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Katina Stefanova, the founder, and CEO of Marto Capital pioneered a model for multistrategy, macro-economic investment company that is driven by economic, social, political and technology models to measure macro trends and asset fundamentals. Initially, Marto Capital launched a global macroeconomic fund for institutional investors incorporating the strongest and most pronounced signals generated by Marto Capital’s algorithms. Additionally, Katina Stefanova’s team at Marto Capital developed a unique approach to portfolio construction and risk management that was based on dynamic allocations driven by shifting correlations between asset classes. “Correlation of equities, bonds, currencies and commodities, the key assets that Marto Capital’s fund invested in, change over time” says Katina Stefanova. She adds, “correlations are driven by the underlying factors that impact asset valuations and are not fixed”. Katina Stefanova’s approach at Marto Capital attracted top institutional investors and Marto Capital was able to raise close to $300 million in assets. Since, Katina Stefanova and the Marto Capital team have realized that one solution does not fit all investors and that investors especially large family offices are looking for customization that contain a mix of currency, interest rate, and stock index-based trading techniques. As a result, Marto Capital launched its customizable investment solutions platform for large family offices and institutional investors.

Marto Capital enables its clients to utilize Marto Capital’s investment models and create bespoke solutions in either public or private markets. Clients can vary volatility, exposure to different sectors, drawdown limits, and other factors. Additionally, Marto Capital provides consulting and portfolio construction analytics for institutional clients and family offices. Marto Capital also helps clients protect their assets and deliver returns by developing innovative investment models in practical frameworks.


Marto Capital vision is to help clients see ahead of the curve. Marto Capital helps clients discover the best investment ideas in their portfolio by using proprietary investment models. Marto Capital has attracted several investments from private investors, allowing them to learn how to identify macro trends and manage risk exposures. For example, Katina Stefanova identified a number of key macro trends significantly ahead of most other market participants and helped clients prepare to take advantage of these trends. Katina Stefanova predicted the recent appreciation of gold and the fact that gold will outperform both equities and bonds. She also foresaw that the political volatility after the Trump election will be bullish for equity markets. Katina Stefanova got involved in crypto fairly early and saw that bitcoin will likely be the trade of the decade. Most recently, Marto Capital’s investment team foresaw the rise of inflation, which creates a real challenge for institutional investors in terms of their ability to protect their capital on the downside while trying to generate returns. Identifying the macro trends and helping investors prepare to take advantage of these trends and manage risk is Marto Capital’s main objective.


Marto Capital doesn’t rely on a single or few investment options. Katina Stefanova’s team invested over 6 years in a technology and investment framework infrastructure that has thousands of inputs and data points and dynamically scans and analyzes the investment horizon. Marto Capital’s numerous investment models are then combined systematically to identify the most reliable predictive models. Marto Capital combines the analytical output from its systemic models with the deep knowledge and investment experience of its investment team to pinpoint the most impactful macro drivers that will shape markets in the near to medium term horizon. Marto Capital’s models can be applied both in public markets by creating a portfolio of equities, bonds, currencies and commodities, in new markets such as crypto assets, and in the private markets - selecting a portfolio of private companies or real assets to invest in.

“At Marto Capital,” says Katina Stefanova, “we suggest knowing the fundamentals before investing in anything.”


Katina Stefanova at Marto Capital believes that customization in financial services lags other industries. While in the consumer economy, technology companies have created technology-enabled solutions that are specifically tailored to the customer, investment firms have done exactly the opposite, creating hedge funds, mutual funds, ETFs that push the investors into a single mass solution. Katina Stefanova believes that such an approach is dated and does not take into consideration the specific needs and objectives of individual investors. Marto Capital has developed the technology infrastructure and models that make such customization inexpensive and flexible.

As a result, while the underlying building blocks at Marto Capital are the same, the final solution is specifically designed for the end client. Katina Stefanova likens the approach to Lego pieces where the final designs are virtually limitless. Marto Capital can apply these unique approach to customization to solve numerous investors problems ranging from creating diversified exposures in a public market portfolio to project financing.


“Marto Capital” says Katina Stefanova,” Is not for all investors. Investors who prefer large firms and big brand names and are not interested in innovation and customization should not partner with us.”

