Discretionary macro strategy expressed through single stocks, sectors, and indices using liquid derivatives. We operate at the intersection of macro regime analysis, company-level KPI modeling, and volatility structuring — few funds combine all three.
VIRA Capital exploits structural mispricings where the market underestimates the magnitude, duration, or transmission speed of a macro regime shift into corporate fundamentals. We map macro themes to company level KPIs through causal chains with identifiable mediating variables — then express those views through liquid options to embed asymmetry at the portfolio level.
Our edge sits at an intersection few funds occupy: top-down macro theme analysis integrated with bottleneck-constrained KPI modeling, structured through options to deliver convexity. The result is a strategy uncorrelated to pod-style idiosyncratic alpha, low negative correlation to vol carry, and low positive correlation to traditional global macro.
Themes sourced from policy shifts, supply chain discontinuities, and technological inflections — mapped to company KPIs through causal chains. Equity positions selected for causal proximity to a theme's fundamental driver — not sector membership or narrative correlation.
Forward views anchored on physical gating factors and not consensus extrapolation. We decompose how much is already priced.
Asymmetric payoff structures with bounded losses and unbounded gains. Portfolio-level theta is an explicit constraint, gamma is always net long, and positions mechanically shrink when they lose money.
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