A Hedge Fund Built on AI — Read more

An investment firm native to AI.

Argus reads continuously, debates every thesis, and routes every trade through human approval.

Investment Committee · live
14 agents
06:42:11
FILINGS 10-Q surfaced. Capacity utilization at multi-year high; price-cost spread widening into Q4.
06:42:44
EARNINGS Q3 transcript mentions multi-year demand visibility for the third consecutive quarter.
06:43:09
NEWS Two upstream peers publicly slowed capex. Lead times extended six weeks.
06:43:31
CONVERGE 4 of 6 primary agents converge. Cascade stage early. Drafting plain-English thesis.
06:43:55
DEBATE Bear case generated. Adjudicating against base rate of similar setups.
06:44:18
GATE 8/8 risk gates passed. Awaiting human signoff.
Daily cadence · today
on schedule
05:30
Prediction-market refresh
06:00
Thesis maintainer

06:30
Disruption monitor
08:00
Morning IC

Ad-hoc
Investment Committee
24/7
Reactive worker

16:45
Daily close
24/7
Price monitor

08:00
Investment Committee
Sat
Weekly portfolio challenge
Convergence

A thesis requires independent agent agreement.

A signal becomes a thesis only when independent agents reach it from different directions.

convergence · ticker [REDACTED]
tracking
FILINGS
Capacity utilization +9pts YoY in latest 10-Q. Pricing language firmer than prior two prints.
EARNINGS
Q3 transcripts surface "multi-year demand visibility" for the third consecutive quarter.
SENTIMENT
Operator forums and X mentions track extending input lead times.
MACRO
Real-rate path stabilizing; cyclical buy-side flows returning to the cohort.
POLITICAL
Two relevant insider buys cluster within 9 trading days.
NEWS
Two upstream peers publicly slowed capex; trade-press confirms six-week lead-time extension.
CONVERGE
6 / 6 primary agents agree. Cascade stage early. Promote to thesis.
Adversarial debate

Every thesis must survive an opposing case.

Argued before recommendation. Attached to the trade. Replayable at exit.

debate · pre-recommendation
adjudicating
Bull case
  • Capacity utilization at multi-year high; pricing moving with it.
  • Single sourced on the input that matters; two-quarter lead-time advantage.
  • Q4 catalyst is a contract decision the market is dismissing.
  • Insider buys cluster within nine trading days; same pattern preceded the last catalyst.
Bear case
  • Lead-time advantage shortens fast if a peer commits capex.
  • Real rates re-accelerating compresses the multiple before catalyst.
  • If the contract slips a quarter, the entry thesis does not survive.
  • Two quarters of execution already implied in the multiple; no cushion for a slip.
Adjudication. Bear leg "contract slip invalidates" promoted to invalidation criterion. Sizing reduced one tier.
Risk stack

Eight gates between recommendation and broker.

All gates fail closed. A passing recommendation has cleared every layer.

pre-trade gates · live recommendation
7 of 8 cleared
01
Drawdown circuit breaker
−2.4% MTD vs −8% trigger
pass
02
Position & sector caps
3.6% single · 21% sector
pass
03
Factor exposure
tilt within band
pass
04
Correlation crowding
0.41 vs 0.70 ceiling
pass
05
Liquidity cap
3.1d to exit at 25% ADV
watch
06
Shorts / cost-to-borrow
borrow available · 38 bps
pass
07
Lone-wolf signal check
corroborated by 5 other agents
pass
08
Stop-loss / invalidation handler
stop set · invalidation criteria attached
pass
Position monitor

Positions are monitored against their original thesis.

The monitor watches each position against its own invalidation criteria, not the tape.

open positions · health vs thesis
12 open · 1 watch · 1 invalidated
Ticker
Strategy
Entry → Last
Catalyst
Status
[ABCD]Industrial inputs
Structural Mispricing
+11.4%
Earnings · 18d
on track
[EFGH]Specialty materials
Structural Mispricing
+4.2%
Contract · 31d
on track
[IJKL]Industrial automation
Structural Mispricing
−1.1%
Reg approval · 42d
watch
[MNOP]Software platform
Structural Mispricing
−6.8%
invalidated
[QRST]Energy infrastructure
Structural Mispricing
+7.0%
Capacity · 9d
on track
Decision ledger

Every investment decision is permanently logged.

Inputs, model version, reasoning, output. A short hash recovers any decision the firm has ever made.

ledger · last 24h · immutable
sealed
d4f1.a7
RECO New thesis from convergence. Sizing 1.2% NAV. 8/8 gates passed.
b2e9.31
REVISE Liquidity gate moved [IJKL] to watch. Sizing trimmed.
7c8a.14
EXIT [MNOP] hit invalidation criterion. Exited at stop.
9af2.05
DEBATE Bear case for [EFGH] adjudicated.
6c70.d3
RESIZE [ABCD] convergence strengthened to 6 of 6; sizing up one tier.
31bd.c9
APPROVE Human signoff. Order routed. Ledger sealed.
“The traditional path into this industry asks you to spend a decade learning to do work that software will do better in five. We would rather spend that decade building the software.”
— Nicholas von Bodungen

Join the team.

Pentamerus is led by Nicholas von Bodungen. The team is intentionally small. One team runs one system, end to end.

We look for technical range, strong independent thinking, and the discipline to execute over long horizons. The work does not separate cleanly into research, engineering, or trading roles, and the team is structured accordingly.

Our ambition is to build the firm that defines what AI-native investment management looks like in the next decade. We measure progress in performance, not commentary.

If that aligns with the work you aspire to do, write to us. We would like to hear from you.

01 · Compensation
Equity from day one.

Meaningful equity and performance share that mirrors the firm's. You earn against what you helped build, not against tenure.

02 · Ownership
Real capital, real positions.

A team this small means each person owns full systems. The work you ship is what the firm trades on, and the result lands on the same desk.

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