capital preservation first
risk is budgeted before return is pursued. position sizing is governed by marginal contribution to portfolio variance, with hard exposure and liquidity limits.
capital management fund
AS&P Capital
the flagship capital management vehicle of capitalatrisk. AS&P pursues an absolute-return mandate — systematic alpha capture engineered around institutional risk parity, capital preservation, and strict drawdown discipline.
download the q2 2026 investor letter· pdf€15.2m
assets under management
+9.34%
net return (ytd 2026)
2.38
sharpe ratio
-3.9%
max drawdown
strategy allocation
statistical arbitrage34%
cross-asset carry26%
relative value22%
tail / convexity overlay12%
cash & collateral6%
fund terms
- strategy
- multi-strategy systematic / absolute return
- mandate
- uncorrelated, market-neutral alpha
- target return
- 12–16% net, annualised
- target volatility
- 7–9% annualised
- liquidity
- monthly, 30-day notice
- high-water mark
- yes, perpetual
uncorrelated by design
near market-neutral construction (beta ≈ 0.04) targets returns that are independent of equity and credit beta across regimes.
convexity overlay
a self-funding tail-hedge sleeve converts a portion of carry into left-tail protection, smoothing drawdowns in stressed markets.
AS&P capital figures are illustrative and provided for discussion purposes only. nothing on this page is an offer to sell or a solicitation to buy any interest in any fund, which can only be made through definitive offering documents to qualified investors. past performance is not indicative of future results.