Wavelength Capital Management

Co-founders Rory Hills and Andrew Dassori run the investment process together, each holding the title of Chief Investment Officer. Both came out of Goldman Sachs' commodities division before Hills moved to Tudor. There is no publicly named investment committee beyond the two co-founders.

Wavelength does not run a diversified macro book. The firm focuses narrowly on relative-value trades in energy futures — calendar spreads, crack spreads, and inter-commodity spreads within crude, products, and natural gas. They do not take concentrated directional spot-price bets, and they avoid the equities, currencies, and metals exposures that define most macro multi-strategy funds.

The firm's models use physical-market data rather than technical price patterns. The inputs include EIA storage reports, pipeline flow data, cargo-tracking feeds, refinery utilization statistics, and shipping logistics. The goal is to forecast changes in futures term-structure relationships — for example, whether the spread between January and December crude will widen as Cushing storage fills.

No. Wavelength is a registered investment adviser structured as a hedge fund firm. It was founded as a partnership by Hills and Dassori, not as the private capital vehicle for a single family's wealth.

Wavelength has operated as an SEC-registered investment adviser and has historically accepted qualified external capital, though the firm has not publicly disclosed current fund structures or specific limited partners. Allocations appear limited given the capacity constraints intrinsic to a liquid relative-value energy strategy.

The firm trades benchmark energy futures and options listed on CME and ICE — West Texas Intermediate crude, Brent crude, gasoline, heating oil, and Henry Hub natural gas. They do not run a broad commodities book; metals, agricultural products, and soft commodities are outside their documented mandate.

Wavelength differs in two ways. First, it is a pure-play energy relative-value manager — it does not run the metals, currency, or equity overlays that dominate multi-strategy commodity platforms. Second, it has not scaled into a multi-billion-dollar franchise, likely by design, preserving capacity in spread trades where position size eventually erodes the edge.