2020 has been a year of change. Notwithstanding the several hurdles thrown by such an unprecedented year, RQSI made significant advancements in our technology capabilities and client offerings, including the largest strategic pivot since our firm's founding over 30 years ago.

Several new developments have come about over the last year:

The introduction of our new investing platform to provide enhanced product customization and unparalleled transparency into our systematic strategy.

The release of the New Endowment Model (NEMO), a variation of the Yale Model, modified to emphasize foundational sources of return over nominal asset classes.

The launch of the DAY Fund, an illiquid alternative strategy that uses a blended foundation of direct lending and structured credit for enhanced cash management.

An expansion of our Systematic Global Macro share classes to serve a wide array of purposes across different portfolios and market conditions.

The modification of the GAA Mutual Fund, taking only net short Equity positions and adding commodities, to make the mutual fund a more attractive complement to a traditional portfolio.

The launch of several free, public fintech tools for actionable insights and a greater understanding of our framework and capabilities.

I invite you to read our Year in Review to explore RQSI's performance and catch up with all the new things going on at the firm. We look forward to the opportunity to show how we can add value to your existing portfolio in 2021 and beyond.

— Neil Ramsey