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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Logica closed 2025 with solid positive returns across all strategies, driven by strong downside protection in April, and deliberately doubled its convexity exposure in late December ahead of a successful volatility capture in January."
Logica Asymmetric Alpha Fund LP (LAA) finished 2025 up +9.36% (+9.4% rounded), outperforming its S&P 500 correlation targets. While December was a difficult month due to falling implied volatility and compressed trading ranges, the fund systematically increased its Vega exposure mid-month to capture a high positive expectancy opportunity. Although this deliberate action caused short-term drag and Theta bleed through year-end, the positioning was validated by a sharp VIX spike to the 17-18 range in mid-January 2026, which the fund successfully monetized. The letter emphasizes that systematic adherence to positive expected value (EV) models, despite short-term noise, is the only sustainable path to long-term performance.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Logica closed 2025 with solid positive returns across all strategies, driven by strong downside protection in April, and deliberately doubled its convexity exposure in late Decembe...
Growth Outlook
Market outlook remains moderate conviction: Logica closed 2025 with solid positive returns across all strategies, driven by strong downside protection in April, and deliberately doubled its convexity exposure in late Decembe...
Risk Appetite
Risk appetite posture is above average conviction: Logica closed 2025 with solid positive returns across all strategies, driven by strong downside protection in April, and deliberately doubled its convexity exposure in late Decembe...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Logica closed 2025 with solid positive returns across all strategies, driven by strong downside protection in April, and deliberately doubled its convexity exposure in late Decembe...
Forward Guidance
Forward guidance signal: Logica closed 2025 with solid positive returns across all strategies, driven by strong downside protection in April, and deliberately doubled its convexity exposure in late Decembe...
Language Signal
Tone analysis indicates high conviction language: Logica closed 2025 with solid positive returns across all strategies, driven by strong downside protection in April, and deliberately doubled its convexity exposure in late Decembe...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Logica closed 2025 with solid positive returns across all strategies, driven by strong downside protection in April, and deliberately doubled its convexity exposure in late Decembe...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Logica closed 2025 with solid positive returns across all strategies, driven by strong downside protection in April, and deliberately doubled its convexity exposure in late Decembe...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. Logica closed 2025 with solid positive returns across all strategies, driven by strong downside protection in April, and deliberately doubled its convexity exposure in late Decembe...
