Diligence · due-diligence kit
Everything a diligence reader asks for, in one place
Who runs it, how the firms are built, the record and how it is produced, and the terms, answered in the firm’s own words, including what has not been verified.
The kit
The firm
- IAPDForm ADV, Life UnLocked PartnersCRD 318642, registered with the California DFPI.
- RequestForm ADV Part 2A brochureServices, fee schedule and conflicts. Available upon request.
- IAPDForm ADV, Leyland CypressCRD 322964, the adviser of record for Independent Return; Part 2A and 2B on its site.
- PageTwo firms, split by mandateOwnership, shared officers and why there are two.
The strategy
- PDFAlpha Convergence factsheetOne page, generated from the live record.
- PaperThe white paperThe complete systematic method and the full table of tests.
- PageConstruction and characteristicsPositions, sectors, universe, holding, turnover.
- PageKnown limitsWhere it should struggle, and what it has not yet faced.
The record
- LiveThe live record and the test batteryGross and net, against RSP and SPY, every trading day.
- PDFFirm-wide client track recordAll client accounts since January 2022, net of billed fees. Updated monthly.
- DailyStatistical ValidationThe same tests clients receive weekly, updated every trading day.
- RequestDaily reconciled returnsThe return series behind the record, reconciled to custodial records.
The people and providers
- PageThe teamEvery member substantially invested alongside clients.
- PageWho does whatCustodian, compliance, portfolio accounting, composite, market data.
- RequestYour questionnaireSend us your due-diligence questionnaire.
- LiveA backstage tourThe command center, with position-level detail, with the CIO.
Background, not a strategy record. The firm-wide client record covers every client account across all firm strategies, including strategies no longer offered. Firm-wide client accounts, all strategies, 1 Jan 2022 through 30 Sep 2026: +10.8% a year net of the fees actually billed, against +5.3% a year for the segment benchmark, annualized geometrically from cumulative returns of +62.77% and +27.69% over 4.74 years, per the Firm-Wide Client Track Record. Alpha Convergence itself is younger; its own record is on the live record.
Verification status
What has and has not been verified
The composite is self-prepared from Black Diamond data. The methodology is defined, and a self-prepared, GIPS-consistent composite is available on request. There is no external auditor and no GIPS verifier, so no third party has examined the composite or the firm-wide record. We would rather say so than leave the question open.
- Custodian
- Charles Schwab. Client assets are held at Schwab, not by us.
- Compliance
- In-house: our General Counsel, an attorney, is also the Chief Compliance Officer and reviews and approves marketing and performance presentation.
- Accounting
- SS&C Black Diamond, reconciled to custodial records.
- Market data
- Twelve Data is the primary market-data vendor.
Backstage tour
See it running live
A live screen-share of FlightDeck with Mark Tennenbaum, CIO: the command center driven in real time, how today’s market is classified and what the book does about it, and the record with the tests behind it.