Landscape Capital Management

Landscape Capital Management

Landscape Capital Management was founded in 2014 by Andrew Fish and David Frank, both alumni of Millennium Management where each managed systematic equity portfolios. The firm launched with an anchor investment from an institutional partner, quickly establishing itself within the competitive multi-manager ecosystem. Fish had previously run a technology-focused portfolio at Millennium, while Frank specialized in statistical arbitrage strategies at both Millennium and earlier at Citadel. Their partnership brought together deep quantitative modeling expertise with the operational discipline required to run a standalone hedge fund. The firm runs a market-neutral equity strategy rooted in systematic factor investing and event arbitrage. Landscape deploys machine learning models over a broad universe of US-listed equities to forecast factor returns, with signals derived from price, volume, fundamental, and alternative data sources. The portfolio construction engine targets a highly diversified book of hundreds of positions, with individual names sized small enough that no single position dictates performance. Confirmed positions span mid-to-large cap equities, and the fund has historically maintained gross exposure between 200% and 400% while keeping net exposure tightly managed within single digits. The strategy is designed to generate returns uncorrelated to traditional equity beta, credit spreads, or macro factors. Landscape operates primarily from its Englewood, New Jersey headquarters, a location that reflects both proximity to New York's talent pool and the cost efficiencies of a suburban office. Team size and asset figures are not publicly disclosed, consistent with the firm's low-profile operating model. The founders emphasize technological infrastructure and a collaborative research environment, with quantitative researchers organized around signal discovery and portfolio implementation pods. January 2024: The firm completed registration as an investment adviser with the SEC, formalizing its compliance framework as assets and institutional relationships expanded (per SEC filings, January 2024). The firm's structural differentiator lies in its hybrid research philosophy. Unlike pure quantitative managers that treat all inputs as numerical, Landscape's team overlays fundamental reasoning onto its systematic process. Researchers evaluate whether statistical relationships are economically rational before incorporating them into live models, reducing the risk of spurious correlations that plague black-box approaches. This blend of quantitative rigor and fundamental skepticism is uncommon in the systematic equity space and reflects the founders' training inside discretionary-quant hybrid pods at Millennium.