Teza Capital Management LLC

Teza Capital Management LLC is the asset management arm of the Teza group, a Chicago-based quantitative trading and investment firm founded by Mikhail Malyshev. Originating from systematic and high-frequency trading expertise, Teza has evolved into a multi-asset, research-driven platform that deploys quantitative strategies across global equities, futures, options, and foreign exchange. Teza Capital Management LLC operates as an SEC-registered investment adviser, managing institutional capital in systematic absolute-return and relative-value strategies. The broader Teza organization combines proprietary research, advanced technology, and data engineering to design and implement models that seek to exploit short- and medium-horizon inefficiencies in highly liquid markets. For regulatory purposes, Teza Capital Management LLC appears in the U.S. public filings system as an institutional investment manager reporting under CIK #1655789. Its Form 13F submissions disclose quarter-end long positions in U.S.-listed equities and certain equity-like instruments over which it has investment discretion. These filings provide a narrow but structured view of the firm’s long U.S. equity inventory; they do not capture its short positions, derivatives, futures, or the high-frequency trading flows that are central to its business. On an analytics platform, all 13F submissions tied to CIK #1655789 can be aggregated into a continuous 13F History for Teza Capital Management LLC, enabling position-level and portfolio-level analysis of the manager’s disclosed long-book footprint in U.S.-listed stocks.

Teza’s core strategies are systematic and data-driven. The firm applies quantitative research, statistical modeling, and algorithmic execution to a broad universe of instruments, with an emphasis on liquid markets that support frequent rebalancing. Strategy families typically include: - Equity market-neutral and statistical arbitrage, exploiting cross-sectional mispricings and factor relationships in single-name equities and ETFs; - Futures, options, and FX relative value, including curve and spread trades, volatility structures, and cross-asset relationships; - Short-horizon and intraday signal-driven strategies that rely on microstructure patterns and order-flow dynamics. Portfolios are constructed to control exposures to traditional risk factors—equity beta, sectors, styles, and regions—so that model alpha rather than broad market direction drives P&L. Position sizing and risk allocation are determined by signal strength, covariance estimates, and liquidity, with automated systems managing execution and real-time risk. Within this framework, the long U.S.-listed equity holdings that appear in Form 13F for Teza Capital Management LLC represent only one side of largely hedged books. These positions may be part of pairs and baskets against short equities or derivatives, components of sector- or factor-neutral portfolios, or elements of more complex cross-asset structures. Sector weights in the 13F portfolio therefore tend to approximate broad benchmarks, with deviations arising from the aggregation of many small, model-driven bets rather than from explicit top-down sector calls. A holdings-based review of Teza’s 13F Portfolio Composition over multiple quarters typically reveals: - A broad issuer universe with many relatively small line items, consistent with diversified statistical arbitrage and factor strategies; - Limited persistent sector tilts, as sector exposures are tightly risk-managed; - High apparent turnover in individual names between filings, reflecting dynamic model rebalancing within and across quarters. Because 13F data are end-of-quarter snapshots and omit shorts and derivatives, any attempt to reconstruct Teza’s strategy from these holdings alone will produce an approximation of a long-only, unhedged portfolio that is structurally different from the live, market-neutral implementation. Nonetheless, feeding the 13F history into a Portfolio Simulator or Backtesting Service can be useful to study how the disclosed long side would have behaved in isolation.

Teza Capital Management LLC sits in the 13F universe as the Chicago-based quantitative hedge fund arm of a broader systematic trading group founded by Mikhail Malyshev. Its public regulatory footprint under CIK #1655789 provides a recurring, position-level record of the long U.S.-listed equities held at quarter-end, even though the firm’s core activity lies in high-frequency and multi-asset quantitative trading that extends far beyond those disclosures. By aggregating its filings into a unified dataset, an analytics platform can construct a 13F-based Historical Track Record that mirrors a portfolio holding Teza’s disclosed positions between reporting dates. Examining this reconstructed capital trajectory in conjunction with changes in 13F Portfolio Composition—issuer count, sector balance, and apparent factor tilts—offers a structured view of how the long-equity slice has evolved through different equity and volatility regimes. Overlaying diagnostics such as Max Drawdown Depth and a holdings-derived Sharpe Ratio deepens this picture by quantifying the variability and risk-adjusted outcomes of the 13F-implied long-only stream. These outputs, especially when analyzed via a Portfolio Simulator and related Performance Backtests Online, give allocators an independent, public-data-based lens on one narrow facet of Teza’s activity. The central analytical question is how the regime sensitivity inferred from this 13F-based, long-only reconstruction—across factor rotations, liquidity shocks, and volatility spikes—relates to the behavior of Teza Capital Management LLC’s full, hedged, multi-asset portfolios once short positions, derivatives, and intra-quarter trading dynamics are taken into account.

The live risk profile of Teza Capital Management LLC is defined by its systematic, multi-asset trading books, not by the static long-equity inventory seen in 13F. At the strategy level, key risks include: - Model and specification risk: the possibility that statistical relationships break down or are mis-estimated; - Market microstructure and execution risk: slippage, transaction costs, and liquidity shocks in high-frequency environments; - Factor and correlation risk: abrupt changes in factor behavior, cross-asset correlations, or volatility regimes; - Technology and operational risk: infrastructure failures, latency, and data quality issues. These risks are managed through diversification across strategies and markets, strict risk limits, continuous monitoring, and an iterative research process. Net directional exposure is typically kept small, with long and short positions—plus derivatives—engineered to target specific factor or relative-value premia rather than market beta. In contrast, the risk profile observable from Form 13F is that of an unhedged, long-equity slice of Teza’s activity: - Equity market sensitivity: The 13F holdings, if viewed in isolation, carry full beta to U.S. equities, because the offsetting shorts and derivatives central to Teza’s risk management are not disclosed. - Concentration and sector risk: While stock-level exposures are often small and diversified, any aggregation into macro or sector buckets can appear more concentrated depending on the quarter-end positioning of the models. - Factor tilts: The underlying strategies may embed exposures to style factors (value, momentum, quality, size) that become visible when longs are examined without their hedges. By treating each 13F filing as a quarter-end snapshot and running Performance Backtests Online, an allocator can build a synthetic, long-only capital path that assumes Teza’s disclosed U.S. equity positions are held between filings. From this reconstructed series, one can estimate volatility, beta to major equity benchmarks, downside behavior, and Max Drawdown Depth. A holdings-derived Sharpe Ratio for this 13F-based replication provides a summary view of the risk-adjusted characteristics of the unhedged long-equity sleeve. These analytics must be interpreted with strong caveats. They do not capture the short books, futures, options, FX positions, or intra-quarter trading that materially define Teza’s actual risk and P&L. As such, they offer insight into how the firm’s long U.S.-listed inventory would behave as a conventional portfolio, not into the true risk profile of Teza’s systematic, market-neutral strategies.