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Ciovacco Capital Management
CIOVACCO CAPITAL MANAGEMENT is an SEC-registered investment adviser since 2021. The firm manages $217 million in assets, $216 million on a discretionary basis.
Ciovacco Capital Management
CIOVACCO CAPITAL MANAGEMENT is an SEC-registered investment adviser since 2021. The firm manages $217 million in assets, $216 million on a discretionary basis. It has 2 employees and 1 investment adviser.
General information
Firm type
Asset Manager
Year founded
1999
Location
Region
North America
Country
United States
City
Atlanta
Corporate office
Atlanta, GA, United States
Principals
Chris Ciovacco
Chief Investment Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Ciovacco Capital Management?
Chris Ciovacco, the founder and Chief Investment Officer, is the firm's sole investment decision-maker. He designs the systematic macro model and has final authority over all portfolio allocation changes. The firm has operated under his direction since 1999.
How does Ciovacco Capital Management source its investment ideas?
The firm relies on a proprietary quantitative model that monitors yield-curve dynamics, credit spreads, Federal Reserve policy signals, and intermarket momentum. This model drives tactical shifts between broad ETFs covering equities, fixed income, commodities, and cash. Top-down macro analysis, not individual stock selection, generates the investment signals.
Does the firm invest in direct deals or private markets?
No. The strategy is limited to highly liquid exchange-traded products. The firm does not participate in direct private-company investments, private credit, or real estate deals. The portfolio universe consists entirely of ETFs spanning equity indices, Treasury bonds, gold, and sector funds.
What investment stages or market environments does the strategy target?
The Global Multi-Asset momentum strategy is designed to function across all market environments — bull, bear, and sideways. In risk-on phases, it moves toward US large-cap growth and cyclical sectors. In risk-off phases, it rotates into long-duration Treasuries, gold, or cash. The process does not target a specific market-cap band or investment stage.
How does Ciovacco Capital Management communicate its research to clients or the public?
The firm operates with unusual transparency for a macro manager. Chris Ciovacco publishes a weekly column on Seeking Alpha and produces regular video updates on the firm's YouTube channel. In these posts, he walks through the current risk-on/risk-off model readings, the key charts driving the firm's positioning, and the macro narrative underpinning its allocation decisions.
Is Ciovacco Capital Management a hedge fund or a registered investment adviser?
The firm is a registered investment adviser, not a hedge fund. It manages separate accounts for individuals and institutions using a tactical ETF strategy. The lack of a hedge-fund structure means the firm is subject to RIA regulatory requirements and does not charge performance fees.
What is Ciovacco Capital Management's known posture on co-investments alongside external managers?
The firm does not co-invest. Its strategy is executed entirely in-house via broad ETFs, with no allocations to outside funds, separately managed account platforms, or club deals. All capital is run through the same global macro model that Ciovacco manages directly.
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