Andrew Beer

Andrew D. Beer has more than 30 years of experience in the hedge fund and alternative-investment industry. He graduated magna cum laude with a B.A. from Harvard College and earned his M.B.A. as a Baker Scholar from Harvard Business School. He began his career in mergers & acquisitions at the James D. Wolfensohn Company and worked in leveraged buyouts at the Thomas H. Lee Company while attending Harvard Business School. In 1994 he joined the Baupost Group as one of roughly six generalist investment professionals working under Seth Klarman.

Over the following years Beer became a founding partner of several asset-management firms spanning complex derivatives, fundamental commodity investing, and cross-border trading in Asia. In 2003 he co-founded Pinnacle Asset Management, a commodity investment firm, and he was also a founder of Apex Capital Management, one of the earliest hedge funds focused on Greater China. Since 2007 he has concentrated on hedge fund replication — building strategies designed to match or outperform portfolios of leading hedge funds with lower fees, daily liquidity, and shallower drawdowns. This work was originally housed at Beachhead Capital Management, which was later rebranded as Dynamic Beta investments (DBi).

At DBi, Beer is Founder and Managing Member, co-founding the firm's core replication business with partner Mathias Mamou-Mani. DBi manages strategies that seek to replicate the pre-fee performance of hedge fund portfolios across Managed Futures, Equity Long/Short, and Multi-Strategy categories. He and his team launched and run the iMGP DBi Managed Futures Strategy ETF (ticker DBMF), which has grown into the largest managed-futures ETF, surpassing roughly $4 billion in assets by 2026. Beer is a frequent media commentator (Bloomberg, Barron's, Financial Times, Morningstar) and a recognized authority on alternatives in the ETF wrapper.

Beyond his investment work, Beer has served on the Board of Directors of the U.S. Fund for UNICEF, where he chaired its Bridge Fund initiative. He also co-founded the Pierrepont School in Westport, Connecticut, with his wife and has chaired its Board of Trustees.

• Core thesis — replicate, don't pay for, hedge fund alpha: Match or outperform portfolios of leading hedge funds "with low fees, daily liquidity and less downside risk," delivered in transparent ETF and UCITS wrappers rather than opaque, illiquid, high-fee funds.
• Strategies: Three core replication strategies — Managed Futures, Equity Long/Short, and Multi-Strategy (Equity Long/Short, Relative Value, Event-Driven) — plus an "Absolute Return" line. The firm's tagline is "Sophistication Meets Simplicity."
• Flagship product: iMGP DBi Managed Futures Strategy ETF (DBMF), launched May 2019, now the largest managed-futures ETF; DBi is also sub-advisor to iMGP and SEI liquid-alternative vehicles in the US, Canada, and Europe.
• What makes the approach "yes": Beer argues that most hedge fund returns can be captured through liquid, diversified factor exposures, so investors should avoid paying "2-and-20" for beta. He emphasizes daily liquidity, low cost, tax efficiency, and downside protection.
• Not a venture/seed investor: His capital is deployed through pooled public fund vehicles into liquid instruments (futures, ETFs, liquid securities), not into private startups.