Principals & team.

Nathaniel Richer leads trading and execution at Saratoga. He brings nearly 30 years of institutional experience across derivatives, macro strategies, and non-linear risk, with responsibility at Saratoga for implementing the program’s systematic signals and supervising trading risk.

Previously an Executive Director at J.P. Morgan, he managed the firm’s global crude oil swaps and options portfolio, with responsibility for pricing, risk, and trading strategy. His earlier senior trading roles at Harris Bank (BMO), BNP Paribas, and Bank of America spanned commodities, options, and structured products.

At Saratoga, his role connects the quantitative models to trading decisions and execution. Entry, exit, and sizing signals are governed by the program’s rules; supervisory discretion is limited to reducing risk or halting trading.

Michael Fragomeni leads quantitative research, signal generation, and trading-systems architecture for the program. His experience spans more than a decade in systematic trading, real-time data engineering, and the development of research and backtesting frameworks.

His infrastructure work includes co-designing and building a research environment at Equinix NY4 with a 100-server architecture, multi-petabyte storage, and a 100GbE network. The environment supported market-data processing and quantitative research.

Before Saratoga, he held trading and quantitative research roles at T3 Trading Group and Quasar Trading, focused on short-term systematic strategies and market structure. He is the founder of F2 Tech LLC, a financial-technology firm focused on market infrastructure and algorithmic trading systems.

Alex Dubelko leads Saratoga’s operations, bringing experience building brokerage platforms and trading software to the business of running an investment firm. He oversees client onboarding, reporting, service-provider coordination, and capital formation, working directly with the trading principals and Chief Compliance Officer.

As a Senior Product Manager at TradeStation, he led the firm’s new mobile trading platform from inception through public launch. He also led web-platform development, helped develop the client Hub portal, and set the multi-year product vision for the desktop platform. His work addressed how active traders move from account opening to live trading across equities, options, and futures.

An active trader for more than 13 years, Alex builds software for trading research and analysis. His projects include EdgeBook, a trading journal with brokerage integrations, and Social Signals, which uses AI to extract and organize market information from social feeds and financial newsletters.

He also founded Summit Analytics, where his work spans AI applications, workflow automation, data pipelines, and market-intelligence systems. Earlier, as a private equity analyst at Breakwater Management, he built transaction models and investment-committee memoranda. His background also includes roles at Cheviot Value Management and Imperial Capital.

Anthony V. Ranni leads Saratoga’s compliance program, drawing on 40 years in the futures industry and experience overseeing compliance for more than 45 commodity trading advisors.

His responsibilities cover CFTC and NFA regulatory administration, registration, Regulation 4.7 administration, review of marketing and promotional materials, and books and records. He oversees the compliance work that accompanies the program’s research, trading, and investor communications.

As Chief Compliance Officer, he also holds authority to reduce or halt trading under the firm’s adopted risk-governance framework. That authority is limited to reducing risk, rather than adding exposure or forcing a position.

Jim Ferguson brings more than 30 years of experience designing market-data and trading systems. His work spans early institutional market terminals and analytics platforms through low-latency processing engines capable of handling the U.S. equities and options markets in real time.

He has architected systems for deterministic, low-latency operation and deployed trading infrastructure at banks, hedge funds, and proprietary trading firms globally. At Saratoga, he serves as Systems Architect, bringing that experience to the engineering behind the program.

Jim is the founder of SSE Innovations Group, Inc., where his work focuses on trading systems and market-data engineering.

Ahren Stephens leads capital formation and investor relations for Tactical Alpha Futures. He guides prospective investors from the initial discussion through QEP intake, program diligence, and account-opening coordination, and manages ongoing investor relationships.

He brings more than 25 years of client-facing experience across futures, foreign exchange, equities, and commodities. He has traded S&P 500 futures and currencies for his own account since 1999.

Before Saratoga, he founded and ran Luntar Capital, a rules-based trading advisory focused on strategy execution and investor education. He also served as a senior market educator, trainer, and trading coach at Eagle Financial Publications, as a technical analyst for a commodity pool operator, and as a senior portfolio manager at Managed Capital Advisory Group. He has passed the Series 3, Series 30, and Series 34 examinations.