The investment team at Marto Capital will partner with the client to address their deepest needs and optimize the investment solution according to the investor’s hierarchy of needs. Specific parameters include - liquidity, risk management, draw-down limits, sector exposure, investment education, tax optimization, wealth transfer, etc.

The benefits to this approach are numerous:


Because Marto Capital utilizes an existing framework and infrastructure, customization is cost effective. Marto Capital looks to structure fees in a way that manager and investor’s incentives are aligned. “We don’t want to charge clients for merely holding their assets and would like to be compensated for delivering value to investors based on our performance.” says Stefanova. Alignment of incentives and costs with actual results has been a big issue in the investment management industry and Marto Capital looks to solve that.


Especially for family offices, wealth preservation is a high priority. In the time of the highest inflation experienced in the last 30 years, wealth preservation is a looming challenge. Marto Capital’s customizable solutions place a high importance on drawdown limits and principle protection. Additionally, Marto Capitals dynamic thematic portfolio construction methodology is particularly valuable in creating diversification and improving the sharp ratio of the customized solution. Marto Capital believes that in a time of rapid political, social and technology innovation markets are experiencing exponential and not linear change. The human mind cannot intuitively grasp exponential change thus the level of uncertainty is especially high in current markets. Most investment managers believe that correlations are static and recommend old school diversification. For example, bonds and equities are meant to have low correlation. “In reality, correlation is mutable,” says Katina Stefanova. Marto Capitals correlation models look deeper to identify the underlying drivers of correlation, be it economic, political, social or technology-driven and look to identify how these correlations change overtime. Being able to analyze and foresee shifting correlations, Marto Capital has an edge on risk management.


Marto Capital’s customizations allow for investors, specifically family offices, to take into consideration tax optimization. Investing in a fund typically does not allow for tax optimization and the returns are often eaten up by an inefficient tax strategy.


Marto Capital was established in 2015 by Katina Stefanova. Katina Stefanova recruited a world class investment and operational team including Adam Bochenek, Perry Polous, Ken Tremain among others who collectively have over 100 years of experience in finance, management, and technology from top firms such as Bridgewater, Morgan Stanley, Citibank. The firm attracted top institutional investors such as PAMCO and UBS.

Prior to Marto Capital, Katina Stefanova spent 9 years at Bridgewater Associates where she held a wide range of senior management roles. Katina Stefanova’s story is one of making the American Dream a reality. As a 19-year-old immigrant she came to the US in 1994 after the fall of the Iron Curtain. She had a one-way ticket to JFK airport and $200 in her pocket, which her grandfather, a builder and the family adventurer had paid for. Katina Stefanova put all her efforts into education and work. She held multiple jobs including tutoring, working on the grounds crew and in the college cafeteria, to help fund her education. She graduated with near perfect GPA from Ricks College, Idaho and later, from Brigham Young University, Utah and earned a BA in International Relations with a minor in Russian. Katina Stefanova jumped into technology at the time of the dot. com boom initially working in Seattle and later in London and Moscow. “In the late 90s and early 2000, the technology sector was going through major disruption. It is incredibly exciting to watch and participate in the creation of the digital economy and see how despite widely held skepticism, most industries were moving to the Internet.” 2003-2005, Katina Stefanova attended Harvard Business School, where she received a MBA. “The opportunity to attend HBS allowed me to learn exponentially from the varied global experiences of my peers and professors.”

At Harvard, Katina Stefanova randomly ran into a presentation given by Greg Jensen, now the co-CIO of Bridgewater Associates, and was struck by the unique way Jensen presented

Bridgewater’s approach to macro investing. After extensive interviews, Katina Stefanova joined Bridgewater in 2005 as a Senior Investment Associate. ‘The first year, I had to unlearn everything I had learned about finance and markets before, because Bridgewater has an investment approach that looks much deeper at the linkages of economic fundamentals. I had lived through the tremendous macro volatility in Eastern Europe after the fall of Communism and had seen how macro drivers such as inflation or hyper growth can overpower all other factors, thus Bridgewater’s investment approach, while unique for the industry at the time made intuitive sense to me.” Within a year, Katina Stefanova was recruited by Ray Dalio to be a member and eventually run the Management Associate Program. “Bridgewater was growing very fast and needed managers more than anything. I had experience and an MBA degree and was at the right time at the right place. In 9 years Bridgewater allowed me to learn more and faster than virtually any other opportunity I could have had anywhere else.”

