NexuxOne
Systematic Macro
Reimagined
Uncrowded · Adaptive · Uncorrelated
The Reality
Markets evolve, most strategies do not
Global markets are more interconnected and adaptive than ever. Correlations shift without warning. Liquidity vanishes under stress. Diversification fails precisely when you need it most.
Yet most investment approaches still rely on static assumptions and linear relationships. They are built for markets that no longer exist.
The result? A dangerous gap between how portfolios are constructed and how markets actually behave.
It is better preparation.
“The old map no longer fits the terrain.”
QCM Insights - The Great Correlation Inversion, Insight #12, Dec 2025
One Framework
Multiple Expressions
Framework before strategy
QCM builds investment frameworks, not strategies
A framework establishes the design principles: how risk is measured, how positions are sized, how signals interact. From that foundation, different expressions can target different segments of the opportunity set — while preserving the same underlying discipline.
The result is adaptability without inconsistency. Each expression is purpose-built
Not one-off solutions.
The framework rests on three enduring principles.
“Our objective is not to predict markets. It is to design systems that remain coherent as markets change.”
Aref Karim
Founder, CEO & CIO
Complex Systems
Markets are adaptive systems, not predictable machines
"The system is built to absorb surprises, not be derailed by them."
QCM Insights — Think Probabilities and Not Predictions, Insight #8, Aug 2025
Risk Philosophy
Designed in, not managed after the fact
Risk as Architecture
Risk is not an afterthought, it is a primary design input
Behaviour Under Stress
Balance and resilience matter more than peak performance.
We do not assess positions in isolation. We build portfolios around how relationships behave under stress
Managing downside scenarios is as important as capturing upside opportunity.
Stability comes from structure, not forecasting. We embed risk awareness into the framework itself — building for consistency across uncertainty, not optimisation for a single outcome.
Risk Philosophy
Designed in, not managed after the fact
Complex Systems
Markets are adaptive systems, not predictable machines
Risk as Architecture
Risk is not an afterthought, it is a primary design input
Behaviour Under Stress
Balance and resilience matter more than peak performance.
We do not assess positions in isolation. We build portfolios around how relationships behave under stress
Managing downside scenarios is as important as capturing upside opportunity.
Stability comes from structure, not forecasting. We embed risk awareness into the framework itself — building for consistency across uncertainty, not optimisation for a single outcome.
"The system is built to absorb surprises, not be derailed by them."
QCM Insights — Think Probabilities and Not Predictions, Insight #8, Aug 2025
Risk Philosophy
Designed in, not managed after the fact
Complex Systems
Markets are adaptive systems, not predictable machines
Risk as Architecture
Risk is not an afterthought, it is a primary design input
Behaviour Under Stress
Balance and resilience matter more than peak performance.
We do not assess positions in isolation. We build portfolios around how relationships behave under stress
Managing downside scenarios is as important as capturing upside opportunity.
Stability comes from structure, not forecasting. We embed risk awareness into the framework itself — building for consistency across uncertainty, not optimisation for a single outcome.
"The system is built to absorb surprises, not be derailed by them."
QCM Insights — Think Probabilities and Not Predictions, Insight #8, Aug 2025
From philosophy to practice
NexusOne Framework
A Modular Systematic Macro Platform
NexusOne turns philosophy into practice. NexusOne is QCM's systematic macro framework — a platform that expresses one disciplined philosophy across multiple market environments. Every position is determined by the model. Every risk decision is systematic.
The framework separates what endures from what adapts. Core principles remain constant: diversification by design, risk as architecture, discipline without rigidity. Implementation evolves as markets and opportunities change.
This modular structure allows expansion into new areas while maintaining fundamental integrity. Philosophy remains constant. Implementation evolves.
NexusOne Expressions
One framework applied to different strategies
The NexusOne framework expresses itself differently depending on market opportunity and investor needs.
All expressions apply the same core principles — systematic design, diversification, adaptability, and disciplined risk governance — each tailored to a specific application NexusOne | DivX was launched in 2025, marking the transition of the NexusOne framework from design into operation.
NexusOne | DivX was launched in 2025, marking the transition of the NexusOne framework from design into operation.
NexusOne | DivX is the first live expression of the framework, providing diversified systematic macro exposure across global markets.
NexusOne | DivX
A diversified systematic macro strategy built within the NexusOne framework
Uncrowded
Signals and markets where consensus hasn't already closed the opportunity
Adaptive
Regime-aware by design, not by discretion
Uncorrelated
Engineered independence from equity and bond risk
NexusOne | DivX is a systematic macro strategy designed to provide diversified exposure across global futures markets within a unified, risk-controlled architecture. The strategy operates across major global asset classes: equity indices, government bonds and interest rates, currencies, and commodities using exchange-traded futures.
DivX is model-driven by design. Investment decisions are derived from systematic processes rather than discretionary judgement, allowing the strategy to operate consistently across markets and environments.
Its first year of live operation provided real-world validation of the framework, with DivX behaving as designed in a challenging market environment.
Diversification is not about holding more. It is about holding better.
Design & Diversification
Engineered across multiple dimensions
Diversification in DivX is engineered, not assumed.
Exposure spans global futures markets. True diversification comes from different market behaviors, time horizons, and economic responses – not just asset classes.
