Toby Carrodus

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Quantitative Research & Trading 

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March 2023






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About Toby Carrodus

Toby Carrodus has worked for some of the largest and most elite hedge funds and asset managers in the world, such as PIMCO and Winton Capital. He has spent the last few years working on higher-frequency, intraday systematic trading strategies as well as privately investing in businesses.

Companies & Work

Independent Writing

Independent Writing

Jul 2022 — Present

• Toby Carrodus: "An Elementary Introduction to Risk Parity." Available at SSRN:

• Toby Carrodus: "The Psychological Underpinnings of Why Systematic Trading is Superior to Discretionary Trading." Available at SSRN:

• Toby Carrodus: "It’s Time To Review Our Central Banks." Available at SSRN:

Prop Firm

Quantitative Research & Trading

Apr 2018 — Aug 2022

• Designing, researching and overseeing medium-frequency (intraday) systematic trading strategies covering currencies, commodities, bonds and equity indices
• Project management of trading strategies from an exploratory data and hypothesis phase through to formal presentation of results and real-time implementation
• Sourcing and cleaning data; analyzing large datasets with Python
• Monitoring slippage and adjusting transaction cost models; conducting attributions
• Collaboration with developers to implement research into live production systems
• Building general research infrastructure

Winton Capital


Sep 2016 — Mar 2018

• Systematic Global Macro
• One of the world's top hedge funds judged by size (USD +30bn) and 20yr+ track record, Winton utilizes scientific methods to identify persistent edges in markets that are systematically exploited to generate sound risk-adjusted returns.

MST Capital

Research & Trading

May 2014 — Jul 2016

• MST Capital was a Global Macro hedge fund with an APAC bias. It ceased operations in 2016
• Direct support to CIO to manage a global macro portfolio; discretion to manage CIO positions; execution across equities, indices, rates, FX and commodities using cash, futures, options and swaps
• Researching systematic trading strategies; compiling, cleaning, scrutinizing and analysing data; developing systematic strategies in Python
• Quantitative and fundamental macroeconomic research for the Investment Committee and trade decisions; building dynamic templates to monitor quantitative, technical and fundamental information; designed and implemented position sizing techniques to target portfolio volatility
• Hedging and funding non-USD instruments; PnL hedging; rolling daily FX balances; trade booking and checking; trading and risk system maintenance (FrontArena, TradingScreen, Bloomberg EMSX)



Mar 2012 — Apr 2014

• Covering global investment grade credit and high yield portfolios in excess of US$34.4bn
• Collaborating with Portfolio Managers on all aspects of managing accounts, including monitoring and adjusting interest rate duration, curve positioning, spread duration, FX exposure, leverage and cash
• Modelling risk impacts of trades (incl. cash bonds, IRS, CDS, futures, FX); ensuring portfolios maintain target risk exposures; monthly rebalancing
• Sourcing, cleaning, scrutinizing and analyzing data from internal and external data providers for use in investment decisions
• Formulating allocation algorithms to distribute new bond issues and relative value switches; coordinating global handover of trading programs outside of the EMEA time zone

• Regular client and internal reporting on portfolio positioning, risk metrics, performance attribution; building dynamic templates with proprietary software, Excel, VBA, SQL and Bloomberg
• Responding to market, policy and client driven ad-hoc requests e.g., benchmark modelling, modelling portfolios with/without FX risk, ESG
• Member of PIMCO technology cabinet and trainer for an internal proprietary risk application


Humboldt-Universität zu Berlin

M.Sc. Economics

Sep 2009 — Aug 2011

• SCHOLARSHIP: Friedrich-Naumann Stiftung für die Freiheit
• Courses included: Econometrics, Time Series Analysis, Panel Data, Quantitative Methods
• Master's dissertation: Estimation and Evaluation of Risk in Artificially-Smoothed Asset Returns of Illiquid Assets via the Getmansky Method
• International Summer School in Economics & Management Science in Havana, Cuba

Australian National University

Bachelor of Economics

Feb 2005 — Jul 2009

• SCHOLARSHIP: Baden-Wuerttemberg Stipendium for an exchange year in Freiburg, Germany
• SCHOLARSHIP: A.N.U./Uni.S.A. Summer Research Scholarship
• Invited for Honours in Economics

Australian National University

Bachelor of Arts (German & Political Science)

Feb 2005 — Jul 2009

• Goethe Society Prize for Outstanding Achievements in Advanced Level German
• Swiss Embassy Prize for Best Essay

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