December 2025

In December, Volatility – Long/Short (Proprietary) gained 3.9 percent after incentive and management fees. This was the largest monthly return since the trading program’s inception in May of 2025 and was a sharp rebound from losses over the previous two months (see the table above).

As U.S. equity markets have reached new highs, many market participants have anticipated that measures of future equity market volatility were too low. This has not been the case. Our trading program has remained net sellers of near-dated VIX futures contracts.