Katina Stefanova however always wanted to be an entrepreneur and to work for herself. In 2014 she left Bridgewater to eventually start Marto Capital. Katina Stefanova’s father was an entrepreneur who had built a successful business in very volatile times in Bulgaria in the 90s. She borrowed the name of her father’s company, Marto and made it her own mission to build Marto Capital. Choosing the name Marto had a very personal meaning for her, because not only was it the name of her father’s firm but it was also made from the name of her parents, Maria and Todor.


Marto Capital is a boutique firm. It maintains a close family feel and the partners at Marto are not just colleagues but also long term friends. The culture is very different then the culture at Bridgewater, which Katina Stefanova said she did not want to bring over to Marto Capital.

Collaboration and the belief that a team is greater than its individual parts is a key element of

Marto Capital’s culture. Marto Capital is selective both about its employees and its investors.

Katina Stefanova looks for long term commitment, partnership and trust as key elements in business relationships within Marto as well as with investors.


Marto Capital does not believe in the black box model of investing where investors have little say or visibility into what happens to their money. Instead, investors are part of the design of the investment process up front and often partners in the venture. Marto uses joint ventures, operating agreements and separate dedicated entities for each customizable solution, even allowing the client to appoint a CFO or take part in the operations of the business. Such approach goes beyond just transparency into true partnership. Obviously, this is not for everyone and some investors prefer a less hands on approach. The beauty of Marto Capital’s customizable approach allows for both.


Marto Capital’s customizable solutions are less vulnerable to equity-related risks, spikes of inflation and political volatility because Marto Capital takes into consideration long term macro indicators and combines these with operational excellence at the micro level. “The big macro trends and the detailed execution have to work in tandem for successful outcomes,” says Sean Jahanian, Managing Director of Private Equity at Marto Capital, who has extensive experience in both strategy and management of complex global projects in oil and gas and mining.


The investment team at Marto Capital agrees that customizable solutions are easier to manage because investors are creating the solution up front based on their own specific criteria. Alignment of interest, alignment of objectives, and incentives creates sticky long term relationships between Marto Capital and its clients. However, customizable solutions require scale and Marto Capital works with clients that can dedicate a minimum of $100m.


Marto Capital has a small but incredibly experienced team. Katina Stefanova says that she initially made the mistake of hiring too many people. While she managed large teams at

Bridgewater, Katina Stefanova does not want to grow Marto Capital too fast in terms of people. Instead Marto Capital is composed of senior professionals with significant experience and impressive track record across finance and technology. A small team allows for direct interaction of the Marto Capital senior team with clients.


Marto Capital’s partner team has extensive international experience. The top three partners collectively are fluent in over 10 different languages and have worked in Europe, Middle East, Asia and the Americas. Marto Capital’s network is truly global and allows the firm to create relationships and provide insight for its clients that is not limited to one geographical location.


Since its founding, Marto Capital has been dedicated to ESG investing. Marto Capital looks for investors that share a similar commitment and desire to fund not only their business but also to allocate to philanthropic causes.


Katina Stefanova is a thought leader on disruption in asset management. She does extensive research on the topic of disruption in investing and has in the past collaborated with Clayton Christensen and the Christensen Institute at Harvard, David Teten, a Venture Capitalist and

Entrepreneur; Bluford Putnam, the Chief Economist at the CME, Brent Beardsley, Chief Strategy Officer at Vanguard, and the Boston Consulting Group and other industry thought leaders. Katina Stefanova has published her research at Institutional Investor, TechCrunch, the European Hedge Fund Journal and other publications. As a result, Marto Capital is on the forefront of innovation and disruption in investment management. Questions such as the use of technology and AI, the application of customizable investments, the democratization of investing, decentralized finance and crypto currencies are often part of the Marto Capital investment committee meetings and find their direct application in the investment solutions Marto Capital creates for its clients.

