Lava Fund, the long/short volatility fund by Singapore-based
manager Vulpes Investment Management, has lost nearly a fifth
of its value since it was launched in May last year.
The fund, which currently manages around $30 million in
assets, incurred a 6.54% loss in September. That stretched its
loss year-to-date to 22.13% after short-dated volatility
wrought havoc on the portfolio through the period.