INDEPENDENT VERDICT
Avos Titus Fund LLC is the flagship active-commodities hedge fund of Avos Capital Management, not an unrelated "Titus" investment brand. The September 8, 2026 Form D/A reports an indefinite Rule 506(b) offering with $30,818,637 sold to 36 investors, a $100,000 minimum investment and reliance on Investment Company Act Section 3(c)(1). Avos Capital Management is identified directly in SEC filings as the investment manager and managing member of the issuer, while Peter Joers and Joshua Blanchfield are named as managing members of the investment manager. Avos's own strategy page independently identifies Titus as its flagship commodities-focused absolute-return strategy, investing across energy, metals and supply-chain themes through directional and relative-value trades, volatility, commodity equities and macro hedges. The fund has grown from only $3 million and five investors in September 2023 to more than $30.8 million and 36 investors three years later, making capital growth and strategy execution more important analytical questions than basic sponsor identity.
THE FUND HAS GROWN MORE THAN TENFOLD SINCE ITS 2023 LAUNCH
The Form D chronology provides unusually clean evidence of the fund's development.
The initial September 2023 filing reported $3 million sold to five investors.
The September 2024 amendment reported $20,678,537 sold to 25 investors, an increase of approximately $17.68 million in one year.
The September 2025 amendment reported $23,453,637 sold to 29 investors.
The September 2026 amendment reports $30,818,637 sold to 36 investors.
That means the latest year added exactly $7.365 million of cumulative subscriptions, while investor count increased by seven.
The current $30.818637 million figure is cumulative. Investors and publishers should not add the 2023, 2024, 2025 and 2026 Form D amounts together as though they were separate fundraising rounds.
The correct latest SEC capital-formation figure is $30.818637 million.
AVOS DIRECTLY CONFIRMS TITUS AS ITS FLAGSHIP ACTIVE-COMMODITY STRATEGY
Avos describes Titus as its flagship commodities-focused absolute-return strategy.
According to the manager, the strategy seeks uncorrelated returns across energy, metals and supply chains and looks for structural dislocations in markets where investment or supply has been constrained. Avos says the strategy can express those views through directional and relative-value trades, volatility, commodity equities and macro hedges.
This is substantially more specific than the generic "hedge fund" description in Form D.
The strategy is not simply a long-only commodity index portfolio.
Its opportunity set can potentially include: commodity futures; commodity-related equities; options; relative-value positions; cross-market trades; volatility structures; currency or macro hedges; and both long and short exposures.
That flexibility can create more sources of alpha, but it also makes leverage, derivatives exposure and risk controls particularly important.
THE TEAM HAS A DISTINCTIVE BRIDGEWATER BACKGROUND
Avos's current leadership is unusually concentrated with former Bridgewater Associates personnel.
Josh Blanchfield is CEO and CIO. Avos states that he spent approximately 11 years at Bridgewater, led global trading during the 2008 financial crisis, helped build Bridgewater's China business and focused on commodities research.
Martin Hutter, Head of Investments, spent approximately 13 years at Bridgewater and led portfolio construction.
Gavin Walsh, CTO and Head of Trading, spent approximately 13 years at Bridgewater working on investment implementation and portfolio construction before later serving at the U.S. Department of Energy Loan Programs Office.
Peter Joers, Head of Client Services, previously advised pension clients at Bridgewater and before that led a multibillion-dollar private-wealth team at Bank of America.
Michael Polansky, Chairman, previously worked at Bridgewater and Founders Fund and later managed family-office capital.
This background is relevant because Titus is a macro-oriented commodity strategy where risk allocation, derivatives implementation and portfolio construction can matter as much as individual security selection.
It should not, however, be interpreted as evidence that Bridgewater is involved in or endorses the fund.
AVOS CAPITAL MANAGEMENT IS A SEPARATE SEC-REGISTERED ADVISER
Avos Capital Management LLC is registered with the SEC as an investment adviser under CRD 313979 and SEC file number 801-121167.
