Teramo Advisors, LLC
Teramo Advisors, LLC is an SEC-registered investment adviser headquartered in Naples, Florida. The firm specializes in managing defensive equity strategies, notably for the Equable Shares mutual fund and ETF products. Founded in the early 2020s, Teramo Advisors has a small team, currently around 4–5 employees, and provides services primarily to high net worth individuals and investment companies.
Investment Strategy
Teramo Advisors employs a defensive equity approach, aiming to deliver both income and downside risk mitigation while still allowing for upside participation. Its strategies involve tracking broad equity indices, such as the S&P 500, with additional income generation from writing call options and further risk mitigation using put spreads to help protect portfolios during significant market declines. The firm seeks to provide systematic exposure with risk-controlled overlays, primarily through actively managed funds and ETFs.
Top Holdings
Equity Positions (22)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
S SPY | SPDR S&P 500 ETF TR | 55.36% | $194.6M | 315,000 | $485.41 | $617.85 | -$34.7M |
I IVV | ISHARES TR | 18.54% | $65.2M | 105,000 | $613.41 | $620.90 | +$63.2M |
R RYN | RAYONIER INC | 1.11% | $3.9M | 175,720 | $28.19 | $22.18 | -$1.0M |
P PL | PLANET LABS PBC | 0.87% | $3.1M | 500,700 | $4.15 | $6.10 | -$596.5K |
O OPER | ETF SER SOLUTIONS | 0.85% | $3.0M | 30,000 | $100.13 | $100.17 | -$1.2K |
Options Positions (1)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
S SPY | SPDR S&P 500 ETF TR | Sold | Put | $77.2M | 1,250 | $617.85 | $468.31 | -50 | +$75.0M |