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Hedgeye Risk Management
Hedgeye Risk Management is a macro research firm founded by Keith McCullough in 2010, providing independent analysis to institutional investors.
Hedgeye Risk Management
Hedgeye Risk Management was founded by Keith McCullough in 2010 after he left his role as CEO of Research Edge. McCullough, a former sell-side analyst and hedge fund manager, built the firm to offer independent macro research free from the conflicts of investment banking. The firm operates from New Haven, Connecticut. The firm's research covers over 1000 stocks and a range of macro themes, including interest rates, currencies, and commodities. Hedgeye's analysts publish daily notes, weekly reports, and host conference calls, with a focus on turning macro views into actionable equity positions. The investment process is grounded in a proprietary "Risk Range" framework that quantifies volatility. Geographic coverage spans the US, Europe, and Asia, with particular attention to emerging market dynamics. Hedgeye employs around 80 professionals across research, sales, and operations. The firm has no assets under management as it does not manage capital — it sells research subscriptions to institutional investors, including hedge funds, pension funds, and family offices. In 2023, Hedgeye launched a podcast network to expand its content distribution (per public record, 2023). The firm also hosts an annual research conference, the Macro Show. A structural differentiator is Hedgeye's independence: it is not owned by a bank or brokerage, and it does not accept soft-dollar commissions or bundled research payments. This posture allows it to publish negative views on companies and sectors without worrying about investment banking relationships. The firm relies solely on subscription fees, which insulates its analysis from client portfolio pressures.
General information
Firm type
Asset Manager
Year founded
2010
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New Haven
Corporate office
New Haven, CT, United States
Principals
Keith McCullough
CEO
Howard Penney
Chief Research Officer
Christian Carrillo
Macro Analyst
Sector focus
Frequently asked questions
Who runs investment decisions at Hedgeye Risk Management?
CEO Keith McCullough leads the firm and its macro research direction. Howard Penney serves as Chief Research Officer, overseeing the equity research team. Christian Carrillo is a Macro Analyst who co-hosts the firm's podcast. The firm does not manage money, so its investment decisions are limited to the views expressed in its research publications.
How does Hedgeye source its research?
Hedgeye's research is generated by its internal team of analysts using a proprietary quantitative framework called the Risk Range. The firm combines top-down macro analysis (interest rates, currencies, commodities) with bottom-up stock fundamental work. Hedgeye does not rely on third-party research or investment banking relationships, as it is independent and not owned by any bank.
Is Hedgeye structured as an asset manager or a research firm?
Hedgeye is a research firm, not a traditional asset manager. It does not manage any third-party capital and does not charge management or performance fees. Its revenue comes entirely from subscription fees paid by institutional investors who access its written research, models, and conference calls. This structure removes conflicts of interest related to having a long-only or hedge fund book.
What investment styles does Hedgeye focus on?
Hedgeye takes a macro-driven, top-down approach with an emphasis on identifying inflection points in the economy and markets. Its research covers long and short ideas across equities, currencies, credit, and commodities. The firm is known for a bearish macro stance during periods of market stress but covers all market cycles. It does not specialize in any single sector but covers over 1000 stocks globally.
How much does Hedgeye charge for its subscription?
Pricing is not publicly disclosed. The firm offers various tiers of institutional subscriptions depending on the scope of research and the size of the client firm. Interested allocators typically go through a discovery process to tailor the service to their needs.
Does Hedgeye have any philanthropic or social impact initiatives?
No separate philanthropic foundation or impact investing arm is publicly disclosed. Hedgeye's social presence is limited to its research and media operations, including its podcast network. The firm has not publicly positioned itself on ESG or sustainability beyond what it covers in its macro research.
What is Hedgeye's geographic coverage area?
The firm covers the US, Europe, and Asia, with particular depth in emerging markets. Analysts track macro indicators from China, Japan, and the eurozone, alongside US monetary and fiscal policy. Hedgeye also publishes country-specific risk models for a range of foreign markets.
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