We compound judgment,
not noise.
Meridian34 Capital is a global macro and systematic hedge fund. We borrow the discipline of the great capital allocators — patience, inversion, margin of safety — and apply it with modern data, execution, and risk infrastructure.
Led by Arthur Vandelay from New York, with desks in London, Singapore, and Geneva.
Principles & Wisdom
Our mandate is not invented each quarter. It is inherited from investors who understood that temperament beats IQ — and that the best trade is often no trade at all.
“It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.”
At Meridian: Before we size a position, we ask what would make us wrong — and whether we can survive being wrong. Conviction without a pre-mortem is speculation.
“Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1.”
At Meridian: We size for survival first, return second. A 30% drawdown demands a 43% recovery; our risk budget is built around that arithmetic, not quarterly optics.
“He who lives by the crystal ball will eat shattered glass.”
At Meridian: Models are maps, not territory. When data and narrative diverge, we widen scenarios — we do not narrow them to fit a thesis.
“The big money is not in the buying or the selling, but in the waiting.”
At Meridian: Cash is a position. Meridian earns its fees in the trades we decline — when asymmetry is unclear, we do nothing.
“Know what you own, and know why you own it.”
At Meridian: Every book at Meridian has a one-page thesis, an invalidation level, and an owner. If it cannot be explained plainly, it cannot be held.
“Markets are never wrong — opinions often are.”
At Meridian: We respect the tape. The portfolio does not argue with P&L; it adapts, cuts, or adds within rules written before the trade.
Investment Strategy
Four sleeves. One risk budget. No sleeve may bankrupt the whole.
Global Macro
Top-down regimes: rates, FX, commodities, and equity beta — sized when policy and price agree.
Systematic Momentum
Trend and carry across 80+ liquid instruments. Models propose; risk and mandate dispose.
Event Driven
Central bank pivots, earnings dislocations, geopolitical shocks — defined entry, defined exit.
Digital Assets
Institutional crypto sleeve. Spot, derivatives, on-chain yield — hard-capped at 15% of AUM.
Annual Performance
Net of 2% / 20%. Benchmark: MSCI World Total Return.
| Year | Meridian Net | Benchmark | Alpha | Notes |
|---|---|---|---|---|
| 2019 | +18.4% | +28.9% | -10.5% | Inception — Vandelay book live |
| 2020 | +44.2% | +16.3% | +27.9% | Volatility capture |
| 2021 | +31.7% | +26.9% | +4.8% | Reflation + digital sleeve |
| 2022 | +12.1% | -19.4% | +31.5% | Defensive duration pivot |
| 2023 | +27.8% | +24.2% | +3.6% | AI cycle positioning |
| 2024 | +38.3% | +23.3% | +15.0% | Rate cycle + crypto |
| 2025 YTD | +14.2% | +7.8% | +6.4% | Tariff regime management |
Leadership
A small senior bench. No committees where accountability dissolves.
Interested in investing with us?
Meridian34 is closed to new capital. Qualified investors may submit an expression of interest; Isabel Moreno's team reviews every application.