Hi Norbert, thanks for sharing your perspective. Fund selection is challenging across asset classes and likely even more so when the complexity of portfolio construction increases. There is no easy solution for this.

It's worth highlighting that many long vol funds shared trends in performance, which indicates that they are harvesting a systematic risk premia. Given this, it should be possible to replicate their pay-off profile systematically, which is a topic on our R&D list, so stayed tuned.