Los Altos, CA Main Street Office

Changing Parameters, LLC provides discretionary tactical allocation and portfolio management services to separately managed accounts for individuals (including high-net-worth and non-high-net-worth clients), pensions, trusts, charitable organizations and corporations, and also serves as investment adviser to an SEC-registered open-end investment company (the Changing Parameters Fund). The firm offers model-based SMA management under separate discretionary agreements and provides investment management to the Fund under its advisory contract.

The firm’s investment approach relies on price-trend, technical, quantitative and momentum analysis to generate trigger points for allocating among equity, fixed income and money market mutual funds, and it typically adjusts exposures (including moving to shorter-duration sectors or cash equivalents) when its proprietary models indicate changing trends. Changing Parameters operates with discretionary trading authority, may seek to implement its SMA strategies by investing client assets in the Fund, and uses third‑party software tools — including artificial intelligence solutions for market research and operational efficiency.

What is uncommon about this firm relative to peers is that it both manages separately managed accounts and directly advises an SEC-registered investment company, and it provides portfolio management services to investment companies — a combination that is rare among similar-sized advisory firms. The Fund the firm manages is actively traded and non‑diversified, employing long and short positions, derivatives and futures (and potentially leverage and higher turnover), and the firm discloses the operational and conflict considerations that can arise when SMAs are allocated into a related Fund.