Core Investment Values

Pursuit of True Alpha

Vulpes seeks investments which offer true alpha, and does not aim to profit from management fees.

Vulpes and its predecessor Artradis have never gated redemptions, and have always returned capital when the investment thesis has no longer proven valid.

Conviction and Alignment

All of our investments are backed with a substantial amount of the Partners’ capital, and everything we invest in is available to outside investors.

Vulpes focuses on sizing the investment opportunity to maximise returns.

Long Term Partnership

Every senior staff member at Vulpes owns part of the company and is economically incentivised to grow the long term value of it. They are thus partners in the venture and are required to think and behave as such.

In order to maximize return, we actively seek out seasoned professionals with extensive and relevant expertise.



The fund delivered solid uncorrelated returns for the first 4 years, whilst being short credit and long volatility led to significant growth in assets.

Artradis’ funds, Barracuda and AB2, were extremely well positioned for the financial crisis of 2007 and 2008 with over 100 global institutional investors across all sectors benefitting significantly along with the Artradis partners. AB2, returned over 55% during 2007 and 31% in 2008.


While most of the financial world were licking their wounds and recovering from the financial crisis, Artradis was reaping the rewards, however its heyday was over. Early 2009 saw significant redemptions from investors to shore up their positions elsewhere.

Our funds remained ungated and we paid on time and in full. As the recovery in asset prices and money printing began so died the ‘long vol and short credit trade’ and as markets recovered and confidence began to return, correlation remained high, making funding through arbitrage challenging.


In late 2010 Artradis closed and returned capital to investors. The long volatility trade had little merit in this new era of Government and Central Bank control.