Our research goes beyond the numbers.

We don't just crunch data. With years of alternatives experience, we know what to look for, what to ask, and most importantly — what to avoid. This expertise equips Altegris to navigate the universe of alternatives to find those that we believe best meet our clients' needs.* And our job doesn’t stop there. We continually evaluate and analyze our choices and make changes when necessary to ensure our line-up represents what we believe are best-of-breed managers.

Our research process leverages the knowledge and insight of the Altegris Investment Committee and the Research and Investments Group to find, analyze, select, and continually evaluate best-of-breed managers in each of our core strategies. We divide our process into five key steps, which typically takes three to six months to complete.

1. Identification

Altegris continually searches the universe of alternative investment strategies and managers to identify new opportunities for our clients. Blending the Investment Committee’s top-down viewpoints and the Research and Investments Group’s bottom-up analysis helps us to continually bring new ideas into the Altegris investment review process.

2. Assessment

Once the preliminary list of managers has been identified, the Research and Investments Group gathers initial information that includes reviewing key documents, interviewing managers, and analyzing performance. The results of this assessment are submitted to the Altegris Investment Committee for its initial review.

3. Manager qualification and approval

After the initial review by the Investment Committee, a decision is made whether to proceed with formal manager review. The Research and Investments Group conducts three separate levels of due diligence for manager qualification: investment due diligence, operational due diligence and document review.

The Research and Investments Group presents its detailed due diligence findings to the Investment Committee for its final review and decision. Manager approval requires unanimous Investment Committee consent.

4. Portfolio management

For those funds within our suite that represent a multi-manager approach, our Portfolio Managers review various metrics, such as return analysis and risk profiles, to build a portfolio of approved managers based on the investment objectives of each individual strategy. The information utilized by the Portfolio Managers is developed by the Research and Investments Group, which also provides additional input from their findings. This careful construction by the Portfolio Managers can only come from decades of experience in alternative strategies.

5. Ongoing evaluation and analysis

Our job isn’t over once a manager has been approved. The Research and Investments Group continually performs in-depth analysis of each manager through constant investment, operational and risk monitoring. Each monitoring group is directly involved in conducting formalized meetings, ongoing quantitative analysis, monitoring of material market events and any material changes. These ongoing reviews look for “red flags” such as material changes in processes, operations, service providers and personnel, abnormal returns or unexpected changes in the risk or profile for the portfolio. If a “red flag” is identified, review by the Investment Committee is triggered, which may result in the manager losing its approval.*

The Altegris Investment Committee champions the investment process.
The Investment Committee performs an ongoing top-down alternative strategy review and determines if there are gaps in the lineup of strategies that have the potential to deliver sustainable alpha. It directs the Research and Investments Group to identify potential managers that meet performance objectives and investment strategy themes. The Investment Committee is ultimately responsible for approval or re-allocation of all managers within the Altegris suite.

Our Research and Investments Group is expert in the art and science of alternative investments.

The Research and Investments Group is composed of experienced professionals with history in the alternatives industry. They have the relationships, the knowledge and the sensibilities to uncover opportunity.

Focused solely on alternatives, the team identifies, analyzes and continually evaluates premier private funds across a variety of strategies, managed futures funds, and other alternative investments. This team specializes in detailed operational and investment evaluation for new and existing funds and investment managers. Our extensive process has given us a deep understanding of how managers can add value as well as a high degree of confidence in their abilities.

Matt Osborne

Founder and Chief Investment Officer

Matt Osborne has more than 25 years of international business and financial market experience. As CIO of Altegris, he is responsible for product development and is co-portfolio manager of several Altegris mutual funds. He is a member of the Altegris Investment Committee, responsible for qualification, approval and ongoing review of all investment strategies and managers on the Altegris platform.

Prior to Altegris, Matt was Director of Research for the Managed Investments Division of Man Financial with responsibility for manager selection and research. Previously, Matt had a 12-year career with a preeminent family office in his native New Zealand. In his role as Investment Manager, he was responsible for formulating investment policies and implementing a global asset allocation program that specialized in alternative investment strategies such as hedge funds and managed futures. He also gained significant trading expertise in foreign currencies, stocks, fixed income, global futures and options.

Matt holds Series 3, 7, 24 and 63 licenses.

Eric Bundonis, CFA®

Portfolio Manager, Director of Research and Sourcing

Eric Bundonis has served as Portfolio Manager and Director of Research and Sourcing since 2014. His responsibilities include portfolio management, manager sourcing, research, and due diligence across a wide variety of alternative strategies. Eric brings over 13 years of alternative investment experience. From February 2012 to November 2014, he served as Vice President, Co-director of Research and Investments of the adviser. From July 2009 to January 2012, he served as Vice President, Senior Research Analyst for Altegris.

Prior to joining Altegris in 2009, Eric was an Associate at OneCapital Management Partners in New York. As a member of OneCapital's Investment Committee, he was responsible for identifying, selecting, and monitoring investments for multi-manager funds of hedge funds serving institutional and high-net-worth investors. Prior to joining OneCapital, Eric conducted due diligence on prospective and existing alternative investments at Auda Advisor Associates in New York.

Eric graduated from Middlebury College with a BA in History and attended the Post-Baccalaureate Program in Business at Columbia University. He is also a chartered financial analyst and a member of the New York Society of Security Analysts.

