Philosophy
Structural Understanding Over Trend-Following
We believe sustained alpha comes from deep structural understanding of volatility surfaces, term structure dynamics, and cross-asset relative value — not from chasing momentum or crowded trades. Markets are complex adaptive systems, and lasting edge requires frameworks that account for regime shifts, non-linear payoffs, and evolving microstructure.
Our investment philosophy is rooted in the conviction that volatility is not merely a risk metric but a rich, tradeable asset class in its own right. By combining rigorous quantitative analysis with structural market insight, we seek to identify and capture opportunities that persist across market environments.
Approach
Quantitative Rigor, Human Judgment
We combine quantitative modeling with experienced trader judgment. Our process is systematic where it adds edge and discretionary where nuance matters. This human-in-the-loop philosophy allows us to leverage the consistency and speed of computational models while retaining the ability to adapt to novel market conditions that fall outside the domain of historical data.
Our research process is iterative and empirical. Every strategy begins with a hypothesis grounded in market structure, is tested against rigorous statistical standards, and is deployed with clearly defined risk parameters. Strategies that degrade are retired; those that evolve are refined. We do not force-fit models to past data.
Our Edge
Proprietary Infrastructure
Our analytical infrastructure covers gamma exposure modeling, volatility regime classification, term structure analysis, and real-time skew monitoring. Every component is built and operated internally — we maintain no vendor dependency for our core analytical and execution systems.
This vertical integration allows us to iterate rapidly on research ideas, deploy strategies with minimal latency between signal and execution, and maintain full control over the data pipelines that inform our decision-making. Our technology is not a support function — it is a core component of our investment process.
Team
Deep Derivatives Expertise
Our team brings experience across sell-side derivatives desks, proprietary trading firms, and quantitative research. We operate with a small team and a flat structure, ensuring that ideas flow directly from research to execution without the friction of organizational layers. Incentives are aligned — we invest alongside our partners.
Heritage
Rooted in Chicago
Bontiva Capital is headquartered in Chicago, one of the world's deepest and most established derivatives markets. Our presence at the center of the options and futures ecosystem provides natural proximity to liquidity, exchange infrastructure, and a deep talent pool shaped by decades of derivatives innovation.