Intram month volatility is a lot higher than you think. If you get one month snapshots and then you get to see the ride throughout the month, it can be a very different story.

Derek and I've joked before, you learn more about manager three days on Doxide than three years if you invested in a fund.

You understand what they do, what their portfolio looks like, how it evolves. It's incredible.

When you see what they're buying and selling every day, we're in the business of buying

serial good decision makers. And sometimes I joke that my job is playing fantasy football.

You're trying to find the best athlete, put them in the right position. Hopefully they all

marched down the field. Watching how they trade in a drawdown, you can see it.

You can make much more informed decisions about the people that you're putting on the field.

I'm Ted Sides, and this is Capital Allocators.

Today's show discusses an innovative joint venture between asset owners and a multi-manager hedge fund that seeks to deliver smooth, equity-like returns at a lower cost than available in the marketplace.

My guests are Will England, Derek Drummond, and Tony Caruso.

Will is the CEO and CIO of $12 billion multi-strategy hedge fund Walleye Capital.

Derek is head of external public markets investing at the State of Wisconsin Investment Board,

and Tony is managing director of hedge funds

at Utimco. Together, they co-founded Dockside, a managed account platform that gives

institutional allocators direct access to portfolio managers using the infrastructure,

risk systems, and financing capabilities of a multistrat underneath.

Our conversation traces Doxide's evolution from a barstool brainstorm

to a platform with more than 60 managers and billions in assets.

We discussed the accessibility of talent through managed accounts,

differentiated manager sourcing,

due diligence with trade-level transparency, capital efficiency across portfolios,

...