Kelonia Capital Management is a research-driven, alternative investment firm registered in Luxembourg. We employ a rigorous, systematic investment process across various markets, asset classes and geographies.


Our sophisticatedrule-based approach to investing is not influenced by conventional market narrative, and is free from cognitive biases and emotional influences. We make investment decisions solely using scientific, quantitative methods.


Kelonia’s investment program has been designed to exploit persistent market inefficiencies, grounded in sound economic theory. Unlike many systematic managers, who rely predominantly on individual factors or investment styles, we believe that combining multiple complementary and uncorrelated sources of return − such as momentum, carryvalue and mean-reversion − produces superior results over time. 




Focus, discipline, and a commitment to quality and transparency represent key elements of our philosophy. Kelonia’s investment approach is rooted in the idea that markets are occasionally inefficient, and that these inefficiencies can be exploited through active investment approaches. We believe true alpha-generating strategies still hold a place in investors’ portfolios, and deliver excess returns that cannot be captured through conventional 'alternative risk premia' approaches. At Kelonia, we treat our investors as partners, and invest our own assets right beside those of our clients.


Investment Program


Kelonia invests in a broad range of liquid, exchange-traded futures markets across global equities, interest rates, currencies and commodities. Trades are generated based on a combination of momentum, carry, reversal and pattern recognition signals.


Risk is allocated dynamically to multiple models, markets and asset classes, to deliver a stable source of uncorrelated returns. Our investment process is empirically robusttheoretically sound and, we believe, well-positioned to deliver solid returns in today’s market environment.


What distinguishes Kelonia’s approach to managed futures investing is our emphasis on noise classification and filtering, downside risk management, and diversification across strategies and return drivers. We believe Kelonia provides a differentiated approach to classic trend following due to a reduced exposure to trend reversals, and the ability to exploit and profit from market noise during directionless market conditions.


All of our models are built to systematically adapt to changes in market environment, and to exhibit a high degree of stability over time. Execution and risk management are entirely automated, utilising a robust IT infrastructure and in-house proprietary software.



Key Features

Portfolio Diversification 

Our investment program exhibits a zero-to-negative correlation to the global equity markets, and only a moderate correlation to other managers in the managed futures space. It has been designed to act as a true portfolio diversifier, and offer a return distribution that is additive to an already allocated portfolio of managed futures / CTAs.

Absolute Returns 

By combining multiple trading systems and sources of alpha, we believe Kelonia is well positioned to deliver consistent returns in a broad range of environments. Our self-adaptive models are designed to dynamically adjust to new market conditions, including variations in market noise levels, idiosyncratic volatility, and structural market changes.

Tail Risk Hedging 

Fixed income and equity market corrections can have a profound impact on wealth creation during an investor's lifecycle. We have designed our investment program to yield positive returns during normal market conditions, while at the same time retaining valuable hedging characteristics and risk mitigation benefits during sustained market corrections.






Kelonia Capital Management

2, Boulevard de la Foire

L-1528 Luxembourg



Kelonia Capital Advisors (Switzerland)

Rue du Commerce, 4

1204 Geneva, Switzerland



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