About

Meet the portfolio manager.

Raymond Micaletti
Raymond Micaletti
Co-founder & Chief Investment Officer, Relative Sentiment Technologies · Portfolio Manager, MOOD ETF

Raymond Micaletti is the co-founder and chief investment officer of Relative Sentiment Technologies and the portfolio manager of the MOOD ETF. He also serves as chief investment officer to two registered investment advisers with over $4.5 billion in combined assets. He has spent more than 25 years in quantitative finance, mostly developing systematic strategies, at firms including J.P. Morgan, Fortress Investment Group, Barclays and Columbus Macro. His research on relative sentiment, published since 2018, forms the basis of his investment approach and remains the focus of his work. He holds a PhD in engineering mechanics from Princeton University and a bachelor’s in civil engineering from the University of Notre Dame.

The idea

The idea behind our ETF.

A large and growing body of academic and practitioner literature finds that institutional investors tend to achieve better outcomes in financial markets than retail investors, a result that has held across regions, asset classes, and time periods. The reason may be the persistent structural advantages that institutions enjoy: greater resources, better information and, more fundamentally, a hand in setting the narrative that retail investors react to. Our ETF attempts to align its allocations with the relative positioning between institutions and retail — their relative sentiment —in an effort to share in those better outcomes.

In brief

Current roles
  • Co-founder & CIO, Relative Sentiment Technologies
  • Portfolio Manager, MOOD ETF
  • CIO to two RIAs (~$4.5B)
Career
  • J.P. Morgan
  • Fortress Investment Group
  • Barclays
  • Columbus Macro
  • and others, over 25 years
Education
Ph.D.Engineering MechanicsPrinceton University
B.S.Civil EngineeringUniversity of Notre Dame
Research
  • Papers on SSRN (2018, 2019, 2022)

Relative sentiment is a tendency, not a guarantee; past performance is not indicative of future results.

The partners

Who’s behind Relative Sentiment.

Ray founded the firm alongside a small group of accomplished fintech founders and investors.

Wes Gray
Wes Gray
Co-founder
Wes Gray is the founder and CEO of both Alpha Architect and ETF Architect, the latter a turnkey ETF platform that has grown quickly to more than 100 funds. After serving in the United States Marine Corps, Dr. Gray earned a PhD in finance from the University of Chicago, where he studied under Nobel laureate Eugene Fama. His desire to bridge the gap between academia and industry led him to found Alpha Architect, an asset-management firm dedicated to empowering investors through education. A frequent contributor to industry publications and a speaker to professional investors across the country, he has published numerous academic articles and books, including the co-authored Quantitative Value and Quantitative Momentum.
George T. Patton
George T. Patton
Co-founder
George T. Patton is a long-time entrepreneur who has found success across industries from real estate to finance to manufacturing. From 1990 to 2015 he ran George Patton Associates, which manufactured and imported more than 5,000 B2B marketing products and sold them online, eventually becoming a top-200 e-commerce retailer. GPA was purchased in 2012 by a large German public company. Since 2015 he has invested in quantitative alternative strategies and become an avid mountain hiker, especially in the Cape Verde Islands and the White Mountains of New Hampshire.
Dave Babulak
Dave Babulak
Co-founder
Dave Babulak is a Palo Alto–based investor and advisor to innovative financial firms, including Robinhood and Alpha Architect. He previously spent ten years at Getco (now KCG), where he was a member of the board and held a variety of leadership roles. Earlier, he co-founded Blink Trading (later purchased by Getco), worked as a quant at Hull Trading (now part of Goldman Sachs), and served as an assistant trader on the floor of the Chicago Board Options Exchange. A former Engineer Officer in the United States Army, he holds engineering degrees from the University of Michigan and Stanford University.
Brit Yonge
Brit Yonge
Co-founder
Brit Yonge leads special situations at Anduril. Earlier he was an Operating Partner at Corsair, focused on investment diligence and portfolio-company initiatives; co-founded a company building technical infrastructure for the correspondent-banking industry; and spent five years at Palantir, where he started and led the firm’s Asia office and served as Chief of Staff to the Chief Technology Officer. He served five years in the U.S. Navy as an intelligence officer and is a graduate of the United States Naval Academy.

The individuals above are co-founders and owners of Relative Sentiment Technologies, LLC. They are not members of the firm’s investment team and do not make investment decisions for its clients. Wes Gray is also the founder and CEO of Empowered Funds, LLC (dba ETF Architect), the investment adviser to the ETF, for which Relative Sentiment Technologies, LLC serves as sub-adviser.

Work with the research

One idea, many outlets.

Read the weekly report, work with us directly, or own our approach in a fund.

Read the report →Advisory inquiries →Our ETF →