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Emerging Markets Excellence
An independent investment manager applying a disciplined, opportunistic macro strategy across emerging markets, built on the institutional infrastructure and investment heritage of the Vega platform.
ABOUT US
Inside Alon Capital
Alon Capital is an independent investment manager focused on discretionary macro strategies in emerging markets.
Alon manages capital using an investment approach developed and refined across multiple market cycles.
We operate in markets where information is uneven and consensus views are often shaped by structural constraints. Our work centers on understanding those dynamics and positioning capital accordingly, with an emphasis on discipline, adaptability, and risk awareness.
BACKGROUND
Alon Capital was established in 2025 by Carlos Franky as a dedicated asset management firm to lead the AlphaLyra EM Opportunities Fund. Carlos managed an internal fund within Vega for over seven years prior to launching the AlphaLyra EM Opportunities Fund. While fully independent in governance and day-to-day management, Alon continues to benefit from Vega Asset Management's backing as anchor investor and infrastructure, reflecting a close partnership and continuity of investment philosophy.
The investment process Alon applies has been refined for nearly three decades within Vega Asset Management, a platform that has incubated multiple billion-dollar-plus investment managers. Alon brings the same institutional infrastructure, research depth, and risk discipline to a strategy focused exclusively on emerging-markets macro.
Institutional infrastructure
Risk management, research, legal, compliance, middle-office operations, and strategic development, the hallmarks of the Vega platform's enduring success spanning three decades.
Proven track record
Multiple $1bn+ spinouts have emerged from Vega Asset Management, underscoring the strength and depth of the platform and its ability to incubate world-class investment managers.
Continuity of process
Alon Capital continues the tradition as manager of the AlphaLyra EM Opportunities Fund, applying a rigorous analytical framework refined over nearly 30 years of Vega's EM investing.
OUR FOCUS
WHAT WE DO
Investment Approach
Emerging markets are defined by structural features that materially influence how risk is perceived and priced. Politics, policy credibility, and market behavior play a central role in driving outcomes.
Our focus is on identifying value through a deep understanding of these dynamics and implementing views with precision and discipline.
Portfolio Construction
Portfolio construction emphasizes conviction, coherence, and flexibility. Macro themes are developed through fundamental analysis and implemented using instruments selected for transparency and precision.
We prioritize clarity over complexity and judgment over mechanical optimization. Portfolio decisions reflect changes in regime, thesis validity, and market behavior rather than short-term market noise.
The objective is to remain resilient across cycles while maintaining consistency of process and discipline of execution.
PHILOSOPHY
"Volatility is an inherent feature of emerging markets."
