The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 13, 2026
During the third quarter of 2026, Logica Asymmetric Alpha Fund LP (LAA) returned -3.07% net of fees (-1.55% net in September), bringing its year-to-date net return to -2.29%. In comparison, Logica Tail Risk (LTR) posted -2.40% net QTD (-5.32% net YTD), while Logica Asymmetric Beta (LAB) posted -1.19% net QTD (+3.69% net YTD). The S&P 500 advanced +2.03% QTD (+11.77% YTD) despite severe underlying breadth degradation, as equal-weighted equities declined sharply. Logica's long-volatility positioning absorbed performance drag from compressed realized volatility and sharp equity volatility declines following the mid-month Federal Reserve interest rate increase, though dynamic Vega and Gamma scalping partially monetized intra-month swings. Macroeconomic headwinds intensified throughout September as disruptions to oil flows through the Strait of Hormuz pressured inflation expectations, prompting the Federal Reserve to hike policy rates by 25 basis points. Concurrently, long-term Treasury yields escalated, with 10-year yields jumping 54 basis points to 5.29% and 30-year yields reaching multi-decade peaks of 5.62%. Logica highlights a shifting interest rate regime where yields crossing 5.25% foster positive stock-bond correlations, negating the traditional ballast role of bonds. Concurrently, cap-weighted equity benchmarks masked acute internal fragility as 83% of constituents traded at least 10% below 52-week highs. Logica maintained structural long-convexity exposure across its asymmetric alpha, tail risk, and beta frameworks rather than taking single-stock positions. Historical reflection on extreme fat tails served to reinforce the mandate for persistent, disciplined volatility hedging amid severe mega-cap concentration and suppressed implied volatility. Portfolio managers actively adjusted Delta and Vega tilts around central bank communications, maintaining protective long options overlays while warning that all financial asset classes ultimately sit short interest rate volatility.
All long-duration asset classes are inherently short interest rate volatility, requiring disciplined structural options convexity to defend against persistent inflation, sovereign bond market dislocations, and fragile mega-cap equity concentration.
The manager anticipates that the emergence of a higher and less stable interest-rate regime will ultimately transmit elevated volatility across equities, credit, and long-duration assets. As the S&P 500 becomes increasingly dependent on a narrow cohort of mega-cap technology companies, any disruption to consensus expectations could spark an abrupt market repricing. Logica maintains that structural options protection remains essential to provide reliable negative correlation when market stress materializes.
Neutral / Balanced
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