Oil prices declined last week and continued to move lower today, remaining within the range of current strangle positions across several strategies. Recent price movement and changes in volatility conditions contributed positively to current positioning.
The recent movement in oil appears tied in part to ongoing geopolitical developments involving Iran, along with broader market uncertainty. Conditions remain fluid, and energy markets continue to respond to evolving headlines and changes in sentiment.
At the same time, equity markets have remained near recent highs while volatility has continued to decline. Recent volatility-related trades have also contributed positively, including continued declines in UVXY. Several positions with approximately 30 days remaining have already realized a portion of their potential value.
Current positioning across strategies includes covered calls and active management around expirations. Portfolio outcomes remain dependent on market movement, volatility levels, timing, and execution as conditions continue to evolve.
MTD: +5.3% | YTD: +8.3% (before fees)
The Low Volatility Fund remains positive month-to-date and year-to-date before management and incentive fees. Recent positioning has benefited from declining oil prices, lower volatility, and active management around options exposure and expiration cycles.
Across zero accounts, current year-to-date performance is generally in the range of 7% to 9% before fees, though account-level results may differ based on allocation, timing, contract ratios, and other account-specific factors.
MTD: +7.3% | YTD: +9.7% (before fees)
Low Volatility Fund II remains positive for the periods noted above. Current positioning reflects ongoing management of market exposure, volatility conditions, and option-related activity.
Estimated results remain preliminary and subject to change based on final month-end calculations, fees, and account-specific activity.
MTD: +5.8% | YTD: +11.5% (before fees)
The Synthetic Fund remains positive month-to-date and year-to-date before fees. Recent market conditions, including declining volatility and movement in oil prices, contributed positively to current positioning.
Synthetic account performance continues to vary more widely depending on account structure, exposure levels, allocation decisions, and timing of activity.
MTD: +9.9% | YTD: +22.6% (before fees)
The Volatility Advantage Fund remains positive for the periods noted above before management and incentive fees. Current positioning reflects ongoing exposure to volatility-related strategies and active management around market movement and option expirations.
As with prior periods, the strategy may experience larger fluctuations relative to lower-volatility approaches due to broader exposure and positioning structure.
Recent declines in oil prices remained within the range of current strangle positioning and contributed positively to several strategies. Volatility-related trades also benefited from continued declines in UVXY.
Several positions with approximately 30 days remaining have already captured a portion of their available time decay, though outcomes remain dependent on future market movement and volatility conditions.
Current positioning continues to include covered calls and active management around expiration schedules. Positions may be adjusted as market conditions, volatility levels, and geopolitical developments evolve.
Mid-month reporting will provide updated account-level information, while month-end statements will reflect additional activity through the full reporting period.
The views expressed herein reflect current market commentary and portfolio observations as of the date published and are subject to change without notice. Statements made by portfolio managers represent current opinions based on prevailing market conditions and should not be interpreted as guarantees, forecasts, or assurances of future performance or market direction.
Any performance information shown is preliminary, unaudited, and may reflect results before applicable fees, expenses, or final administrator reporting, where noted. Actual investor results may differ based on fee structure, timing of contributions or withdrawals, and other account-specific factors.
This material is provided for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security, fund, or investment strategy. Past performance is not indicative of future results. All investments involve risk, including possible loss of principal.
