Catenary Alternatives Asset Management (“Catenary”) launched as a multi-PM, fundamental equity market-neutral SMA platform in 2017. An already competitive landscape has only gotten more so over recent years. Through extensive data collection and advanced modeling techniques, we have built a proprietary model of competition and crowding in global equity markets. Exploiting these granular security-level insights enables us to steers our gross exposure away from the competition and toward pockets of the equity market where high-quantity alpha remains available to fundamental research.