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Katina Stefanova was a pioneer in the hedge fund space recommending that institutional investors and family offices include crypto assets in their portfolio. She received a lot of criticism from industry experts and some journalists. However, being contrarian has paid off for Marto Capital. Katina Stefanova foresaw that bitcoin will be the trade of the decade outperforming equities, bonds and commodities. The tremendous volatility in crypto assets have attracted some criticism of Marto Capital’s early adoption of crypto assets. Yet on a volatility level bitcoin for example is comparable to some tech stocks such as Tesla and not that far from the ordinary when disruptive technologies and products are concerned.

Marto Capital offers crypto solutions for institutional investors and family offices that want to buy and hold major crypto assets such as bitcoin or ethereum in their portfolio. Additionally

Marto Capital looks for arbitrage opportunities in the private markets and crypto exchanges.

Finally, Marto Capital helps family offices that have generated significant wealth in the crypto space safely access liquidity and diversify their exposure. For example, for some clients, Marto can help collateralize investments and protect on the downside by hedging their portfolios with real assets such as gold, silver, rare stones, mining activities, or real estate. In addition, Marto Capital uses clean technology to arrange access to mining and gold, ensuring that these investments are ESG friendly.

With more financial products and digital assets on the horizon, Marto Capital’s investment opportunities are looking bright. Katina Stefanova wants Marto Capital to undergo a digital transformation to make data readily available and investment decisions can be made fast. Continuing to invest in technology and developing the investment model is a priority for Marto Capital.

“There is room for crypto currencies in all portfolios,” says Katina Stefanova. The question is about size and allocation. Because crypto currencies are fairly nascent, the opportunity for appreciation is still there as mass adoption and ability for retail and institutional investors to enter the market has not happened yet. Katina Stefanova sees a similar opportunity for appreciation to what happened to the price of gold once retailed focused ETFs became available. The disruption in investing due to decentralized finance has not happened yet and Marto Capital wants to be on the forefront of that.

Investors can include digital assets in their portfolios by focusing on blockchain enabled companies as well. Cryptocurrency investors from many walks of life can now benefit from blockchain technology. Marto Capital, for example, allows its investors to buy Bitcoin safely by implementing a secure and compliant asset verification (AML, chain analysis) and asset transfer process that is modeled after the commodities markets. Marto Capital’s team has extensive operational experience. Adam Bochenek, the Chief Operating Officer of Marto Capital built an end-to-end operationally resilient and regulatory compliant processes at Marto Capital. “Marto Capital has successfully completed two rudimentary NFA and one SEC audits with no issues,” states Adam Bochenek. Adam Bochenek has over 25 years of experience in designing, implementing and running complex operational processes at Marto Capital, Bridgewater, EY, and Bearing Point. Bringing a deep understanding of what can go wrong and how to protect against operational risk gives Marto Capital a big competitive advantage in the block chain space.

Adam Bochenek, COO of Marto Capital, believes that “blockchain technologies enable previously inefficient financial transactions be more efficient, secure, and transparent.”

Through Automation, AI, and machine learning technologies combined with macro indicators, Marto Capital’s digital investment solutions have reduced the cost of delivering financial services by augmenting human decision-making with algorithm-based decision-making.


Marto Capital is a platform that uses modern investment systems. Marto Capital helps redesign the investing processes by utilizing science and technology. As a result, Marto Capital’s clients will learn to employ current investment methodologies and develop systematic and valuation-based global market models.

Marto Capital helps investors learn about market fundamentals, calculate risks, and face the growing competitive pressures by utilizing systematic portfolio design and product development. Simultaneously, Marto Capital’s investment and management team has lived through multiple market cycles and has the unquantifiable experience of what to do when things don't go as expected. In 2019, many fund of funds exited the macro space as macro investing was not popular. Marto Capital lost a number of investors during that time in its main fund and saw its fund assets dwindle. “This near-death experience,” says Stefanova “taught us how to be resilient and innovative and develop a completely new approach to working with clients.”

Investors from various backgrounds are looking for ways to grow their investments and wealth, finding a multiplier effect that can increase their profits and support their growth. Still, most investors lose large chunks of their money in search of huge profits without managing the downside. Katina Stefanova believes that all client discussion should start with “what is the worst that could happen?” Marto Capital focusses as much on downside protection as it does on generating returns.

