Key Takeaways
- • Mark Dinner, former Bridgewater lieutenant and All-Weather fund overseer, launched ICW (Invest to Change the World) in 2022, blending macro research methodology with bottom-up stock-picking to identify durable companies across economic cycles.
- • ICW's flagship Strategic Equities fund achieved 12% returns in 2025 and is up 5.2% through June 2026; the commingled fund targets $50 million at September launch with Morgan Stanley as lead prime broker.
- • The firm currently manages approximately $150 million across separately managed accounts, with the Strategic Equities strategy running for a family office since 2023.
- • ICW's investment team includes quants Joe Contuzzi (from Bridgewater) and Nicholas Oleng (from Wellington), both hired in 2025 to strengthen systematic research capabilities.
- • The strategy prioritizes portfolio balance across different economic regimes and macro environments rather than attempting to time regime shifts, with tactical adjustments informed by macro outlook changes.
Summary
Mark Dinner is applying lessons from more than a decade at Bridgewater Associates to a new stock-picking strategy that bridges macro research and fundamental equity selection. After serving as a senior researcher under Ray Dalio and helping oversee Bridgewater's All-Weather fund, Dinner founded ICW in 2022 with a focus on identifying companies positioned to benefit from what he characterizes as a global "digital revolution."
The firm's Strategic Equities fund represents the core offering and demonstrates meaningful performance credentials. The strategy returned 12% in 2025 and posted a 5.2% gain through June 2026, according to tear sheet data reviewed by Business Insider. Dinner has operated this strategy as a separately managed account for a family office client since 2023. Now, ICW plans to launch the Strategic Equities offering as a commingled fund in September with a $50 million target and Morgan Stanley serving as the lead prime broker—a significant institutional validation for the emerging manager.
ICW currently manages close to $150 million across various separately managed accounts. The investment team was bolstered in 2025 with the addition of seasoned quants: Joe Contuzzi from Bridgewater and Nicholas Oleng from Wellington, both bringing quantitative research expertise to strengthen the firm's systematic approach.
The fund's investment philosophy emphasizes durability and balance across economic cycles. Rather than attempting to predict which macro regime will dominate, Dinner and his team construct portfolios designed to perform across multiple economic environments. As macro conditions shift, ICW tactically adjusts holdings to reflect updated expectations for significant macro moves, but maintains the core principle of broad economic resilience. This approach represents a deliberate synthesis of top-down macro thinking with bottom-up security selection, positioning ICW to compete in the crowded hedge fund space by targeting investors seeking equity exposure without concentrated directional bets.
The firm's Strategic Equities fund represents the core offering and demonstrates meaningful performance credentials. The strategy returned 12% in 2025 and posted a 5.2% gain through June 2026, according to tear sheet data reviewed by Business Insider. Dinner has operated this strategy as a separately managed account for a family office client since 2023. Now, ICW plans to launch the Strategic Equities offering as a commingled fund in September with a $50 million target and Morgan Stanley serving as the lead prime broker—a significant institutional validation for the emerging manager.
ICW currently manages close to $150 million across various separately managed accounts. The investment team was bolstered in 2025 with the addition of seasoned quants: Joe Contuzzi from Bridgewater and Nicholas Oleng from Wellington, both bringing quantitative research expertise to strengthen the firm's systematic approach.
The fund's investment philosophy emphasizes durability and balance across economic cycles. Rather than attempting to predict which macro regime will dominate, Dinner and his team construct portfolios designed to perform across multiple economic environments. As macro conditions shift, ICW tactically adjusts holdings to reflect updated expectations for significant macro moves, but maintains the core principle of broad economic resilience. This approach represents a deliberate synthesis of top-down macro thinking with bottom-up security selection, positioning ICW to compete in the crowded hedge fund space by targeting investors seeking equity exposure without concentrated directional bets.
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