Alma Tidan Nova Volatility Arbitrage Fund
Overview
Alma Tidan Nova Volatility Arbitrage Fund follows a market-neutral volatility arbitrage approach, capitalizing on mispricings in the options market across liquid indices and select equities. By leveraging arbitrage structuring and dynamic hedging, it identifies both systematic and stock-specific inefficiencies. The Fund seeks to deliver absolute returns by exploiting inefficiencies in pricing, often driven by institutional behaviors and market psychology.
The fund’s management is delegated to Tidan Capital.
Share Class
NAV
Cumulative Performance (%)
Fund Inception 31 July 2026
| Daily | Monthly | Ytd | 1Yr | 3Yr | 5Yr | Incept. | Incept.Date |
|---|
The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Strategy & Manager
Fund Strategy
The Tidan NOVA strategy is a sophisticated, market-neutral volatility and options arbitrage program designed to consistently profit from structural options market inefficiencies, combining convexity, positive theta carry, and discretionary relative value trading. Its flexible framework allows it to function both as a standalone alpha engine or integrate with broader equity portfolios for portable alpha, offering uncorrelated performance with disciplined risk management.
Investment Manager
Tidan Capital, founded in 2020 by three alumni from Brummer and Partners with the vision of delivering alpha-driven investment strategies, is a collaborative investment platform allowing for seamless integration of expertise and innovation across diverse strategie.
Key Persons
Magnus Linder (Head of Volatility and Options Arbitrage), Partner
Magnus Linder is a distinguished financial executive who leads the development and management of institutional options and volatility-based strategies. Previously the Head of Portfolio Optimization and Derivatives Trading at a major Nordic bank, he successfully scaled its derivatives business over a decade into a prominent force within European options markets. Renowned for his expertise in risk management and execution, he pioneered the market’s first ESG derivatives and has extensively trained financial practitioners across Europe. He holds an MSc in Economics from Umeå University and a specialized trading certification from the International Trading Institute.
Dennis Karlsson (Senior Portfolio Manager, Volatility and Options Arbitrage)
Dennis Karlsson is a senior financial executive with over two decades of expertise in derivatives, risk management, and portfolio management. As Senior Portfolio Manager within Options and Volatility Arbitrage at Tidan Capital, he leads single-stock derivative strategies and drives financial innovation to generate alpha across options markets. His extensive career includes senior roles at Swedbank Markets and a decade-long tenure at Nordea, where he specialized in delivering bespoke derivative solutions to institutional clients and hedge funds. A trusted industry expert, Dennis holds Master’s degrees in Finance and Statistics from Stockholm University and actively dedicates his time to local biodiversity and environmental initiatives
Statistics & Commentary
Performance
The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.
Investment Manager's Commentary
as of 30/10/2026Market Review and Outlook
October was characterised by a sharp shift in the volatility environment following the persistent compression experienced during August and September. Very short-dated volatility began the month at exceptionally low levels, with VIX1D reaching 7.7, before rising sharply to 23.3 during the middle of October. The VIX Index increased from 16.3 to 19.4 over the month, while longer-dated volatility also moved higher. Equity markets were affected by renewed geopolitical uncertainty, elevated energy prices and growing questions around the returns on large-scale AI investment.
Fund
Against this backdrop, NOVA declined 2.24% during the month. The defining feature of the month was the sharp repricing of short-dated volatility. Exceptionally low short-dated volatility during the first half of October reduced the premium available from shorter-dated options sold to help finance the strategy’s longer-dated convexity. The subsequent rebound improved the relationship between short- and longer-dated volatility, but also affected the valuation of existing short-dated positions. Consequently, the increase in volatility did not translate directly into positive portfolio performance.
Throughout the month, portfolio management remained focused on preserving the core structure of the strategy while reducing sensitivity as market conditions changed. Risk was reduced materially and the portfolio therefore ended the month with substantially lower overall exposure while maintaining selective longer-term convexity.
The rebound in short-dated volatility has created a more constructive relationship between the shorter- and longer-dated parts of the volatility curve. Higher short-dated volatility generally increases the premium available from options sold to help finance longer-dated convexity. Following the material reduction in risk during October, the strategy enters November with greater flexibility to respond as market conditions evolve and to scale exposure where the relationship between risk premia and potential returns becomes more attractive.
Facts & Documents
Facts
Fund Domicile: Luxembourg
Fund Type: Luxembourg UCITS SICAV
Fund Launch: 31 July 2026
Base Currency: USD
Depositary, Administrator, Transfert Agent: CACEIS Bank, Luxembourg Branch
Dealing: Daily
Cut-off time: 12:00pm CET (T-1)
Management Company: Alma Capital Investment Management
Investment Manager: Tidan Capital
Fund Managers: Magnus Linder & Dennis Karlsson
Countries where the fund is registered:
Austria, Germany, Luxembourg, Sweden, Switzerland, United Kingdom
Identifiers:
Alma Tidan Nova Volatility Arbitrage Fund I3C-U
ISIN: LU3331377716
Ticker: AVI3CUN LX
Launch: 31 Jul 2026
Alma Tidan Nova Volatility Arbitrage Fund I1C-U
ISIN: LU3332031627
Ticker: APTI1UH LX Equity
Launch: 31 Jul 2026
Alma Tidan Nova Volatility Arbitrage Fund I3C-E
ISIN: LU3331378953
Ticker: APADEEH LX
Launch: 31 Jul 2026