Its Form ADV directly lists Avos Titus Fund LLC as a private fund and identifies Avos Capital Management as the manager.
Latest publicly indexed 2026 regulatory data place Avos at approximately $297.8 million in regulatory assets under management across approximately 50 clients.
That firmwide regulatory AUM must be kept separate from the Titus Fund's $30.818637 million Form D amount sold.
The broader Avos platform also manages separately managed accounts and other macro portfolios. Its official website says the firm currently manages roughly $300 million across core strategies and bespoke client portfolios, broadly consistent with its publicly indexed regulatory AUM.
Titus is therefore one strategy within a significantly larger advisory business.
THE MANAGER'S CLIENT BASE EXTENDS BEYOND THE HEDGE FUND
Avos describes its clients as including endowments, family offices and ultra-high-net-worth individuals.
Its broader investment platform includes: Risk Parity; Global Equities; Long-Term Real Return; Enhanced Cash; Global Bonds; and active strategies such as Titus.
The core portfolios are designed around global asset allocation, while Titus is a more concentrated active strategy.
That separation matters because the approximately $298 million manager AUM includes assets outside Titus.
A client could use Avos for a diversified separately managed portfolio without investing in Titus, and a Titus investor should not assume that all firm assets follow the same commodity strategy.
ENERGY AND METALS ARE NOT SIMPLY INFLATION TRADES
The most interesting part of the Titus thesis is its emphasis on structural commodity dislocations rather than only near-term inflation.
Commodities can be affected by: years of underinvestment in new supply; permitting constraints; geopolitical disruption; energy-transition demand; electrification; AI and data-center power consumption; mine-development cycles; OPEC production decisions; inventory levels; and changes in Chinese or global industrial demand.
These forces can create multi-year price imbalances.
But commodity investing can be extremely sensitive to timing.
A correct long-term thesis can still lose money if supply arrives earlier than expected, global demand slows, inventories rise or political intervention changes market structure.
Absolute-return commodity management therefore depends heavily on position sizing and the ability to alter exposure as conditions change.
THE STRATEGY CAN EXPRESS RELATIVE-VALUE VIEWS RATHER THAN ONLY DIRECTIONAL BETS
Avos publicly states that Titus uses both directional and relative-value trades.
That distinction is important.
A directional oil trade may depend primarily on whether oil prices rise or fall.
A relative-value trade might instead involve: one commodity versus another; one part of a futures curve versus another; one producer versus another; regional price differentials; commodity equities versus underlying commodities; or related volatility structures.
Relative-value trades can potentially reduce broad market beta, but they can still generate large losses if historical relationships break down.
Spread positions can also be leveraged because managers may perceive the expected price difference as less volatile than the underlying assets.
Investors should therefore request gross and net notional exposure rather than judging risk only from net directional positioning.
DERIVATIVES MAKE LIQUIDITY AND MARGIN MANAGEMENT CRITICAL
Commodity futures and options can provide efficient exposure with relatively little initial cash, which makes them useful portfolio tools but also introduces nonlinear risk.
A fund can control a large notional commodity exposure with margin representing only a fraction of the underlying contract value.
During sharp price movements, variation-margin calls can require significant cash.
Options add additional variables: implied volatility; time decay; skew; convexity; assignment risk; and potentially large losses on short option positions.
A commodity hedge fund can therefore appear liquid at the security level while still suffering liquidity pressure from margin requirements during extreme market moves.
Investors should understand the fund's maximum gross exposure, margin policy and stress-testing framework.
THE FUND MOVED FROM SEATTLE TO DARIEN IN ITS 2026 FORM D
Earlier Avos Titus filings listed 1030 37th Avenue East in Seattle, Washington.
The September 2026 amendment changes the fund's principal business address to: 19 Old Kings Highway South Suite 200 Darien, Connecticut 06820.
The telephone remains 720-864-4348.
Avos Capital Management is also listed at the Darien address in the latest Form D.
At the same time, other regulatory filings during 2026 still reflect historical Seattle information for parts of the advisory organization.
