MVGMMA Index Reduces Equity Exposure

By Jordan Rizzuto, Managing Partner and CIO, GammaRoad Capital Partners February 9, 2026

The MarketVector™-GammaRoad U.S. Equity Strategy Index (MVGMMA) employs a rules-based, adaptive process to allocate between U.S. equity exposure and Treasury Bills exposure based upon its fundamental, behavioral, and trend-based measures for U.S. equity market risk. 

Investors were rewarded with a positive start to the year as the S&P 500 Total Return Index returned +1.45% for January.  The MarketVector™-GammaRoad U.S. Equity Strategy Index (Bloomberg: MVGMMA Index), which had reallocated at the end of 2025 to 66.67% equity exposure and 33.33% T-Bills exposure, maintained its positioning through January and returned +1.08% to start the new year.  As we enter February the strategy’s measure for economically sensitive asset relationships has turned bearish.  This caused the strategy to reduce equity exposure to 33.33% and increase T-Bills exposure to 66.67%. 

We now find the strategy once again positioned with its price direction measure as the sole bullish driver for maintaining equity exposure.  As we have observed in prior monthly strategy updates (please see November 2024 and March 2025), our research suggests that when only one out of three measures is bullish, market conditions may be more susceptible to a meaningful increase in volatility. 

We take a deeper look at current positioning and its potential implications for market volatility in our latest monthly strategy update here. 

 

 

 

About the Author(s):

About the Author:

Jordan is the architect of the MarketVector™-GammaRoad U.S. Equity Strategy Index and co-founder of GammaRoad Capital Partners, LLC. Prior to launching GammaRoad, Jordan was the Chief Investment Officer for Legacy Heritage Partners LLC, where he managed the institutional private foundation and family office portfolios. Before joining Legacy Heritage Partners LLC, Jordan was the Senior Investment Strategist for IBM Retirement Funds, where he was responsible for asset allocation and investment risk management for the U.S. pension fund. While working at IBM, Jordan was featured in CIO Magazine’s 2015 Global 40 Under 40 issue. Prior to joining IBM, Jordan was a Principal in Mercer Investments’ New York office with a focus on asset allocation, strategy implementation, and manager selection for endowments and foundations, corporate pension funds, defined contribution plans, and insurance captives. Jordan is a CFA Charterholder and holds a Bachelor of Arts in Economics from Emory University.

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