Who owns what, what the research function is required to know, and the gate every deliverable passes before release. Names no individual other than the Manager.
| Item | Value |
|---|---|
| Entity | California limited liability company, entity number B20260348944 |
| Formed | 30 July 2026 |
| Registered agent | Northwest Registered Agent, Inc., Sacramento, California |
| Principal office | Los Angeles County, California |
| Tax classification | Limited liability company electing to be taxed as a corporation |
| Manager | Jingchang Song, Manager |
| Commercial launch | Q1 2027 |
Marnello LLC is manager-managed. The Manager holds commercial authority — pricing, contracting, client relationships — and the pre-release approval of every deliverable and every library version. No deliverable is published without the Manager's recorded approval, and no methodology change takes effect until its changelog row carries an approval date. The research function has no client-facing duties and no performance-linked compensation, so that validation stays adversarial to the commercial interest in a favourable result.
| Function | Owner | Evidence on this site |
|---|---|---|
| Commercial ownership: pricing, contracting, client relationships | Manager | Products and terms; Contact |
| Pre-release approval gate for every deliverable and library version | Manager | Governance record on the last page of each deliverable; publications; changelog |
| Factor construction and validation | Research function | Validation record; methodology |
| Point-in-time data architecture and integrity verification | Research function | Capability ledger; demo-build disclosures on every PDF page |
| Portfolio evidence and attribution reports | Research function | Evidence |
| Simulation and cost modelling | Research function | Cost sensitivity tables in the validation record |
| Documentation and governance records | Research function | Methodology appendices; changelog |
| Methodology support for client questions, routed through the Manager | Research function | Insights |
The research function requires a degree in a field whose core curriculum is econometrics, statistical inference and stochastic modelling applied to financial data — financial engineering, quantitative finance or statistics programmes. Fama-MacBeth validation, out-of-sample discipline, and point-in-time data integrity are not skills acquired on the job. Staff biography will be published at commercial launch.
| Duty (share of time) | Required knowledge | Published output today |
|---|---|---|
| Factor construction and validation (35%) | Cross-sectional asset pricing; Fama-MacBeth regression and its standard-error treatment; out-of-sample design; multiple-testing awareness | Factor Library Validation Record; per-factor PASS / MONITOR / FAIL results |
| Point-in-time data architecture and integrity verification (20%) | Survivorship-free universe construction; as-reported versus restated data; corporate-action adjustment; reconciliation and audit of data vendors | Demo-build disclosures on every PDF page; capability ledger |
| Portfolio evidence and attribution reports (15%) | Time-series regression; covariance-based variance attribution; concentration measurement; confidence intervals on small samples | Portfolio Evidence Report specimen; Manager Attribution specification |
| Simulation and cost modelling (15%) | Decile portfolio simulation; turnover measurement; transaction cost sensitivity; simulation design | Cost sensitivity tables in the validation record |
| Documentation and governance records (10%) | Reproducible research practice; version control; model documentation standards | Methodology appendices; methodology changelog; governance records |
| Methodology support (5%) | Ability to explain each statistic in writing to a non-specialist, without expressing a view on any security | Insights; frequently asked questions |
| Duty | Share | Hours |
|---|---|---|
| Factor construction and validation | 35% | 560 |
| Point-in-time data architecture and integrity verification | 20% | 320 |
| Portfolio evidence and attribution reports | 15% | 240 |
| Simulation and cost modelling | 15% | 240 |
| Documentation and governance records | 10% | 160 |
| Methodology support | 5% | 80 |
| Research function, total | 100% | 1,600 |
| Manager, commercial hours (Year 1) | — | 1,032 |
The research function is planned at 1,600 hours a year across the duties above; the Manager's commercial time is planned at 1,032 hours in Year 1. Neither figure includes the other's work.
Approval by the Manager is a documented release gate, not an independent audit.
Every deliverable is reproducible from the engine source, the cached data and the ledger row that names its library version and data date. Research is documented so that a qualified successor can reproduce it rather than resident in one person's head; documentation is a defined share of the research function's time.
Work product is attributed to Marnello LLC, produced under the direction of the Manager (Jingchang Song). Individual staff are not named on deliverables before commercial launch.