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S SQUARED ADVISORS redefines equity investment management through synergistically combining volatility and value factors to optimize the risk and return profile of our clients’ portfolios in favor of fundamentally strong companies. 


We are a specialized equity investment firm that believes in the confluence of volatility and value. The inclusion of volatility in our investment process is a significant distinction that sets us apart from other firms. Our strategies reflect the idea that investing in stocks exhibiting low realized volatility while backed by high-quality fundamentals can yield significant risk-adjusted returns. This methodology attempts to allow our factors to work over the long run while reducing numerous measures of risk, including standard deviation and max drawdown. Our systematic approach results in a well-constructed portfolio composed of companies that embody solid balance sheets, are highly profitable, efficiently use capital, and have superior margin of safety. Simply put, S SQUARED ADVISORS is Value Investing Elevated.


We proactively analyze volatility with the goal of avoiding value traps and maximizing return per unit of risk. Our approach is both sophisticated and simple. It's a balancing act between risk and return parameters. Our equity strategies offer a solution to gain and maintain optimal exposure to robust value and volatility factors.


Dr. Angelo possesses a complementary skillset of market experience, advanced computational skills, complex statistical modeling and the modeling of options pricing. He is the author of Determinants of Implied Volatility Movements in Equity Options. He was a professor of finance at Southern Methodist University and the University of Texas at Dallas. Dr. Angelo built a quantitatively oriented hedge fund of funds product for Cogent Partners, served as a portfolio manager for a macro volatility fund for Cogent Partners, and was influential in raising a 200 million GBP timber fund with Cogent Partners. Dr. Angelo graduated Cum Laude from Southern Methodist University with a BBA in Finance. He earned his M.S. and Ph.D. degree from the University of Texas at Arlington.


Michael J. Heffernan, CFA

Michael J. Heffernan, CFA was recently Co-Founder and Managing Principal of Kappa Asset Management with Dr. Angelo, having built and run the firm since inception in 2012. Mr. Heffernan has over 17 years of experience in investment management and fund operations. Prior to Founding Kappa Asset Management, Mr. Heffernan was an Analyst for Whitebox Advisors. Mr. Heffernan joined Whitebox Advisors in 2010 and was responsible for ongoing position analysis and generating trade recommendations for the Asymmetric Fund, with a focus on asymmetric risk-return profiles, implemented with trading strategies that introduce convexity or option like profiles. Prior to joining Whitebox Advisors, Mr. Heffernan was the Head of Trading and Portfolio Manager for Flint Rock Global Investors since its inception in 2008 and a founding member of the firm. During his tenure with Flint Rock Global Investors, Mr. Heffernan was responsible for all start-up aspects concerning legal formation, registration, negotiating prime brokerage, fund administration, audit, firm operations and investment strategy. He is a Chartered Financial Analyst® (CFA) Charterholder and a Chartered Market Technician® (CMT) Charterholder.


Christopher G. Angelo Ph.D.



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