That is not necessarily inconsistent; regulatory databases can update on different filing schedules.
However, investors should use the latest Form ADV and current manager materials to confirm which office functions are now based in Darien, Seattle, Boulder or elsewhere.
AVOS HAS EXPANDED ITS SENIOR TEAM AS THE PLATFORM HAS GROWN
The firm's current public leadership differs meaningfully from its initial Titus launch period.
Greg Padgett now serves as COO and General Counsel. Avos states that he spent approximately ten years at the SEC Division of Enforcement and previously practiced at Covington & Burling.
Gavin Walsh now leads technology and trading.
Martin Hutter leads investments.
Michael Polansky serves as Chairman.
This expansion matters because a growing hedge-fund and separately managed account platform needs institutional infrastructure beyond the founding portfolio managers.
Operations, risk, compliance, legal oversight, technology and trading implementation all become increasingly important as assets and client count increase.
THE FUND'S LARGEST PUBLIC INFORMATION GAP IS PERFORMANCE
The strongest publicly verified facts concern structure, manager identity and strategy.
What is not available through Form D is equally important.
Form D does not provide: monthly performance; annual returns; maximum drawdown; Sharpe ratio; commodity beta; volatility; gross exposure; net exposure; margin use; portfolio concentration; value at risk; or individual positions.
Avos describes Titus as an absolute-return strategy designed to deliver strong uncorrelated returns, but those are strategy objectives rather than independently verified realized results.
Investors should request the complete audited performance history beginning September 2023 and compare net returns with relevant commodity and macro benchmarks.
THE 36-INVESTOR BASE IS STILL RELATIVELY CONCENTRATED
The latest fund reports 36 investors and $30.818637 million sold.
A simple arithmetic average would be approximately $856,000 per investor, although actual investor sizes may vary significantly.
The $100,000 minimum is much lower than that arithmetic average.
This suggests that at least some investors may hold substantially larger positions.
Redemption concentration therefore matters.
If several large investors withdraw during a volatile commodity period, the fund may need to reduce positions at unfavorable times or hold higher cash balances than its investment strategy would otherwise require.
Investors should ask for the percentage of NAV represented by the largest five investors.
FINAL ASSESSMENT
Avos Titus Fund has a clear and increasingly institutional regulatory footprint. SEC records show the fund growing from $3 million and five investors in 2023 to $30.82 million and 36 investors in 2026. Form ADV directly links the vehicle to SEC-registered Avos Capital Management, while Avos's official website independently identifies Titus as the firm's flagship active-commodities strategy. The management team includes several senior former Bridgewater investment professionals with experience across macro research, commodities, portfolio construction, trading and institutional client management.
The principal diligence issue is performance and risk implementation rather than sponsor identity.
Titus can invest across energy, metals, supply chains, directional positions, relative value, volatility, commodity equities and macro hedges. That flexibility can create diversified return opportunities, but it can also introduce leverage, margin, derivatives, basis and short-position risk that cannot be evaluated from Form D.
Investors should therefore focus on audited net performance, drawdowns, gross and net exposure, derivatives use, liquidity, margin requirements and portfolio concentration before treating the strategy's institutional pedigree as evidence of investment quality.
KEY FINDINGS
Avos Titus Fund LLC was formed in Delaware in 2023. CIK is 0001991775. Private fund ID is 805-1055590116. First sale occurred September 1, 2023. Latest Form D/A was filed September 8, 2026. Offering is indefinite. Latest amount sold is $30,818,637. Latest investor count is 36. Minimum investment is $100,000. The fund relies on Rule 506(b). The fund relies on Section 3(c)(1). The SEC classifies Titus as a hedge fund. Sales commissions are $0. Finder's fees are $0. Related-person use of proceeds is $0. Avos Capital Management LLC is the investment manager and managing member. Josh Blanchfield and Peter Joers appear directly in Form D. Avos Capital Management is an SEC-registered RIA. CRD: 313979. SEC file: 801-121167. Latest publicly indexed 2026 regulatory AUM is approximately $297.8 million. Titus is Avos's flagship active-commodities strategy. The strategy focuses on energy, metals and supply chains. It can use directional trades, relative-value trades, volatility, commodity equities and macro hedges. Avos's investment team contains multiple former senior Bridgewater professionals. The fund moved its Form D principal address from Seattle to Darien in 2026. Fund-level performance is not disclosed in Form D.
