Jon Havice, Founder and CIO, DGV Solutions
About this episode
Jon Havice discusses systematic investing and volatility risk premia in the context of institutional portfolio construction.
It was a pleasure to welcome Jon Havice, Founder and CIO of DGV Solutions, back to the Alpha Exchange. Our conversation explores systematic investing, volatility risk premia, and portfolio construction for institutional investors. We begin with Jon's path from trading currency options and derivatives at O'Connor and UBS through hedge fund management and investment consulting before founding DGV Solutions. He reflects on advising endowments, foundations, and healthcare systems, and explains how those experiences shaped a philosophy centered on delivering liquid, systematic investment strategies designed to help institutions pursue long-term objectives while managing downside risk. The discussion focuses on DGV's approach to accessing equity beta through a collateralized put-write strategy. Jon discusses the volatility risk premium as a persistent feature of options markets, comparing it to traditional insurance markets where investors are willing to pay for downside protection. He explains how systematic option-writing seeks to capture that premium while emphasizing disciplined risk management, position sizing, and maintaining sufficient collateral through changing volatility…
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