Fundamental perspective
We build views from economic regimes, monetary and fiscal policy, market structure and the forces shaping capital flows.
Capital Management · London
Fundamental conviction.
Systematic discipline.
A specialist investment approach focused on macro trends and relative-value opportunities, with risk discipline embedded at every stage.
Discover our approach
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The firm
Independent thinking for markets that rarely move in straight lines.
Sealma Square brings together deep market experience, fundamental analysis and systematic tools. We study how macroeconomic forces, policy and market structure interact—then look for opportunities where price and value diverge.
Our perspective is global, our process is deliberate and our objective is clear: to identify differentiated sources of return while maintaining a disciplined approach to risk.
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Investment approach
Where insight becomes process
A repeatable framework for complex markets.
Relative-value focus
We seek opportunities in relationships between markets and instruments, where dislocations can matter more than outright direction.
Systematic discipline
Proprietary analysis supports idea generation, portfolio construction and monitoring—bringing consistency to human judgment.
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Principles
How we work
Clarity before complexity.
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Think independently
Challenge consensus while remaining anchored in evidence.
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Respect risk
Size, liquidity and diversification are integral to every idea.
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Stay adaptive
Markets evolve. The process must learn without losing discipline.
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Act with integrity
Long-term relationships depend on discretion, alignment and trust.
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The founder
Sébastien Gianfermi
Experience shaped at the heart of international fixed-income markets.
Sébastien Gianfermi is the founder of Sealma Square and a former Managing Director and Head of G10 Rates Bond Trading for EMEA at BNP Paribas.
A graduate of Ensimag in applied mathematics and computer science, Sébastien moved from Paris to London in 1997 to begin a career that would span more than 26 years. His experience extends across European government bonds, sovereigns, supranationals and agencies, covered bonds, inflation, derivatives, relative-value trading and financing.
Throughout his career, Sébastien built and led trading businesses, developed generations of traders and navigated some of the most consequential periods in modern financial markets—from the launch of the euro and the global financial crisis to the European sovereign-debt crisis, quantitative easing, the pandemic and the inflationary repricing of 2022.
His approach combines quantitative discipline with the qualities he considers essential to long-term success: judgement, curiosity, adaptability, trust and resilience.
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Upcoming book
Coming soon
The Trading Floor
Twenty-seven years inside the markets—and the people, decisions and defining moments behind the screens.
From a first morning in London in 1997 to leading a major European rates trading business, The Trading Floor follows a career through the launch of the euro, financial and sovereign crises, quantitative easing, the pandemic and the return of inflation.
More than a book about bonds or trading strategies, it is a personal account of judgement, ambition, discipline, friendship, resilience and trust—and of adapting when the game changes.
“The market doesn't adapt to you. You adapt to the market.”
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