FORM D CAPITAL HISTORY
September 2023 Amount sold: $3,000,000 Investors: 5
September 2024 Amount sold: $20,678,537 Investors: 25 Increase from 2023: $17,678,537
September 2025 Amount sold: $23,453,637 Investors: 29 Increase from 2024: $2,775,100
September 2026 Amount sold: $30,818,637 Investors: 36 Increase from 2025: $7,365,000
Total cumulative amount sold in latest filing: $30,818,637
Do not add the annual cumulative Form D totals together.
AVOS CAPITAL MANAGEMENT
Legal name: Avos Capital Management, LLC
CRD: 313979
SEC: 801-121167
Status: SEC Registered Investment Adviser
Official domain: avos.co
Latest publicly indexed regulatory AUM: Approximately $297.8 million
Latest publicly indexed clients: Approximately 50
Reported private fund: Avos Titus Fund, LLC
Private fund manager: Avos Capital Management, LLC
The approximately $297.8 million regulatory AUM is firmwide and should not be confused with the $30.8 million Titus Form D amount sold.
CURRENT LEADERSHIP
Josh Blanchfield CEO CIO Former Bridgewater Commodity and macro background
Martin Hutter Head of Investments Former Bridgewater Former Head of Portfolio Construction
Peter Joers Head of Client Services Former Bridgewater institutional adviser Former Bank of America private-wealth executive
Gavin Walsh CTO Head of Trading Former Bridgewater investment implementation / portfolio construction Former U.S. Department of Energy Loan Programs Office
Greg Padgett COO General Counsel Former SEC Division of Enforcement Former Covington & Burling litigator
Michael Polansky Chairman Former Bridgewater Former Founders Fund Family-office leadership experience
Bridgewater is a prior employer for multiple Avos team members and is not an owner, sponsor or endorser of Avos Titus Fund.
TITUS STRATEGY
Official manager description: Flagship commodities-focused absolute-return strategy
Core opportunity areas: Energy Metals Commodity supply chains Structural supply-demand dislocations
Implementation can include: Directional trades Relative-value trades Volatility Commodity equities Macro hedges Futures Options Other derivatives where permitted by fund documents
Actual current positions are not publicly disclosed through Form D.
ADDRESS HISTORY
2023-2025 Form D principal address: 1030 37th Avenue East Seattle, Washington 98112
2026 Form D principal address: 19 Old Kings Highway South Suite 200 Darien, Connecticut 06820
Phone: 720-864-4348
The latest fund filing and Avos Capital Management entry both use the Darien address.
