For more than a decade, Peregrine Asset Advisers accessed Intech’s institutional strategy through a private LLC. Over time, operational complexity limited how easily it could be used across advisor portfolios.
That’s why Intech converted the fund into LGDX: Intech S&P Large Cap Diversified Alpha ETF—a move added tax efficiency and scalability without changing the process.By moving from a private LLC to LGDX, Intech preserved institutional discipline while unlocking the advantages of tax efficiency, accessibility, and scalability.
For Peregrine, the transition meant continuity without compromise. Their clients could keep the same strategy they had relied on through multiple market cycles, now delivered in a format designed to fit seamlessly into models and client portfolios.
Same Strategy. Broader Access.
The shift from LLC to ETF wasn’t about creating something new. It was about making a proven process more usable. For more than two decades, Intech’s strategy through a private LLC weathered crises, recoveries, and leadership shifts in the market.
That track record matters because advisors today face the same challenge Peregrine faced years ago: how to build core equity allocations that don’t crumble under concentration risk or style cycles. LGDX doesn’t change the investment philosophy, but it extends its relevance—taking a strategy that’s operated across multiple market environments and delivering it in a format designed for scale, tax efficiency, and accessibility.
For advisors, the “so what” is clear: continuity across cycles builds confidence that the strategy wasn’t retrofitted for today’s headlines. It’s the same engine, just in a wrapper that makes it easier to implement in modern portfolios.
Why the ETF Format Matters
The shift to LGDX wasn’t about strategy—it was about structure. The ETF wrapper introduces practical benefits that make an institutional process easier for advisors to implement across a wide range of clients.
- Tax efficiency. Unlike the private LLC, the ETF format allows for in-kind creations and redemptions, which can help minimize taxable events and improve after-tax outcomes for clients.
- Accessibility. The private LLC structure limited use to larger accounts. The ETF format makes the strategy available to accounts of all sizes, extending the reach of an institutional process without changing how it’s managed.
- Operational simplicity. With ETFs, advisors avoid the administrative complexities that come with private vehicles. Trading, reporting, and custody all align with the standard workflows advisors already use.
For advisors, the value of the ETF format comes down to scale. What once required a private structure limited to larger accounts is now accessible in a liquid, tax-efficient vehicle that integrates directly into existing models. That shift takes an institutional strategy and places it squarely in the workflows advisors use every day.
What Stayed the Same
The conversion from LLC to ETF brought new efficiencies, but the investment process itself remains unchanged. The same philosophy guides portfolio construction, the same research framework drives decisions, and the same investment team oversees implementation.
That continuity matters. Advisors and clients can rely on a process that has already demonstrated discipline across multiple market environments. The wrapper may have shifted, but the underlying approach has not — providing confidence that the strategy’s outcomes are driven by investment design, not by structural change.
“Advisors and clients can rely on a process that has already demonstrated discipline across multiple market environments.”
Consistency is often the first test of credibility for fiduciary advisors. By keeping the process intact through the transition, Intech ensured that LGDX represents an extension of a history, not the start of something unproven.
Implementation Benefits for Advisors
For Peregrine, the move from LLC to ETF wasn’t about changing the strategy they trusted — it was about gaining a structure that fit better with how advisors build portfolios. That benefit extends broadly to fiduciaries looking to implement core equity allocations with clarity and scale.
- Seamless model integration. LGDX is designed to drop into model portfolios with the same efficiency as a passive index fund, making it straightforward to implement across households.
- Clear market exposures. With dedicated large-cap exposure — and SMDX providing small- and mid-cap coverage — advisors can combine allocations without creating hidden gaps or overlap.
- Allocation flexibility. Advisors can dial exposure up or down depending on client needs, risk profiles, and model design, while maintaining consistency in process and philosophy.
The end result is easier implementation of an institutional process in a familiar ETF format — one that enhances scale and efficiency without forcing a compromise on strategy.
Conclusion
For more than a decade, Peregrine accessed Intech’s institutional equity strategy through a private LLC. That vehicle carried the discipline they wanted but came with limits on scale, efficiency, and accessibility. Converting the fund into LGDX, the Intech S&P Large Cap Diversified Alpha ETF, preserved the process while opening the door to broader use.
For likeminded advisors, the story is straightforward: the philosophy, research, and team remain unchanged, but the wrapper is now designed for scale. What was once confined to larger accounts in a private structure is now delivered through ETFs that integrate directly into models, support tax efficiency, and provide clear exposures.
The result is continuity with reach — a proven process carried forward in a format built for today’s advisor portfolios.
Read how Peregrine scaled a proven process with an ETF: download the full Peregrine case study.