We build resilience through structure: instruments that respond differently to the same conditions, signals that operate across different time frequencies, and exposures balanced by correlation dynamics rather than category labels. This multi-dimensional approach creates independence where it matters, particularly when traditional diversification assumptions break down.
The goal: a portfolio where no single market, theme, or outcome dominates. This structure supports robustness across environments, especially when traditional diversification fails.
"In an era of diminishing diversification from traditional assets, systematic macro can offer a differentiated uncorrelated return stream."
QCM Insights— Systematic Macro: Turning Market Complexity into Opportunity, Insight #1, Jan 2025
Designed to respond without abandoning discipline
Risk & Adaptability
Risk lives at the portfolio level – balance, coherence, behavior under stress.
Exposure adjusts as conditions change, supporting participation in opportunity while maintaining controlled risk across differing environments. The strategy does not depend on sustained market direction or stable correlations. Its objective is to remain effective across a range of market conditions rather than directional conviction.
Systems that survive are built to adapt.
Execution & Oversight
Developed and managed within QCM
NexusOne | DivX is developed, operated, and overseen entirely within QCM's research, risk, and governance framework. Strategy design, portfolio oversight, and risk supervision integrate seamlessly, ensuring alignment between research intent and live implementation.
The focus: consistency, robustness, long-term coherence. Not short-term optimisation.
Designed for Evolution
A live expression within a modular framework
NexusOne | DivX does not just adapt to market changes. It evolves, powered by a stable architecture.
Our modular design ensures every component, from signal construction to portfolio balancing, can advance independently. This means capabilities grow and market coverage expands, always enhancing the system without compromising its foundational principles.
This commitment guarantees continuous refinement. It reflects our disciplined framework, ensuring evolution consistently strengthens, rather than compromises, the underlying structure.
"A good systematic strategy behaves like a living organism, not a fixed machine."
QCM Insights — Adaptability in Systematic Investing, Insight #4, April 2025
Thinking beyond the trade
Insights & Perspectives
Insights are not marketing; they are reflections of the thinking that powers our systems. — how fundamental understanding becomes systematic design, from research to execution.
The series explores how strategies behave under real conditions: regime change, correlation breakdowns, crisis environments.
Live portfolio experience, not theory.
Recent Insights
Insight | 11: Building Coherence With Signals
Insight | 10: Feedback Loops in Markets
Insight | 9: Signal Vs Noise
Insight | 8: Probabilities Not Predictions
View complete insights archive
CEO Letter
QCM Annual CEO Letter 2025
A comprehensive review of 2025 and our strategic outlook for the year ahead.
Recent Insights
View complete QCM insights archive
Independent Perspectives on Macro, Risk, and Strategy.
Experience · Discipline · Independence
About Us
QCM trades markets as they are, not as they are assumed to be.
From inception, the firm has focused on systematic approaches that prioritize adaptability, disciplined risk management, and robustness across changing market regimes. This philosophy underpins the NexusOne framework and guides how strategies are researched, constructed, and evolved over time.
QCM was founded by Aref Karim, who brings over three decades of hands-on experience trading global futures markets across varying market cycles. That experience informs the firm's emphasis on resilience, diversification, and the careful management of risk under real-world conditions.
NexusOne Oversight
NexusOne is QCM's core systematic macro framework, developed and overseen entirely in-house.
Research, portfolio management, and risk supervision operate as integrated functions, not separate departments. This structure ensures consistency between research intent and live implementation. Changes to the framework undergo the same rigorous process whether they affect signal construction, risk allocation, or execution protocols.
Different expressions may focus on specific segments of the opportunity set, while DivX represents the fully diversified implementation. Oversight remains unified across all expressions, maintaining coherence as the platform expands.
Aref Karim FCA
Founder, CEO & CIO
Founder of QCM, he established its systematic macro approach and has extensive experience of portfolio management and trading global futures. He was formerly with Abu Dhabi Investment Authority.
Leadership
The QCM leadership team consists of experienced professionals dedicated to systematic macro strategies, integrating financial market expertise with quantitative research.
Raami Karim CFA
COO & Dy CEO
Oversees firm operations and strategic execution, ensuring alignment across key business functions.
Ershadul Haque CFA
Director of Research
Leads quantitative research and model development, translating macro insights into robust, systematic strategies.
Aref Karim FCA
Founder, CEO & CIO
Founder of QCM, he established its systematic macro approach and has extensive experience of portfolio management and trading global futures. He was formerly with Abu Dhabi Investment Authority.
"True resilience comes from design, not luck. Discipline ensures it endures."
Raami Karim
COO & Deputy CEO
"Good research is not about finding the strongest signal. It is about building structures that fail gracefully."
Ershadul Haque
Director of Research
Regulation & Governance
QCM is a UK registered company, authorised and regulated as Investment Manager by the UK Financial Conduct Authority (FCA). The firm is also registered with the U.S. Commodity Futures Trading Commission (CFTC) as a Commodity Trading Advisor and is a member of the National Futures Association (NFA).
QCM operates within established regulatory frameworks, maintaining robust governance and oversight. Core functions including compliance, accounting, and technology are supported through established external providers, ensuring appropriate governance and institutional controls.
Contact Us
Enquiries and further information
For QCM and NexusOne, please contact:
QCM
The Long Barn, Down Farm, Cobham Park Road
Cobham, Surrey KT11 3NE
United Kingdom