About Us

Addend Capital Management, LLC is a registered investment adviser based in Boston, MA. The firm was founded with the goal of bringing financial innovation and differentiated sources of alpha to our clients. We offer risk optimized solutions to both traditional and alternative asset gatekeepers. The firm aims to achieve long-term capital appreciation and generate absolute returns for its clients in all market conditions. Addend’s clients include accredited individuals as well as family offices, wealth managers, funds of funds, businesses, and qualified pension and retirement plans.

Our portfolios emphasize compelling risk/reward trade-offs identified through rigorous fundamental and behavioral analysis while constantly monitoring risk parameters. We stand for active asset management through innovative thinking and we aim to offer value to our clients by delivering good investment outcomes that exceed their expectations, through relevant products and with open communication. As stewards of capital, we embrace our responsibility to provide the utmost level of service, transparency, and integrity.

Our Edge

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Risk Management

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Investment Philosophy

Our investment philosophy is predicated on the belief that throughout economic cycles, the market has a tendency to misprice assets due to behavioral factors and exogenous events. We utilize these opportunities to buy great innovative companies at a discount to intrinsic value while selling those that are in secular decline. Furthermore, we believe that the market has a proclivity to overprice risk during periods of heightened uncertainty, which presents opportunities for our firm to capitalize on these occurrences with income generating overlay strategies.


Our funds seek to consistently achieve superior risk-adjusted returns through all market conditions with low correlation to the overall market.

Global Equity

The Addend Global Innovations Fund is an alternative strategy which takes a holistic approach to discovering opportunities across the investment landscape of technology, media, telecommunications, and other innovative industries.


We design and deliver a range of integrated multi-asset investment solutions tailored to the needs of each client, keeping them ahead of changes in the investing landscape.


The Addend Volatility Income Fund is an all weather investment approach that combines the benefits of option writing during periods of heightened uncertainty with strategies designed to protect downside risk. The Fund is designed to reduce portfolio volatility while improving risk-adjusted returns, particularly as compared to long only portfolios.


Jethro Townsend, CFA
Founder and Chief Investment Officer

Jethro Townsend is the Founder and Chief Investment Officer at Addend Capital Management. He oversees the overall business and financial operations of the firm. With over 20 years of investment experience, Mr. Townsend is also responsible for implementation of the firm’s alternative strategies. Mr. Townsend began his career at Merrill Lynch in Los Angeles, where he was an Analyst in the Investment Banking division. He joined DuPont Capital Management (DCM) in 1997 and spent 10 years at the firm, the last three as a Senior Analyst on the International Equity team responsible for a $700 million portfolio of technology, telecommunications, and utility assets. During his tenure at DCM, Mr. Townsend also managed Spain, Italy, and Portugal country portfolios as well as worked as an Implementation Specialist responsible for currency hedging, forwards and futures contract management, and risk analysis. Mr. Townsend left DuPont Capital in 2007 to join Fidelity/Pyramis Global Advisors as a Portfolio Manager. At Pyramis, Mr. Townsend managed a portfolio of technology and telecom assets on the International Value team. Prior to forming Addend Capital Management, he served as a Senior Analyst on the Pyramis Global Technology multi-strategy (Long-Short) team.

Mr. Townsend earned his B.S. in Electrical Engineering from Stanford University and his M.B.A. in finance from the Wharton School of the University of Pennsylvania. He is a CFA charterholder, a member of the CFA Institute and the CFA Society of Boston. Mr. Townsend lives with his family in Boston, MA. He is the youngest of his mother's 14 cubs and learned since childhood to be a good steward of capital.

Wren Davis, MBA
Vice-President, Operations

Wren Davis is a Vice-President at Addend Capital Management. With 7 years of hedge fund operations experience, Mr. Davis manages the middle and back office operations of the firm. Mr. Davis began his professional career at JP Morgan Chase in New York City before moving to Boston, where he was a Hedge Fund Analyst in the Corporate and Institutional Services division. In 2008, he joined Northern Trust bank in Chicago where he spent 3 years with their Hedge Fund Administration business, transitioning to a consulting role spearheading business initiatives in Bangalore, India and Luxembourg City, Luxembourg. He ended his tenure responsible for the oversight of a $14 billion international client relationship. Prior to joining Addend, he was a consultant with Liberty Mutual Investments Private Equity Division. Mr. Davis lives with his wife and two children.

He earned his B.S. in Policy Analysis and Management from Cornell University and his M.B.A. in Finance from the University of Illinois at Urbana-Champaign.

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