Quantamental asset management.
Thematic research that understands structural change, and a systematic framework that turns it into portfolios.
Authorisation pending
Corentera Invest is being established as a MiFID portfolio manager. An application for authorisation is with the CSSF. Until that authorisation is granted, we do not provide portfolio management or investment advice, and nothing on these pages is an offer to do so.
What follows is the process we have built, and what we intend to offer once authorised.
From structural change to investable themes.
Every investment rests on a narrative about what comes next. Thematic research gives those narratives structure: it traces them back to observable structural change and follows their consequences through economies, companies and asset prices. Markets do not price all of those consequences at once — which is where the opportunity lives.
Begin at the roots.
The most durable narratives are rooted in structural change, so the research starts from five recurring sources — technology, demography, resources, geopolitics and institutions — and the metatrends they are producing now. These forces may slow or reverse, but they do not mean-revert with the business cycle.
Follow the consequences.
Metatrends are not directly investable. The work is to follow their consequences — into second and third order — until they cohere into megatrends: durable narratives with a clear economic mechanism and a clear connection to listed companies. The same chains also reveal the exposed side: industries in structural decline, and recovery stories that will not recover.
Map them into investable themes.
A megatrend becomes investable as a defined selection of stocks spanning its value chain, organised into sleeves — for clean energy: solar, wind, storage, grid infrastructure. Companies are weighted equally within each sleeve, so no single name decides how a theme performs. Every theme carries a region and a risk profile, and the map keeps moving: more than thirty, with established themes retiring as new ones enter.
The research behind the map — each metatrend followed outward into its consequences — is published through Corentera Research, where every conclusion is dated and tracked.
It is possible to identify the future correctly — and still lose money investing in it.
Structural change moves in one direction; the market’s pricing of it does not. Clean energy is an important example: four investment cycles in four decades. Every upswing was grounded in real technological, economic or political progress, and the structural case survived every collapse. The investors those collapses hurt were not wrong about the trend. They were carrying the same exposure at every point in the cycle — through the build-up, the overshoot and the break — because nothing in their process connected the size of the position to what the market was doing.
Stylised: clean energy’s four market cycles around one structural trend, 1980s to today.
A theme pays only when the market begins to price it, and that repricing is neither orderly nor proportionate to the underlying change. Navigating it takes a framework for translating conviction into exposure: recognising when a theme is gathering momentum in the market, adding weight as that momentum broadens, and withdrawing capital when the narrative has outrun the evidence. Building that framework is what makes us quantamental.
Making themes tradeable.
Identifying structural change is not enough to earn returns across a cycle. The missing element is timing — when to establish exposure, when to increase it, when to step back — and size, because emerging themes are less stable than mature ones. The overlay answers those questions with three forms of evidence, read together.
Sentiment analysis
A machine reading of the information flow around a theme — whether the story, and the numbers beneath it, are gaining or losing force.
Price momentum
Whether the market is beginning to confirm the thesis.
Clustering
Whether the companies in a theme are starting to trade as a group rather than as members of their sectors.
Stylised: machine-learning clustering at work — themes surfacing from the co-movement of thousands of stocks, before anyone has named them.
Research tells us what to own. The overlay tells us when to own it, and how much risk it should carry.
Distinct roles,
one process.
Five convictions. They decide what we build, what we refuse, and what you see.
Right about the change is not right about the trade.
A trend can stay intact for decades while the assets attached to it become crowded, overvalued or lose momentum. Weak performance need not invalidate a thesis — it may simply mean the thesis should carry less capital.
Research is never asked to time the market.
It establishes what is changing and why. Whether the market is confirming that view — and how much exposure it deserves — is the overlay’s question.
Models are never asked to explain the world.
Signals measure the market’s verdict on a theme; they do not form views about the future. Keeping the two roles distinct but connected is what quantamental means to us.
Purity over proximity.
Peripheral exposure does not qualify for a theme. The almost-exposed dilute it faster than they diversify it, so every candidate must pass a strict purity test.
The process endures; the themes change.
Twenty years ago this framework would have traced globalisation and the internet. Ten years from now it may be organised around forces that do not yet have a name.
What Corentera Invest is being built to offer.
None of this is available yet. It requires authorisation from the CSSF and the relevant appointments first. At launch, for professional and institutional clients.
Strategies at launch
One thematic map, expressed at different risk profiles — across equities and fixed income, from lower-risk to thematic, offered as sub-funds of a single umbrella SICAV.
- Global equity
- Sustainable equity
- European equity
- Lower-risk equity
- Sustainable fixed income
- Lower-risk fixed income
Delegated portfolio management
Appointment by third-party managers to run their sub-funds on the Corentera engine, under their own umbrella and their own brand.
Discretionary mandates
The same strategies run on a professional client’s existing custody account — tailored steering, no re-platforming.
Unit-linked strategies
Strategies purpose-built for insurance wrappers, designed with the insurer as their product range evolves.
Reporting, included
Factsheets, daily data and portal access from Corentera Tech come with the mandate rather than alongside it.
Strategies indicative, and subject to change before launch.