

LAIF SP – investment fund aiming to provide investors with market-decorrelated stable conservative returns by creating a portfolio of short positions in ultra short-term puts on the largest and most liquid world equity indices, using an advanced statistical methodology.
Net target return: 6–7% p.a. in USD and GBP, 4–5% p.a in EUR.
The fund trades weekly options on the largest and most liquid ETFs replicating major stock indices, with an expiration of fewer than four days. These options are a popular instrument for hedging market risks and short-term transactions.
The fund writes options, generating returns by enabling market participants to hedge market exposure or to bet on short-term market movements. The premiums collected from written options are the source of fund’s returns.
The strikes are set based on a sophisticated statistical model using a variety of market parameters so that the probability of the puts being exercised does not exceed 0.3–0.4%. The managers apply extra caution lowering the strikes manually to account for any idiosyncratic factors arising in the moment and to exclude non-systematic risks.

An investor interested in a sophisticated investment product with stable returns and a negative correlation with the primary markets. The fund's target return is 6–7% annualised, with returns volatility of less than 3%.
ContactLAIF SP – investment fund aiming to provide investors with market-decorrelated stable conservative returns by creating a portfolio of short positions in ultra short-term puts on the largest and most liquid world equity indices, using an advanced statistical methodology.
Net target return: 6–7% p.a. in USD and GBP, 4–5% p.a in EUR.
GBP 250,000
Description The risk of loss due to a strike level breach.
Risk management method Managers typically keep the probability of such an event below 0.3%, within the framework of the model (i.e. one such event can be expected once in 6–7 years); the managers exercise particular caution in unusual circumstances. The event could result in significant realised losses (theoretically unlimited, in practice ranging from 0 to 20–30%).
Description A sharp increase in the margin requirements on the option positions is possible during extreme market falls, such as in March 2020.
Risk management method The size of the position to be opened (the number of options to be sold) is calculated to reduce this risk to near zero. Positions are opened with a margin safety gap of 30–40% to the maximum historical margin levels during the worst periods of the market.
- Renowned economist and investment manager with 30 years of experience.
- Formerly, Executive Director of Troika Dialog Investment Bank; Founder and Chairman of the Board of Renaissance Investment Management Group, with assets under management of more than $7 billion; founder of the investment company "Third Rome".
- A laureate of many awards and prizes, in particular, "Best Asset Manager" Forbes, "Best CEO of the management company" RBC, "Legend of the Industry" SPEAR'S, "Manager of the Year" RBC, etc.
- Former head of the Carnegie Center's Economic Policy Program.
- Specialist in probability theory and mathematical statistics. Authored the books "Russia in the Post-Truth Era", "Cursed Economies", "English Diary", "Valdai, a Cigar and some other Events. 2017", "Journey to Montenegro", and many articles and lectures on economics and finance; twice awarded the “Presszvanie” Award for his contribution to business journalism.
- Graduated from the Faculty of Mathematics and applied mechanics at the Lomonosov Moscow State University, the Financial University under the Government of the Russian Federation, and the University of Chicago Booth Business School.
- 26 years of experience in investment industry.
- 12 years of experience in developing and analyzing trading strategies; systematic trading in equity, futures and options markets.
- 7 years of experience in selecting, analyzing and managing portfolios of hedge funds and absolute return strategies in global financial and commodity markets.
- Worked at major Eastern European banks and wealth management firms; headed departments of Global Markets, Hedge Funds and CTAs.
- Specialist in absolute return products and market-neutral strategies in futures and options markets.
- Graduate of Baruch College CUNY (Finance & Investments).
- Specialist in financial consulting and audit with 10 years of experience.
- In the past, she worked as an external auditor at Ernst & Young, worked with the largest state-owned companies, small and medium-sized businesses and government agencies in the field of audit and professional ACCA training; areas of specialisations: oil and gas industries, energy, and mining. As a financial advisor to medium-sized companies, provided regular reporting to management and shareholders.
- Is a member of ACCA, a CFA II candidate and a certified specialist in AML.
- Graduated from the University of Sydney with a bachelor's degree in economics and finance.
- Contributes to building the ARGO investment portfolio. Specialises in credit analysis of companies, researching third party products and developing investment decisions.
- Worked in financial compliance for companies in the FMCG industry and as a business valuation consultant in the corporate finance department of Deloitte.
- Graduated from the Higher School of Economics, Department of Economic Sciences.