Penso Advisors, LLC

Penso Advisors, LLC is a discretionary global macro manager specializing in derivatives structuring and trading. Founded in February 2010, the firm's core trading categories include Risk Mitigation and Absolute Return strategies, focusing on derivatives trading across various asset classes. Penso offers managed accounts and private fund structures for investors, with a niche focus on institutional clients such as hedge funds, insurance companies, and pension plans. The firm's investment philosophy involves a macro trading approach to exploit mispriced correlations and seek high convexity profiles. Penso Advisors does not participate in wrap fee programs and manages approximately $1.23 billion in regulatory client assets as of December 31, 2024, with both discretionary and non-discretionary trading responsibilities. Fees and compensation at Penso Advisors are determined on a client-by-client basis, including management fees based on assets under management and performance fees. The firm may engage in soft dollar arrangements for research services, subject to compliance with regulatory requirements. Investment discretion varies among clients, with some granting broad discretionary power while others require approval before trades are executed. Penso Advisors does not maintain physical custody of client funds and does not vote securities on behalf of managed accounts. The firm has no financial conditions impairing its ability to meet contractual commitments and has not faced bankruptcy proceedings.