WEBSITE / ENTITY PENETRATION
Avos Titus Fund identity: Confirmed
CIK: Confirmed
Avos Capital Management relationship: Confirmed directly in Form D and Form ADV
Private fund ID: Confirmed
Josh Blanchfield relationship: Confirmed
Peter Joers relationship: Confirmed
Avos official domain: Confirmed
Titus strategy on official domain: Confirmed
Commodity focus: Confirmed
Energy focus: Confirmed
Metals focus: Confirmed
Directional / relative-value strategy: Confirmed
Bridgewater background of multiple senior team members: Confirmed through Avos official biographies and regulatory materials
Current fund NAV: Not disclosed publicly through Form D
Monthly performance: Not disclosed in Form D
Audited annual returns: Not disclosed in Form D
Largest positions: Not disclosed
Current gross exposure: Not disclosed
Current net exposure: Not disclosed
Current futures notional: Not disclosed
Current options exposure: Not disclosed
Current leverage: Not disclosed
Current prime broker: Not established from reviewed Form D
Current fund administrator: Not established from reviewed Form D
Current fund auditor: Not established from reviewed Form D
CORE INVESTOR QUESTIONS
What is current Titus NAV How does NAV differ from the $30.818637 million cumulative Form D subscriptions How much investor capital has been redeemed since launch What are audited net returns for 2023, 2024, 2025 and 2026 What is annualized return since inception What is maximum drawdown What is annualized volatility What is Sharpe ratio What is correlation with the Bloomberg Commodity Index What is correlation with equities What is correlation with bonds How much return has come from energy How much from metals How much from commodity equities How much from relative-value trades What percentage of exposure is futures What percentage is options What percentage is public equity What gross notional limit applies What net exposure limit applies What margin limit applies Can Titus sell naked options What is the maximum single-commodity concentration How large are commodity spread positions Does the strategy trade physical commodities What liquidity buffer is maintained How does the fund stress margin calls What is the largest historical one-day loss What is the largest historical monthly loss What management fee applies What incentive fee applies Is there a high-water mark What redemption notice is required Are gates permitted What percentage of NAV is owned by the largest five investors Who is the current auditor Who is the current administrator Who is the current prime broker or futures commission merchant
CORE RISKS
Commodity price volatility Energy-market risk Metals-market risk Geopolitical risk China-demand risk Supply-shock risk Futures leverage Margin-call risk Options convexity Short-option risk if permitted Relative-value basis risk Spread-trade convergence risk Commodity-equity risk Currency risk Macro hedge risk Liquidity stress Investor redemption concentration Key-person risk Strategy complexity Model and portfolio-construction risk Risk of treating Bridgewater alumni experience as evidence of future returns Risk of confusing firmwide Avos AUM with Titus fund assets
SEC SNAPSHOT
Issuer: Avos Titus Fund, LLC
CIK: 0001991775
SEC File No.: 021-491452
Latest Form: D/A
Filed: September 8, 2026
First Sale: September 1, 2023
Formation: Delaware, 2023
Current Address: 19 Old Kings Highway South Suite 200 Darien, Connecticut 06820
Phone: 720-864-4348
Industry: Pooled Investment Fund / Hedge Fund
Security: Pooled Investment Fund Interests
Exemption: Rule 506(b)
Investment Company Act exclusion: Section 3(c)(1)
Offering: Indefinite
Amount Sold: $30,818,637
Investors: 36
Minimum: $100,000
Offering longer than one year: Yes
Sales Commissions: $0
Finder's Fees: $0
Related-person proceeds: $0
Investment Manager: Avos Capital Management, LLC
Related Executives: Peter Joers Joshua Blanchfield
Signer: Peter Joers
Signer title: Managing Member
PRIMARY EVIDENCE REVIEWED
SEC Form D — Avos Titus Fund LLC, September 6, 2023 SEC Form D/A — Avos Titus Fund LLC, September 6, 2024 SEC Form D/A — Avos Titus Fund LLC, September 5, 2025 SEC Form D/A — Avos Titus Fund LLC, September 8, 2026 SEC Form ADV — Avos Capital Management LLC SEC IAPD — Avos Capital Management LLC SEC Form 13F — Avos Capital Management LLC Avos Capital Management — official website Avos Capital Management — official Strategies page Avos Capital Management — official leadership biographies Public regulatory data used to reconcile 2026 manager-level regulatory AUM
IMPORTANT FORM D NOTICE
Form D is a notice of an exempt securities offering. Filing with the SEC does not mean the SEC has approved, endorsed, audited or verified Avos Titus Fund, Avos Capital Management, Josh Blanchfield, Peter Joers, any commodity thesis, derivatives strategy, past performance or expected return.
The $30.818637 million Form D amount sold is cumulative capital sold in the Titus offering and is not the same as Avos Capital Management's approximately $297.8 million firmwide regulatory AUM or necessarily the fund's current NAV.
Investors should independently review audited financial statements, monthly performance, derivatives exposure, leverage, margin policy, liquidity, fees, redemption terms and current service providers before investing.