Therefore, Marto Capital recommends that it is extremely crucial to find investment firms that have been in the game for a long period of time and possess in-depth know-how of the financial industry. However, large firms that gather assets may not remain agile and able to adapt to specific client needs as boutique firms such as Marto Capital can.

Almost two-thirds of CEOs (62 percent) feel that firms should implement technological advances to transform their investing operations, and Katina Stefanova agrees. Investment firms have used digital technologies and platforms such as blockchain and bitcoin to meet financial goals. As more institutional investors adopt cryptocurrencies, allocators and crypto managers have altered their traditional portfolio investment paradigms using blockchain technology.

Katina Stefanova chooses blockchain technology due to the constant technological breakthroughs in space. Katina Stefanova became interested in digital assets because of the rising opportunities in DeFi (decentralized finance) products and Non-Fungible Tokens (NFTs). Innovation helped Marto Capital survive the difficult times in 2019.

According to a trader with Marto Capital,

When I partnered up with Marto Capital and Katina Stefanova, I was excited to see their progress. Unlike other investment consultants and firms, they didn’t abandon me when things got bumpy; instead, they stuck around and found alternative ways to invest and made decisions that proved to be extremely lucrative. Anyone who’s willing to play for high stakes should keep Marto Capital in consideration.”


There are endless possibilities and opportunities in the investment world; innovation never stops. Experts at Marto Capital have studied technology trends as much as macro-economic trends. Katina Stefanova says “Technology innovation is happening at a faster rate than ever before. Macroeconomic investing is based on fundamental indicators and linkages. However, technology innovation is already disrupting these linkages. For example, technology makes production of goods and services cheaper and more efficient, shifting the relationship between supply and demand and changing how economists and investors think about inflation.”

Marto Capital believes that there are three main technology innovations that will dramatically impact macro investing. All these technologies are fairly nascent compared to what they could be if they were to reach their full potential. “What makes this particularly mind boggling” says Adam Bochenek, Marto Capital COO, “is that we are likely to see dramatic disruption from these technologies in the next 15 years, much faster than anyone expects. The reason is that advancement in such technologies is subject to the compounding effect.”


“The fascinating thing about disruptive technologies,” says Katina Stefanova,” is that at the beginning they hardly work. There is an idea of what these technologies could do, but the reality is far from that.” The same was true for AI. The hype of what AI can do was huge yet AI could and still cannot replace humans at basic functions such as walking on the street. Self-driven cars can easily be thrown off by different road conditions such as rain or ice. Yet there is a pivotal point for disruptive technologies when the reality starts approaching the dream. For AI, that was in 2016, when Google’s AI, DeepMind, dubbed Alpha, beat Fan Hui, the world’s best player, at a game of Go. While a human can be 3x smarter than another human, advanced AI can be 10,000x smarter than an average human making the challenge of solving virtually any problem humanity faces - trivial. Marto Capital is experimenting with how AI can enhance its investment models and is on the lookout for innovative AI companies that Marto Capital’s clients can invest in. “If we solve the AI challenge” says Adam Bochnek “We can virtually solve all challenges.” Marto Capital knows that there are challenges. The major one being, in investments, how do investment managers manage risk and externalities, when AI makes investment decisions difficult for humans to decipher. For now, Marto Capital only uses AI when the underlying drivers are transparent and auditable, perhaps limiting its current potential. Yet, there is not enough understanding of how much and how far can AI go and managing the negative impacts and the downside risk is as important for Marto Capital as anything else.


The blockchain is a decentralized database that is shared among computer network nodes. A blockchain acts as a database, storing information in a digital format. Blockchains are well known for their critical function in keeping a secure and decentralized record of transactions in cryptocurrency systems such as Bitcoin and Ethereum. Adam Bochenek at Marto Capital says “What separates blockchain from the rest of the technologies is; that it ensures accuracy and security of the recorded data while also generating trust without the dependence on a third party.”

