# EMC Capital Management EMC Capital Management is a Bank / Wealth / Trust based in Houston, United States. ## Overview - **Organization type:** Bank / Wealth / Trust - **Headquarters:** Houston, United States - **Region:** North America - **Address:** TX, United States - **Founded:** 1988 - **Assets under management:** Undisclosed - **Website:** www.emccap.com ## Regulatory record - **CRD number:** 167761 - **SEC file number:** 801-125724 - **Registration status:** APPROVED - **Latest Form ADV filing:** 2026-03-18T05:00:00.000Z - **Reports private funds:** Yes - **Private funds reported:** 0 - **IAPD record:** https://adviserinfo.sec.gov/firm/summary/167761 ## About Elizabeth Cheval launched EMC Capital Management in 1988, at a time when systematic macro trading was still defined by a handful of male-led pioneers like Paul Tudor Jones and Louis Bacon. Cheval brought a quantitative discipline honed under early mentors, including time spent at Commodities Corporation, the Princeton-based trading incubator. From the outset, EMC structured itself around programmed trading rules rather than discretionary bets — a stance that placed it outside the prevailing discretionary macro orthodoxy. The firm deploys capital through four distinct global macro programs designed to fit institutional risk budgets, ranging from a lower-volatility diversified program to more aggressive pure trend-following offerings. Strategies trade across a liquid universe of foreign exchange, global sovereign bonds, equity index futures, and agricultural, energy, and metals commodity markets. Execution spans developed and emerging markets, with notable activity historically in G10 currencies, the Nikkei 225, and UK Gilts — a breadth that mirrors major CTA peers. EMC has historically kept its headcount lean and its AUM modest relative to large multi-strategy platforms, a choice that preserved its flag in a consolidating industry. In recent years the firm has focused on managed account structures over commingled funds, a shift that gives institutional clients — pension funds and sovereign entities — direct transparency into positions and independent custody. This preference for separately managed accounts distinguishes it from many smaller systematic managers still reliant on pooled fund vehicles. Cheval's sustained leadership offers the firm a genuine differentiator: over 35 years of uninterrupted founder oversight in a style — systematic global macro — that frequently burns through managers during regime shifts. No external parent owns the business, and no star portfolio-manager lift-outs define its culture. That governance structure means model revisions reflect the founder's own drawdown experience across the 1998 LTCM crisis, the 2008 financial crisis, and the 2020 pandemic, embedding institutional memory directly into the trading code. ## Sectors - Hedge Funds - Macro & Fixed Income - Secondaries & Special Situations ## Questions ### What is EMC Capital's investment strategy? The firm runs systematic global macro, sometimes described as managed futures or CTA strategies. It trades long and short across currency forwards, sovereign bond futures, equity index futures, and commodity futures using momentum, carry, and counter-trend signals. EMC offers four separate programs, each with a different volatility target and return profile, from a conservative diversified offering to higher-volatility pure trend-following mandates. ### How does EMC Capital structure its client offerings? EMC uses separately managed accounts rather than pooled offshore funds for its institutional relationships, giving allocators direct transparency into positions and independent custody through their own prime brokers. It also maintains commingled fund structures for certain investor types. The firm explicitly targets four risk profiles rather than promoting one flagship fund, a structure more common in institutional OCIO relationships than in boutique CTAs. ### Is EMC Capital still independent? Yes. Elizabeth Cheval has not sold a stake to an external strategic buyer, private equity firm, or multi-manager platform, despite a wave of systematic-manager consolidation over the last two decades. The firm has no parent company and no outside investment teams, which means the research process and trading models remain directly under the founder's supervision. ### What markets and instruments does EMC Capital trade? The programs trade highly liquid futures and forwards: G10 and select emerging-market currencies, sovereign bonds across the US, Europe, and Asia-Pacific, stock index futures including the S&P 500, Nikkei 225, and Euro Stoxx 50, plus agricultural, energy, and metals commodities. EMC avoids single-name equities and corporate credit, sticking to instruments where systematic trend-following shows the most persistent edge. ## Related profiles - [EmbuPrev](https://altss.com/profile/embuprev) - [EMC Insurance Companies](https://altss.com/profile/emc-insurance-companies) --- Last updated: 2026-08-11T02:43:31.692Z Canonical page: https://altss.com/profile/emc-capital-management Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology