Annapurna CIO Marshall Brandt talks strategy, reforming markets, and the future in a volatile market

In no more than 50 words, please describe your firm's flagship investment strategy and what differentiates it in today's market environment.

The strategy is driven by political and policy regime change and is truly global. Most trend or momentum strategies struggle in response to regime changes. It’s our source of alpha while also having a negative correlation to the SPX.

What are the three most compelling attributes of your business and product offerings that have resonated with investors in the past year?

We aim for low volatility, high Sharpe, and have historically low margin to equity (~6%) allowing our investors to pick their preferred leverage via SMAs. We have some investors who say they to treat us like high-yield bond type returns with immediate liquidity. Others want typical global macro leverage.

Looking ahead, which macroeconomic trends or geopolitical factors do you believe will most significantly influence your investment approach over the next 12-18 months?

When the US led post-World War II order ended, the opportunity set increased exponentially. We believe the middle countries, as they become more self-reliant, will grow faster and be more dynamic than the US. 

How is your organisation positioning itself to capitalise on these anticipated market conditions?

As a US based manager, we have almost no home country bias and don’t really trade a whole lot of in-country assets. We don’t waste energy on AI debates; we spend it instead on looking at the budget Canada just passed or how upcoming French elections will affect their debt. 

Regarding your flagship fund's performance over the past year, which investment decision, market positioning, or strategic innovation are you particularly proud of?

Korea. We travelled to Korea in February 2025 and met with government officials, US diplomats, and companies. We left with a thesis that their market reforms would make them the best performing index starting in 2025. We weren’t betting on memory stocks. In our opinion reforming markets are usually rising markets.