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 28/08/2026Market Review and Outlook
August was characterised by a continued compression of implied volatility across major equity markets despite broadly positive equity performance. The S&P 500 gained 2.6% and Nasdaq-100 advanced 4.2% during the month, while VIX declined from 16.0 to 14.9. More importantly for the strategy, longer-dated implied volatility fell significantly across NOVA’s core markets, while realised market movements remained subdued. This combination created a challenging backdrop for volatility arbitrage strategies.
Fund
Against this backdrop, the Fund returned a negative performance during the month. The result reflected an unusually difficult volatility environment rather than any specific market, sector or position. Performance was impacted by lower valuations within the long-dated volatility portfolio together with a substantial reduction in short-volatility carry as volatility premia compressed across markets. Performance contributions were primarily driven by index exposures. Positive contributions came from OMX, S&P 500, European Autos and Euro Stoxx 50, while Nasdaq-100, European Banks and Russell 2000 were among the largest detractors. The contribution profile was broadly consistent with a market-wide repricing of implied volatility rather than concentrated directional market risks.
The defining feature of the month was the simultaneous compression of both longer-dated and shorter-dated implied volatility. Long-dated volatility declined across the strategy’s core markets, reducing the value of the long-term investment portfolio. At the same time, declining short-dated volatility reduced available risk premia and materially lowered theta generation. With realised market movements remaining limited, opportunities to monetise gamma were correspondingly reduced.
Throughout the month, portfolio management remained focused on preserving long-term convexity while adapting exposures to changing market conditions. Although August represented a difficult volatility regime, similar environments have occurred previously and have historically been followed by periods of volatility normalisation. The strategy remains positioned to benefit from future opportunities through its combination of long-term volatility exposure, recurring theta generation and active risk management.
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