The Black Swan: The Impact of the Highly Improbable · chapter 8 · id the-black-swan-c8-04-universa-investments-the-tail-

“Universa Investments, the tail-risk fund advised by Taleb and founded by Mark Spitznagel in 2007, returned 3,612% in March 2020 during the COVID crash. However, this return was calculated on the small tail-risk allocation (3.33% of portfolio), not on the full portfolio.”

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Receipts

Bloomberg: Taleb-Advised Universa Tail Fund Returned 3,600% in March (2020)paywalled — manual check queued

A tail-risk hedge fund advised by Nassim Nicholas Taleb returned 3,612% in March 2020, paying off massively for clients who invested in it as protection against a plunge in stock prices.

Bloomberg Opinion: Universa's Return Is Legit But With an Asteriskpaywalled — manual check queued

While the 3,612% figure is genuine, Universa recommends allocating 96.67% to the S&P 500 and 3.33% to its tail-risk fund. On a full-portfolio basis, the March 2020 return was approximately 12.8%.

Wikipedia: Universa Investmentssource alive

Universa Investments is a hedge fund founded in January 2007 by Mark Spitznagel with Nassim Nicholas Taleb as its advisor. The fund focuses on risk mitigation through tail-risk hedging strategies.

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