The structure of the data on a blockchain differs from a traditional database. A blockchain organizes data into groupings called blocks, each containing a collection of data. Blocks have specific storage capacities, and when they’re full, they’re closed and linked to the preceding block, creating a data chain known as the “Blockchain.” Each time the additional information is added, a new block is formed, which gets added to the chain.

Marto Capital looks at blockchain technology as the biggest innovation in the post-trade processes in financial services. Most of the technologies used in post-trade operations in the middle and back office are incredibly archaic. It takes two days to settle most transactions. Even when we look at inter-bank cash settlements, banks still use decades old SWIFT processes. Blockchain Chain technology can make settlement of traditional assets not just crypto assets instantaneous. Marto Capital sees blockchain technology making the cost of capital lower and the transactions more efficient.


There are numerous cryptocurrencies on the market with varying fundamental values. Investors should be aware of their volatility when investing in Bitcoin and other crypto currencies. As a result, it is critical to invest with a solid investment strategy and risk management. “When it comes to cryptocurrency” says Katina Stefanova,” Concentration is your biggest enemy.” Marto Capital advises crypto millionaires and billionaires to diversify some of their assets.

For investors that don't hold crypto currency, Marto Capital advises that when investing in cryptocurrencies, one must consider their role as an asset in one’s portfolio. Therefore, financial experts recommend taking a balanced approach when investing in cryptocurrency. Marto Capital recommends that 1- 5% of the overall portfolio is sufficiently safe.

Cryptocurrencies can also be used to diversify an investor’s portfolio because they are among the least correlated assets to bonds and stocks, making them a good diversifier. Crypto assets and especially NFTs can also be used to hedge against inflation. From a macro perspective, all major global currencies including the USD, euro, yen have been devaluing leading to significant appreciation of crypto currencies. In emerging markets, where currencies are even more prone to devaluation, investors may have an easier access to purchasing crypto currencies vs USD to preserve their wealth.


Along with the enhancement of ongoing projects and services such as customizable investment solutions, Marto Capital is launching an NFT offering for investors of all sizes. One of the most highly anticipated Katina Stefanova’s favorite projects is the launch of NFTs under a new brand KasaGoldClub. KasaGoldClub is a completely separate entity from Marto Capital as Katina

Stefanova believes that institutional investor solutions and the NFT platform should not overlap.

Marto Capital predicts that metaverse will most likely be the next ground-breaking platform. Keeping a futuristic approach, Marto Capital and Katina Stefanova have decided to invest in this market and create a landmark. “People who neglect the value of NFTs don’t recognize that NFTs aren’t just digital artworks… they are much more than that,” says Stefanova.

Marto Capital believes that NFTs are the gateway to the metaverse. If you want to become a part of the metaverse, then you have to have an NFT to ensure your entry. Marto Capital’s aim behind launching an NFT collection is to build a community of like-minded people and start a society where traders and partners of marto capital can share ideas, discuss culture, hang out, have fun, and talk about future lucrative investments.


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Marto Capital’s investment team has identified both macroeconomic and political drivers that will make greenfield technology critical in the next decade. First, in a time of inflation resources are constrained and global economies will have to find ways to supply the raw materials needed to power the global economy while simultaneously addressing climate change and other environmental issues. China and India will need 2x the available resources used in the US and Europe in the last couple of decades to continue to fuel their massive growth. Simultaneously, as political tensions rise with Russia and China, the US and Europe will look to insource and develop control of resource exploration, development and manufacturing. “All of that would create a tremendous pressure to create energy and bring out resources from underground and to deliver them to manufacturing facilities in the US and Europe without dependency on China or Russia '' says Sean Jahanian, Marto Capital Managing Director of Private Equity. “The insatiable demand for resources will have to be fulfilled in an environmentally responsible way, if we are to ensure a sustainable future for our children,” continues Sean Jahanian, “that will mean that more efficient and clear technology in mining, manufacturing and infrastructure development will have to be in place virtually immediately” Marto Capital sees the development of such technology in what we call the physical economy to be the new technology revolution following the information technology revolution and advises and supports investors that would aim to participate in the green field technology transformation. “We prefer to work with clients that are looking to finance large projects in green field mining, manufacturing or infrastructure development,” say Sean Jahanian.