Edgardo Goldaracena, CFA®

Portfolio Manager and Senior Research Analyst

Edgardo Goldaracena serves as Portfolio Manager and Senior Research Analyst for Altegris Advisors. Edgardo joined Altegris in July 2012 and has 10 years of alternative investments experience. His responsibilities include portfolio management, manager sourcing, research and due diligence across a wide variety of alternative strategies.

From March 2008 to June 2012, Edgardo was a Research Analyst at Albourne Partners where he conducted due diligence on hedge funds across various investment strategies and made investment recommendations for client portfolios. He was also responsible for monitoring new hedge fund launches and emerging managers in order to identify compelling investment opportunities. Previously, Edgardo was a Junior Analyst at Pictet Alternative Investments based in Geneva.

He holds a BSBA in international business and economics from the University of Richmond and is a CFA® charterholder.

Antolin Garza

Portfolio Manager and Senior Research Analyst

With 10 years of industry experience, Antolin Garza serves as Portfolio Manager and Senior Research Analyst for Altegris Advisors. His responsibilities include portfolio management, manager sourcing, research, and due diligence across a wide variety of alternative investment strategies. Antolin has worked at Altegris since 2012 and effective July 2017, he serves as a consultant on the Research Team. Antolin has previously served as Associate Vice President, Senior Research Analyst and Research Analyst for Altegris Advisors.

Prior to joining Altegris, Antolin served as Research Analyst, Hedge Funds at New England Pension Consultants (NEPC) from December 2010 to November 2012. As a member of the NEPC hedge fund research team, he was responsible for performing due diligence on credit-oriented and fund of hedge fund managers, writing commentary on manager strategies, and preparing investment analysis and recommendations for the Firm's Investment Committee. In addition to research responsibilities, Antolin assisted in constructing hedge fund portfolios for implementation by institutional clients. Antolin served in various capacities, including Hedge Fund Portfolio Analyst and Portfolio Analyst, at NEPC beginning in September 2008. Prior to NEPC, he was employed by State Street Corporation as a Bank Loan Specialist in the Senior Loan Services Group.

Antolin received a BBA in finance from the University of Texas, San Antonio.

Joe Colombo, CFA®

Analyst, Research and Investment Solutions

Joe Colombo serves as an Analyst focused on portfolio strategy and markets. Joe joined Altegris in December 2015.

In his current role, he assists with internal and external performance analytics, macroeconomic and company level research, data integrity, and quantitative analysis. Prior to joining Altegris, Joe was an Analyst at Meketa Investment Group in Carlsbad, California.

He holds a BS in finance from San Diego State University and is a CFA® charterholder.

Tylor Laigo, CAIA

Operational Due Diligence Analyst, Research and Investment Solutions

Tylor Laigo serves as Operational Due Diligence Analyst at Altegris Advisors where he is primarily responsible for initial and ongoing operational due diligence on alternative investment managers. Prior to joining Altegris in 2017, Tylor was an Assistant Vice President with Harvard Management Company, Harvard University’s endowment. In that role, he was responsible for the operational due diligence of investment managers in a broad range of asset classes. He also worked for PIMCO from March 2011 to January 2016 as a Fund Development Manager facilitating fund launches, and for Alps Fund Services from January 2006 to March 2011 as an Alternative Investments Administration Supervisor performing hedge fund accounting and client service.

Tylor received a BA in Business Administration with an emphasis in Finance from Washington State University and holds the designation of Chartered Alternative Investment Analyst (CAIA).

Mario Moreno

RFP Analyst, Research and Investment Solutions

Mario Moreno serves as RFP Analyst at Altegris Advisors. Mario joined Altegris in August 2013 in the Trade Services Group and later transitioned to the Operations Department, supporting Altegris’ public and private funds. Mario also spent much of his prior tenure at Altegris utilizing his knowledge of managed accounts and managing data related to Commodity Trading Advisors (CTAs).

Prior to joining Altegris, Mario worked as a Trading Manager at Robert Charles & Co. LP. There he was responsible for daily back-office trade operations. Previous to that position, he was the West Coast Branch Office Manager at Chicago Capital Markets, LLC. Mario has also held positions at R.J. Holland Brokerage and MF Global.

Mario holds a BAS in Liberal Arts and a Professional Pilot Program Certification in Aviation from the University of Illinois at Urbana-Champaign, as well as a Series 3 license.

Margaryta Urbano

Risk Analyst, Research and Investment Solutions

Margaryta serves as Risk Analyst at Altegris Advisors where she is primarily responsible for production and analysis of exposure, risk and profit and loss reporting. She also aids in the initial and ongoing operational due diligence process for managers accessed by products across the Altegris platform.

Prior to joining Altegris in September 2016, Margaryta worked as a Client Manager for Grand Capital Broker in Kyiv, Ukraine, where she conducted research and backtesting on trading strategies. While attending the Rady School of Management at the University of California, San Diego, where she obtained her Masters of Finance, Margaryta interned at Vistage Worldwide. Her duties included performing pattern analysis and financial budgeting analysis. Additionally, Margaryta gained experience with correlation modeling and currency hedging through her capstone project at Rady.

In addition to her MS in Finance, Margaryta holds a BS and MS in International Economics and Management from the Kyiv National Economic University.