Element Capital Management: Platform Profile

Overview

Element Capital Management is a global macro investment manager led by founder, CEO and CIO Jeffrey Talpins.

The firm's current description of “Modern Macro” combines macro-fundamental, systematic and relative-value analysis. Element is unusual among major hedge-fund managers because the current public story emphasizes deliberate returns of outside capital and a present orientation toward assets of the firm's principals.

May fit better for

• investors studying global macro and relative-value hedge-fund processes;
• institutions evaluating an established macro manager's regulatory structure;
• investors able to distinguish historic peak AUM from current regulatory AUM;
• allocators comfortable with private-fund access and high vehicle minimums;
• readers evaluating concentrated manager ownership and principal-capital orientation.

May fit less well for

• retail investors seeking a public subscription portal;
• users assuming Element is broadly raising outside capital today;
• readers who treat the 2019 $18B peak as current AUM;
• investors looking for a universal fee or minimum schedule;
• users who treat third-party awards as a current investment rating.

Element calls its process Modern Macro

Current first-party description:

• Modern Macro: Yes
• Macro fundamental: Yes
• Systematic: Yes
• Relative value: Yes

The three inputs are described as distinct alpha drivers.

Jeffrey Talpins founded the flagship in 2005

Current first-party biography:

• Founder: Jeffrey Talpins
• Current CEO: Jeffrey Talpins
• Current CIO: Jeffrey Talpins
• Flagship launch: 2005-04

The same biography says Element grew from approximately $250M at inception to a peak of $18B in 2019.

Element deliberately returned external capital

Current first-party biography says Element made five proactive returns of outside capital totaling approximately $15B after its peak.

Current regulatory AUM is about $43.4B

Form ADV filings show:

• Regulatory AUM: $43.4B
• Regulatory AUM as of: 2026-03-30
• Client accounts: 5

This regulatory measure should not be compared mechanically with the historical $18B firm-AUM peak.

Regulatory AUM and historical investor-facing AUM can use different definitions, legal structures and grossing conventions.

Private-fund gross assets are about $46.4B

Current filing-derived private-fund schedule:

• Private fund count: 3
• Private fund gross assets: $46.4B
• Element Capital Master Fund gross assets: $43.05B
• Element Capital Master Fund minimum: $50M

The $50M figure is a named-vehicle minimum reference, not Element's universal manager minimum.

Q2 2026 13F value is about $3.20B

Regulatory filings show:

• Q2 2026 13F market value: $3.20B
• Q2 2026 13F as of: 2026-06-30

A global macro portfolio can include rates, currencies, derivatives, shorts and non-U.S. exposures outside the 13F's long-equity-style snapshot.

Umbrella advisers do not become separate canonical reviews

Current IAPD structure includes relying advisers.

Awards are not ROIStreet ratings

Element's About materials cite outside-industry awards.

Assessment

Element's current profile cannot be summarized by a single AUM number. The $18B figure is a historical 2019 peak. The current regulatory filing reports $43.4B of regulatory AUM, while the manager says it now predominantly manages principal capital after returning roughly $15B to external investors.

The access implication is important: history as a large externally funded hedge fund does not establish broad current outside-investor availability.