Our philosophy

We believe bonds are no longer the conservative approach they used to be.

For years, we told clients: Bonds can be a reliable anchor. They pay steady income, help preserve capital, and rise when stocks fall. The classic 60/40 portfolio worked because of that low correlation combined with falling interest rates.

That story is evolving - fast.

The new reality in three simple points

1. U.S. Debt Is Exploding
National debt now exceeds $38.6 trillion (early 2026), growing by billions daily. Interest payments are one of the largest federal expenses and rising.

2. Managing It Can Mean More Dollars Printed -> Debasement
To service this debt without drastic cuts, policymakers rely on borrowing and, when needed, money creation. Result: persistent inflation risk and gradual USD debasement. Your clients' dollars may buy less over time.

3. Bonds Take the Hit
  • After tax coupons can lose real value to inflation, potentially amounting to negative real returns even at nominal yields.
  • Rising yields from debt/inflation fears can drive bond prices down.
  • Stock-bond correlation breaks: both can fall together (as in 2022 and recent volatile periods), weakening diversification.

Bottom Line For Your Clients
We believe bonds no longer reliably help protect wealth in a high-debt, inflation-prone world. The traditional "conservative" location can quietly erode purchasing power instead of preserving it - especially over long horizons or during retirement drawdowns.

The Opportunity
This is why optimized liquid alternatives matter now more than ever. They target low correlation to both stocks and bonds, seek absolute returns across cycles, and deliver more resilient outcomes with daily liquidity - exactly what today's portfolios can benefit from.

We believe the fiscal math isn't reversing soon. Advisors seeking to adapt may give clients a real edge. Bonds still play a role, but exclusivley depending on them as a portfolio diversifier? That's a risk we can help you reduce.  

Absolute Return

Seeks absolute return that exceeds most liquid alternative peers

Low Correlation

Low correlation can help smooth results, by performing differently from other investments

True Diversification

Diversification that taps into innovative strategies and seeks to boost portfolio returns

Schedule a call with Howard Fraser

Let's discuss building a better portfolio together. 
In this call, you’ll learn:

  • How we help optimize liquid alternatives

  • What the Longboard investment approach is

  • Ways our fund can help improve your portfolio

Schedule a call
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Our Approach
Performance
Fund Library
DEFINITIONS

Beta: Measure of the systematic risk of a security or portfolio in comparison to the market as a whole.

Bloomberg Barclays US Aggregate Bond Index: The Bloomberg Barclays US Aggregate Bond Index, or the Agg, is a broad base, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States. Investors frequently use the index as a stand-in for measuring the performance of the US bond market.  

Maximum Drawdown: The maximum loss from a peak to a trough of an investment or portfolio, before a new peak is attained.

Morningstar Moderate Target Risk Index: The index represents a portfolio of global equities, bonds, and traditional inflation hedges, such as commodities and TIPS. This portfolio is held in a static allocation of 60% equities and 40% fixed income, which is appropriate for U.S. investors who seek average exposure to equity market risk and returns.

Russell 2000 Small-Cap Index: A small-cap stock market index of the smallest 2,000 stocks in the Russell 3000 Index.

S&P 500 TR Index: A capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

SG Trend Index: A leading benchmark for tracking the performance of a pool of the largest managed futures trend following based hedge fund managers that are open to new investment. The SG Trend Index is equal-weighted and reconstituted annually. The SG Trend Index is formerly known as the Newedge Trend Index.

Sharpe Ratio: Risk-adjusted evaluation of return on an investment, which indicate show well an equity investment is performing compared to a risk-free investment, taking into consideration the additional risk level involved with holding the equity instrument.

Sortino Ratio: Risk-adjusted evaluation of return on an investment that is a variation of the Sharpe Ratio, in that it only factors in downside risk. It is used more to evaluate high-volatility portfolios.

Standard Deviation: A measure of an investment’s volatility. Standard Deviation measures how much the investment returns deviate from the mean of the probability distribution of investments (how much the investment will deviate from its expected return).  Investors use this metric to help determine an investment or portfolio’s annual return by considering it historical volatility.

GENERAL DISCLOSURES

Longboard Asset Management, LP (LAM) is registered as an investment advisor with the Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. SEC registration does not constitute an endorsement of the firm by the Commission, nor does it indicate that the advisor has attained a particular level of skill or ability. This website is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications and links. The information on this site does not involve the rendering of personalized investment advice. You should consult a professional advisor before using any of the information, pursuing any of the investment ideas or implementing any of the strategies presented. We believe the information we present is factual and up-to-date, but we do not guarantee its accuracy and you should not regard it as a complete and exhaustive analysis of the subjects we discuss. Our opinions reflect our judgment as of the date of publication and are subject to change. Prospective clients can view the firm’s Form ADV and Part 2A Disclosure Brochure as filed with the SEC at https://adviserinfo.sec.gov/IAPD/Default.aspx or contact us for a copy. The content of this website is provided for informational purposes only and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Longboard Asset Management, LP does not provide legal, tax, accounting, actuarial or pension consulting advice or services. Images and photographs are included for the sole purpose of visually enhancing the site. None of them are photographs of current or former clients. They should not be construed as an endorsement or testimonial from any of the persons in the photographs. Please see our online privacy policy.‍

PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. THERE IS NO GUARANTEE THAT ANY INVESTMENT WILL ACHIEVE ITS GOALS AND GENERATE PROFITS OR AVOID LOSSES
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Important Risk Information

PROSPECTUS OFFERING DISCLOSURE

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Longboard Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained at http://www.longboardfunds.com or by calling 855-294-7540. The prospectus should be read carefully before investing. The Longboard Fund is distributed by Northern Lights Distributors, LLC, a FINRA/SIPC member. Longboard Asset Management, LP, is not affiliated with Northern Lights Distributors, LLC. Northern Lights Distributors, LLC, is not affiliated with the other funds listed above.

Investing involves risk, including loss of principal.

ADDITIONAL DISCLOSURES

Longboard Asset Management, LP (LAM) is registered as an investment advisor with the Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. SEC registration does not constitute an endorsement of the firm by the Commission, nor does it indicate that the advisor has attained a particular level of skill or ability.

PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE PERFORMANCE.

The information set forth herein has been obtained or derived from sources believed by Longboard Asset Management to be reliable. However, Longboard does not make any representation or warranty, express or implied, as to the information’s accuracy or completeness, nor does Longboard recommend that the attached information serve as the basis of any investment decision. Longboard hereby disclaims any duty to provide any updates or changes to the analysis contained in this document.Market analysis, returns, estimates and similar information, including statements of opinion/belief contained herein are subject to a number of assumptions and inherent uncertainties. There can be no assurance that targets, projects, or estimates of future performance will be realized.

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