will sell AI. We invest beneficiary-side — who uses AI to permanently lower their cost structure.
The Six-Question Bar
What separates a position from a story.
A name is not a core position until the cover memo answers all six. Anything less is a starter, not a thesis.
A small partner circle. Real alignment.
Orion Alpha is run for a small circle of partners with patient capital, no benchmark-hugging pressure, and no need for monthly NAV optics. If your horizon and our doctrine align, we'd welcome the conversation.