# Human Financial

Human Financial is an Asset Manager based in New York, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 2017
- **Assets under management:** Undisclosed
- **Website:** humanfinancial.com
- **LinkedIn:** https://www.linkedin.com/company/human-financial

## Regulatory record

- **CRD number:** 147261
- **Registration status:** Registered
- **Reports private funds:** No
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/147261

## About

Investment management. | Human Financial is an investment manager and technology innovator, delivering managed funds, model portfolios and customised investment solutions for the advised retail market.

## Sectors

- Hedge Funds
- Special Situations & Volatility

## People

- Andrew Sherman — Founder & Chief Investment Officer

## Questions

### How does Human Financial manage the cost of carry in its tail-hedge program?

The firm structures option positions to maximize convexity per unit of premium spent, blending single-stock and index optionality with opportunistic volatility-surface arbitrage. It avoids the static, rolling long-put programs that generate persistent negative carry. Instead, Sherman’s process relies on a systematic signaling overlay that varies net exposure to volatility and tail-risk premia based on market-regime detection, seeking to reduce theta costs during low-volatility environments.

### Does Human Financial participate in fund commitments or only direct investments?

Human Financial is a hedge fund manager that invests exclusively in liquid derivatives markets — primarily equity index options, VIX futures and options, swaptions, and commodity volatility instruments — not in private fund commitments. It does not allocate to third-party managers, private equity, venture capital, or credit funds. The vehicle is a direct investment fund available to external limited partners.

### How is Human Financial structurally different from a multi-strategy hedge fund that offers tail protection?

The firm's singular focus on convex tail hedging removes the portfolio-level conflicts that arise when a multi-strategy platform runs a tail-protection book alongside large directional equity or credit exposures. Sherman does not manage long-only assets or competing alpha strategies, which means the tail-hedge mandate is not subordinated to other profit centers. This purity is rare among tail-risk managers, many of whom cross-subsidize their hedging books with premium-collecting strategies.

### Which market environments does Human Financial's strategy explicitly target?

The strategy is designed to perform during sharp equity drawdowns and volatility-regime transitions — the type of environments witnessed in Q1 2020 and H1 2022. It does not seek returns from benign market beta or credit carry. The firm explicitly avoids constructing a portfolio that depends on a particular macroeconomic outlook, instead calibrating payoffs to the shape of the equity distribution's left tail.

### What is Human Financial's capacity posture, and is the fund currently open?

Sherman has historically communicated a preference for managing a constrained asset base relative to the liquidity of the derivatives markets the firm trades. The strategy carries a soft capacity ceiling tied to the depth of listed and OTC option markets. The specific open-or-closed status at any given date requires confirmation from the firm's investor relations team, but the stated philosophy has been to prioritize performance integrity over asset accumulation.

## Related profiles

- [Blue Bison Investments](https://altss.com/profile/blue-bison-investments)
- [Fahey Financial](https://altss.com/profile/fahey-financial)

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Last updated: 2026-06-03T20:00:00.000Z

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