Vulpes vol fund continues to bleed, dropping 20% of its value since launch


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.

During the year, short-dated volatility sharply declined and in September reached its previous all time low back in 2005.

The fund recorded a 3.97% gain in its first eight months of operation, which means loss since