FOs are already all-in on alternatives
The UBS Global Family Office Report 2025 shows the global split moved to 56% traditional / 44% alternatives. In US FOs the ratio is inverted.
44% in alternativesGlobal FO average · UBS 2025
Asset Management · B2B · Family Offices & Institutions
When the 60/40 stops protecting, the portfolio needs something else.
Uncorrelated systematic strategies and local edge in Argentina, designed for Family Offices, RIAs, wealth managers, and institutions that need real diversification, not cosmetic.
25+ yearsCombined market experience
USD 100kMinimum ticket
USD 1.1BAverage AUM of FOs surveyed by UBS
44%Of global FO portfolio is in alternatives
+16.5%Managed Futures average in last 7 crises
-27.4%S&P 500 average in those same crises
Why now
Four vectors changing institutional allocation.
The playbook that worked from 1982 to 2021 stopped working in 2022, when stocks and bonds fell together for the first time in a generation. Family Offices have already started moving. Here are the numbers.
Private credit: the reality check is coming
Redemptions, weak underwriting, and withdrawal limits are starting to show that the real risk of private credit wasn't as contained as it seemed.
USD 5.4BBlue Owl redemptions · one quarter
Real estate without a catalyst
Global real estate allocation stalled, high rates, compressed cap rates, and write-downs in US commercial real estate.
10% allocationStalled · UBS FO Report 2025
Extreme valuations + inflationary regime
Concentrated S&P 500, elevated Shiller CAPE, structural inflation above target, and persistent US fiscal deficit.
Shiller CAPE ~37xVs historical average ~17x
What we offer
Two proprietary systematic strategies, designed for institutional portfolios.
They are not repackaged off-the-shelf products. We develop them internally, we are the first investors, and the full logic is transparent to the institutional client.
TrendStrategy
Multi-asset systematic strategy on liquid ETFs: US equities by sector, gold, treasuries, and bitcoin. Moving average rules define exposure. If the asset is trending, it stays. If not, it goes to cash in T-bills.
Equity-like returns. Fixed-income-like risk. Without depending on the Fed to come to the rescue.
12.8%10-year backtest CAGR
+25.75%Net live cumulative
1.64Backtest Sharpe Ratio
-4.74%Max monthly drawdown
- Vehicle
- Institutional managed account
- Fee
- 1% mgmt + 10% performance
- Liquidity
- Daily · all ETFs
- Minimum
- USD 100,000
Managed Futures
Blend of 5 systematic sub-strategies managed by CTAs regulated by CFTC and NFA. Operates 150+ global markets: indices, fixed income, currencies, commodities, energy, and metals.
Crisis protection. Performance when it matters most. 7 for 7 green against the S&P in recent crises.
+18.61%CAGR since 2019
+244.6%Total cumulative return
1.10Sharpe Ratio
-11.76%Max drawdown
- Correlation
- -0.05 to +0.15 vs stocks/bonds/gold
- Markets
- 150+ global · Regulated CTAs
- Crisis stat
- +16.5% average · 7 crises
- Benchmark
- S&P -27.4% same crises
The number that sells the product
Adding 10% Managed Futures to a 60/40 improves all metrics at the same time.
Same portfolio, less risk, more compounded return. This is exactly what investment committees are looking for today.
+105 bpsAnnualized return
0.69 → 0.83Sharpe Ratio
1.10 → 1.58Sortino Ratio
-379 bpsMax Drawdown
Argentina local edge
"Argentina without stepping into Argentina."
After decades of distortions, there is a potential re-rating in Argentine assets. But access to the best opportunities requires knowing where to look and having the plumbing to execute.
What a Family Office in Geneva or Miami would need years and a local team to build, we deliver as a service: sourcing, due diligence, execution, and coordinated custody.
- 01
Top-tier corporate bonds
Argentine corporate issuers yielding 6% to 8% in dollars in sectors like Vaca Muerta, energy, and agribusiness.
6-8% USD · local investment grade - 02
Argentine sovereign bonds
Granular reading of the macro cycle, not based on generic research from global banks.
Tactical positioning - 03
Local carry trade
Opportunities to take advantage of high rates in local currency with active FX risk management.
Positive real rates - 04
Local equities and ADRs
Access to Argentine stocks and local replication of global equities via ADRs.
Full domestic universe - 05
Local venture and private deals
Access to private transactions through our network, with ticket sizes and due diligence not available from the outside.
Off-market · invitation only
Why we are different
Five differentiators that matter in an institutional conversation.
Real independence, no conflicts of interest
We don't repackage third-party products. Zero kickbacks, zero hidden fees, zero cross-incentives with banks or issuers.
Active and systematic management
"The market always goes up" is not a law of physics. We design dynamic portfolios that adapt to the market regime.
Capital preservation as priority
We first define how much we can lose, then how much we can gain. TrendStrategy has contained drawdown with comparable returns.
Proprietary strategies
TrendStrategy and Managed Futures were developed internally. The client gets access to something they cannot buy at any bank.
Local edge + global reach
25+ combined years of experience across the United States, Argentina, and alternatives. We understand Vaca Muerta, the exchange rate regime, the CNV, and at the same time operate global strategies.
To quickly position us
What we are not.
As important as defining what we are. This avoids conversations that start with the wrong frame.
A hedge fund
We don't use aggressive leverage, we don't do stock picking, and we offer full transparency.
A private credit fund
Zero exposure to the type of risk that is blowing up today in that segment.
A private equity or venture fund
Although we advise on specific private deals, the institutional core is liquid and systematic.
A robo-advisor
The strategy is systematic but the service is high-touch: monthly reporting and access to the senior team.
An AI trading fund
Classic trend-following rules, based on decades of academic evidence.
A boutique bank
Proprietary strategies, account in the client's name, and zero kickbacks.
Message from the founder
"The next black swan is not covered by the old playbook."
I founded CDI Capital with a different reading of where the market is heading. The 60/40 worked for forty years because rates went down and US stocks went up. That combination broke in 2022 and is not coming back soon.
Miguel BoggianoFounder · CDI Capital
Next step
An institutional briefing. No commitment. About your current portfolio.
The first meeting is an analysis of the potential fit between your portfolio and our strategies. If we can add value, we say so. If not, we say that too.
