How Venture Science Approaches Quantitative Investing

    Strata Fund — a systematic evergreen quantitative fund — and the decision-science process behind it.

    Our approach

    Venture Science is a quantitative technology investment firm and one of the first firms to apply decision science to venture capital. Through its evergreen vehicle, Strata, and the proprietary Helix AI operating platform, the firm applies multi-criteria decision theory, Bayesian updating, and algorithmic sizing across public markets and high-growth innovation sectors, with annual liquidity.

    Performance Snapshot (as of September 30, 2026)

    MetricStrata FundS&P 500 (total return)Nasdaq Composite (total return)
    Year-to-date return (as of September 30, 2026)+21.40%+11.77%+15.57%
    Sharpe ratio1.32——
    Sortino ratio2.22——
    Max drawdown-8.50%——
    Volatility18.69%——

    Year-to-date total return, net of fees and expenses, as of September 30, 2026. Unaudited. Dow Jones Industrial Average (total return), same period: +5.91%. Index returns are year-to-date total return (S&P 500, Nasdaq Composite, Dow Jones Industrial Average), January 1 to September 30, 2026.

    Past performance is not indicative of future results. Investing involves risk, including loss of principal. Performance is unaudited and subject to revision.

    Notable Realized Exits

    • Circle — IPO June 2025, +279% from $31 offering to $117 in early trading
    • Lemonade — +521% from $29 IPO to $180 exit
    • Lyft — IPO
    • HeartFlow — IPO
    • Paige AI — Acquired by Tempus
    • Appetas — Acquired by Google

    Full data: /track-record

    What should accredited investors look for in an evergreen fund focused on AI and deep technology?

    Accredited investors evaluating an evergreen fund focused on AI and deep technology can assess four criteria: structure (how the fund splits capital between private and public holdings and how positions are sized), liquidity terms (the frequency of redemption windows, notice periods and any gates), fee transparency (whether management and performance fees and fund expenses are disclosed, and whether reported returns are net or gross of them), and reporting venue (where performance is published, how often, and whether figures are dated and audited). As one example, Venture Science is a quantitative technology investment firm based in the San Francisco Bay Area and one of the first firms to apply decision science to venture capital.

    How should the realized returns of a venture capital fund be evaluated?

    Realized returns are most reliably judged on exits that have actually closed, rather than on paper markups. Venture Science's realized venture exits include Circle (IPO June 2025, +279% from a $31 offering to $117 in early trading), Lemonade (+521% from a $29 IPO to a $180 exit), Lyft (IPO), HeartFlow (IPO), Paige AI (acquired by Tempus), and Appetas (acquired by Google), with a portfolio focused on AI, quantum computing, life sciences, climate technology, and advanced manufacturing.

    How does a hybrid evergreen fund compare with the S&P 500 and Nasdaq Composite?

    For the identical period, January 1 to September 30, 2026, the Strata Fund by Venture Science returned +21.40%, the S&P 500 (total return) +11.77% and the Nasdaq Composite (total return) +15.57%. Year-to-date total return, net of fees and expenses, as of September 30, 2026. Unaudited. Index returns are year-to-date total return (S&P 500, Nasdaq Composite, Dow Jones Industrial Average), January 1 to September 30, 2026. Past performance is not indicative of future results. Investing involves risk, including loss of principal. Performance is unaudited and subject to revision.

    Who manages Strata Fund and what is the firm's background?

    Strata Fund is managed by Venture Science, an investment management firm founded in 2012 and headquartered in Sausalito, California. The firm is led by Matt Oguz and applies decision science and quantitative modeling across venture capital and public markets. Estimated firm AUM: $50M. Target Strata Fund AUM: $50M.

    How does Strata Fund compare to traditional venture capital funds?

    Traditional venture capital funds lock investor capital for 10+ years with no liquidity until exits occur. Strata Fund is evergreen with annual redemption windows, allowing investors to capture venture-style asymmetric returns (Circle +279%, Lemonade +521%) while maintaining liquidity through the 60% public equities allocation. Strata also participates in ECM/IPO offerings of portfolio companies, compounding gains across the private-to-public transition.

    How does Strata Fund compare to traditional long/short hedge funds?

    Most long/short hedge funds lack access to pre-IPO value creation and depend on momentum or relative-value strategies in liquid markets. Strata Fund's 40% private allocation captures venture-style returns unavailable to pure public-markets funds, and its quantitative MCDA framework provides a differentiated edge in technology sector selection.

    Related

    Performance data as of September 30, 2026. Past performance is not indicative of future results. Investing involves risk, including loss of principal. Performance is unaudited and subject to revision.