Sander Gerber

Sander R. Gerber is the Managing Partner, CEO, and Chief Investment Officer of Hudson Bay Capital Management, a global multi-strategy investment firm he co-founded with Yoav Roth in June 2005. He began his investing career in 1991 as an equity options market maker on the floor of the American Stock Exchange, and in 1997 founded Gerber Asset Management to pursue proprietary trading strategies — a firm that was folded into Hudson Bay Capital at its launch. Hudson Bay has since grown into a major multi-strategy manager; reported AUM figures range from roughly $20 billion (end of 2023) to north of $30 billion in subsequent Form ADV filings, with strategies centered on distressed debt, shareholder activism, and structured financings.

Gerber earned a B.S.E. in Finance from the Wharton School and a B.A. in Humanistic Philosophy from the College of Arts and Sciences at the University of Pennsylvania, graduating cum laude. He is best known intellectually for developing the "Gerber Statistic" in 2008 — a measure of the co-movement of financial assets used to detect concentration risk and insufficient diversification. The statistic was validated by Nobel laureate Harry Markowitz, the father of Modern Portfolio Theory, with whom Gerber co-authored research published in *The Journal of Portfolio Management*.

Beyond markets, Gerber is active in policy and philanthropy. He is a trustee of the Economic Club of New York, a member of the Council on Foreign Relations, an investment committee member of the Conference on Jewish Material Claims Against Germany, and a Distinguished Fellow at the Jewish Institute for National Security of America (JINSA). He previously served on the Senior Advisory Group to the U.S. Director of National Intelligence (2017–2019), the USAID Partnership for Peace Fund Advisory Board (2022–2025), and as Vice Chairman and Investment Committee Chairman of the Woodrow Wilson International Center for Scholars.

Note on this record: the supplied stub data described Gerber as an "Angel Investor" investing in "Seed Rounds." Research does not support that characterization. Gerber runs an institutional hedge fund, and his documented activity is in public and special-situations investing, not early-stage venture/angel deals. The profile above reflects the verifiable facts.

• Runs Hudson Bay as a multi-strategy, high-conviction, low-market-correlation book — the firm describes its approach via "The Deal Code System," a portfolio framework emphasizing high conviction with low correlation to markets.
• Core strategies: distressed debt, shareholder activism, and structured/special-situation financings for public companies.
• Heavy emphasis on risk management and capital preservation, operationalized through his own Gerber Statistic to monitor asset co-movement and concentration risk.
• Recent stated interests (2025 Forbes Iconoclast panel): the early innings of private credit, protecting U.S. supply chains, the economic upside of a reindustrializing Midwest, and — notably — the rising value of a humanities education in an AI-driven world.
• His public investing philosophy is quantitative-meets-judgment: replace naive historical correlation with a more robust co-movement measure, then concentrate capital where conviction is high.