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Tony Caruso

Managing Director of Hedge Funds, UTIMCO · 1 appearance on the record.

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investorfounderexecutiveutimco.org ↗

Caruso manages UTIMCO's multi-billion-dollar Stable Value Hedge Fund portfolio, specializing in non-directional, low-beta alternative strategies. Alongside leadership from SWIB and Walleye Capital, he co-founded Dockside Platforms to offer institutional allocators direct access to portfolio managers through a managed account model that disintermediates traditional multi-strategy pod shops.

10statements → 4claims → 2claims resolved → 4/5average certainty → 1.7/5average debate potential →

1 supported 1 partly supported 0 contradicted 2 not checkable as stated how the 4 claims stand · each chip opens the sources

4 assertions · 4 insights · 2 disclosures · every statement was checked. The predictions and assertions are the 4 claims: statements the public record can support or contradict. 2 are resolved, and 2 name no date, number or outcome precise enough to check. Everything else (opinions, insights, what ifs, disclosures) can never be settled by the record, so it carries no assessment.

The record, in short

What the tape says about how Tony argues and how the claims held up. Everything they said, and everything said about them, is in the tabs below.

Their most notable supported claim

Assertion Supported
UTIMCO's zero-beta hedge fund portfolio is roughly $11 billion
“I manage the zero beta hedge fund portfolio. It's roughly eleven billion in size.”
Tony Caruso May 11, 2026 ▶ 9:10 Will England, Derek Drummond, and Tony Caruso – Disintermediating Pod Shops (EP.501)

How they sound: not measured why? →

We measure speaking style by listening to the audio itself, and a fair number needs at least 2,000 words from one person on tape we have measured. There is too little of Tony Caruso on measured tape to publish a rate. This says nothing about how they speak.

Everything Tony Caruso said on Capital Allocators that made the record, most notable first. Filter by type, assessment or year in the ledger →

Insight
Three days of managed account transparency beats three years in a fund
“Derek and I have joked before, you learn more about a manager on three days on Dockside than three years if you invested in a fund. You understand what they do, what their portfolio looks like, how it evolves.”
Tony Caruso May 11, 2026 ▶ 28:05 Will England, Derek Drummond, and Tony Caruso – Disintermediating Pod Shops (EP.501)
Disclosure
Capacity constraints prevent UTIMCO from expanding allocations to major multi-managers
“We can't grow much more with these multi-managers, A, because they're closed, B, because their liquidity terms are a three-year or five-year slow pay.”
Tony Caruso May 11, 2026 ▶ 39:01 Will England, Derek Drummond, and Tony Caruso – Disintermediating Pod Shops (EP.501)
Insight
Hedge fund allocation without extreme diversification is cash inefficient
“When we're investing in hedge funds, if you don't have extreme diversification, you're doing things in a cash inefficient way.”
Tony Caruso May 11, 2026 ▶ 13:00 Will England, Derek Drummond, and Tony Caruso – Disintermediating Pod Shops (EP.501)
Disclosure
UTIMCO targets 20 to 30 portfolio managers for its managed accounts
“For the manage account platform, we're not looking for 350 PMs. We're looking for 20 to 30. We're going to do a lot of work on them.”
Tony Caruso May 11, 2026 ▶ 24:29 Will England, Derek Drummond, and Tony Caruso – Disintermediating Pod Shops (EP.501)
Insight
Combining low-correlation 0.9 Sharpe managers yields a 2.5 portfolio Sharpe
“Across a number of lowish sharps, you get a good net final sharp. The overall portfolio sharp can grow from any single PM is .nine, but the overall portfolio is two and a half plus.”
Tony Caruso May 11, 2026 ▶ 31:20 Will England, Derek Drummond, and Tony Caruso – Disintermediating Pod Shops (EP.501)
Insight
UTIMCO prefers probabilistic 'fox' portfolio managers over overconfident storytellers
“Overconfidence. People who think they can predict the unpredictable. If you've read any books by Nate Silver or Philip Teplot, they call it the hedgehogs. The great storytellers, not the ones who actually assign probabilities and understand that there's uncert…”
Tony Caruso May 11, 2026 ▶ 55:26 Will England, Derek Drummond, and Tony Caruso – Disintermediating Pod Shops (EP.501)
Assertion Partly supported
UTIMCO manages $88 billion for 22 institutions
“It's an eighty-eight billion dollar endowment. Manages money for 22 academic and health institutions.”
Tony Caruso May 11, 2026 ▶ 9:05 Will England, Derek Drummond, and Tony Caruso – Disintermediating Pod Shops (EP.501)
Assertion Supported
UTIMCO's zero-beta hedge fund portfolio is roughly $11 billion
“I manage the zero beta hedge fund portfolio. It's roughly eleven billion in size.”
Tony Caruso May 11, 2026 ▶ 9:10 Will England, Derek Drummond, and Tony Caruso – Disintermediating Pod Shops (EP.501)
Assertion Not checkable as stated
UTIMCO has roughly $7 billion allocated through the Dockside platform
“It's currently around seven billion of GMV.”
Tony Caruso May 11, 2026 ▶ 9:35 Will England, Derek Drummond, and Tony Caruso – Disintermediating Pod Shops (EP.501)
Assertion Not checkable as stated
UTIMCO's average hedge fund relationship lasts more than ten years
“Our average hedge fund relationship is 10 plus years.”
Tony Caruso May 11, 2026 ▶ 22:38 Will England, Derek Drummond, and Tony Caruso – Disintermediating Pod Shops (EP.501)

Appearances (1)

EpisodeDateSpeaking time
Will England, Derek Drummond, and Tony Caruso – Disintermediating Pod Shops (EP.501) May 11, 2026 11m
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