Key Takeaways
- • Resonanz Capital's Jazz Multi-Strategy Fund, a daily liquid UCITS vehicle for professional investors, now manages over EUR390 million after launching in 2025 with more than EUR200 million, according to Opalesque.
- • Resonanz tracks more than 4,000 strategies and aims to build a relatively small portfolio from that universe, judging each candidate by what it adds to the whole rather than by its standalone attractiveness.
- • CEO and Head of Research Vincent Weber says faster strategy availability from quantitative investment strategy (QIS) providers has shortened the lag from months to weeks, or sometimes days, widening the choices available to the team.
- • Jazz holds more than 40 return engines across systematic macro, quantitative equities, volatility and discretionary sleeves, with individual risk budgets and strategy-level stop-loss discipline.
- • Weber says the core portfolio favours positive expected risk premia, and the decision to buy additional convex tail protection depends on the aggregate exposures already held.
Summary
Resonanz Capital, a Frankfurt-based firm, is building portfolios from an expanding universe of quantitative strategies, according to an Opalesque interview with CEO and Head of Research Vincent Weber. Speaking eighteen months after a previous conversation with Opalesque, Weber attributed the acceleration in strategy availability to years of infrastructure investment across QIS providers, with AI adding further momentum. He said the time between a change in market structure and the availability of a related strategy has fallen from months to weeks, or sometimes days. Weber stressed that more available strategies do not reveal which ones belong together, and that the central task is selection and combination rather than sourcing.
Resonanz tracks more than 4,000 strategies and seeks a relatively sparse portfolio from that universe. Weber said the team evaluates each candidate by its marginal contribution: "I want to know what changes in the portfolio when I add it." He described portfolio formulation as involving judgment that mathematics cannot supply, including choices about the objective, the assumptions trusted and the complexity tolerated. He reiterated his earlier analogy of being a "DJ for alpha."
Weber said construction must reflect practical constraints, including funding costs, liquidity, regulatory limits and transaction costs. Jazz applies the approach within a daily liquid UCITS structure for professional investors, combining open-architecture QIS with specialist external managers. Launched in 2025 with more than EUR200 million, the Resonanz Jazz Multi-Strategy Fund now manages over EUR390 million. Its more than 40 return engines span systematic macro, quantitative equities, volatility and discretionary sleeves. The firm also builds bespoke index solutions, where shared strategy universes can yield different portfolios depending on mandate requirements.
On AI, Weber referenced his June essay "I Was Wrong About AI. Twice." He said he initially underestimated the technology's value in working with written information and later its impact on coding, which compressed work that had taken months into days. In systematic research, he sees the gap between reading a paper and testing an implementation narrowing, while researchers remain responsible for judging hypotheses. He argued that portfolio construction will also evolve, though historical data, realistic simulation, implementation and process design remain central.
On risk management, Weber said the core portfolio generally favours strategies with positive expected risk premia, comparing this to writing insurance. Tail risk of the combined distribution receives particular attention. "If we have a lot of carry exposure, we will often buy outright convexity to mitigate the tail risk," he said, adding that with a more diversified mix including trend or quality equities, the team may forgo additional protection. He summarised the approach: "What we choose to protect depends on what we choose to own."
Resonanz tracks more than 4,000 strategies and seeks a relatively sparse portfolio from that universe. Weber said the team evaluates each candidate by its marginal contribution: "I want to know what changes in the portfolio when I add it." He described portfolio formulation as involving judgment that mathematics cannot supply, including choices about the objective, the assumptions trusted and the complexity tolerated. He reiterated his earlier analogy of being a "DJ for alpha."
Weber said construction must reflect practical constraints, including funding costs, liquidity, regulatory limits and transaction costs. Jazz applies the approach within a daily liquid UCITS structure for professional investors, combining open-architecture QIS with specialist external managers. Launched in 2025 with more than EUR200 million, the Resonanz Jazz Multi-Strategy Fund now manages over EUR390 million. Its more than 40 return engines span systematic macro, quantitative equities, volatility and discretionary sleeves. The firm also builds bespoke index solutions, where shared strategy universes can yield different portfolios depending on mandate requirements.
On AI, Weber referenced his June essay "I Was Wrong About AI. Twice." He said he initially underestimated the technology's value in working with written information and later its impact on coding, which compressed work that had taken months into days. In systematic research, he sees the gap between reading a paper and testing an implementation narrowing, while researchers remain responsible for judging hypotheses. He argued that portfolio construction will also evolve, though historical data, realistic simulation, implementation and process design remain central.
On risk management, Weber said the core portfolio generally favours strategies with positive expected risk premia, comparing this to writing insurance. Tail risk of the combined distribution receives particular attention. "If we have a lot of carry exposure, we will often buy outright convexity to mitigate the tail risk," he said, adding that with a more diversified mix including trend or quality equities, the team may forgo additional protection. He summarised the approach: "What we choose to protect depends on what we choose to own."
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