It started with breakfast.

The Breakfast Club

It was never a society, and it was never large. Membership was by introduction: people who had a hard problem and were willing to share it, before the markets opened and the day took over. A risk model that broke in a crisis. A signal that worked until everyone found it. A strategy that looked brilliant on paper and failed on a real order book.

The rule was simple. Bring the problem, not the answer, and leave before the open.

Twenty years of hard problems

Over two decades, the members went in different directions. Some worked together at the same firms. Some built and ran their own funds. The conversations continued across London and New York, and the problems got harder. The team's 40 years include Jane Street, Citadel, Bridgewater, Millennium, Elliott, and Man Group.

Why now

Everyone in the group shared the same conviction: deep research and disciplined quant methods win over time, and risk has to be measured continuously, not reported once a month.

What changed was AI. For the first time, the research and risk work a hedge fund keeps behind its own walls could be produced centrally, every day, and delivered to an AI running on the client's own account. The client no longer had to hand over capital, accept a lockup, or pay a management fee to get it. The group decided the time was right to build that firm.

That is Hedgehog Capital.

Paid only when we perform

Hedgehog Capital is built as a pure performance business. Clients pay no management fee. We earn a subscription that counts toward a 10% share of profits after costs, so if the strategies do not perform, we earn the subscription and nothing more.

The same rule runs through the firm. Our AI earns its keep by results, and so do we. People are paid for what their work produces: strategies that pass testing and earn their place in live trading. Not for seniority, titles, or time served. It is a meritocracy, as the Breakfast Club always was: you are in because of what you bring.

Who is in charge

Our AI runs the firm's daily decisions. It chooses which strategies are fit for the current market, sets the risk limits on every book, decides which new strategies pass testing, and writes the reports, by the same rules every time. It has no career to protect and no bonus to defend, so when risk rises, it cuts size without hesitation.

Our people set the standards the AI is held to, bring it the problems it has not seen, and hold the right to override it at any moment. They answer to our clients for every decision it makes. The AI leads. People are accountable.

Why Hedgehog

The Greek poet Archilochus wrote that the fox knows many things, but the hedgehog knows one big thing. Our one big thing is risk: measured in real time, against the regime the market is actually in.

What we believe

• Research first. Every strategy earns its place through research, and keeps it only while the regime supports it.
• Risk in real time. Not once a month in a letter.
• Your capital, your accounts. We never hold client assets.
• Paid for results. No management fee. The subscription counts toward the performance fee.
• AI-led, people-accountable. The AI makes the daily decisions at scale. People set the standard and answer for it.

The team

We introduce the team on the first call.