Institutional Pitch Book
IMPORTANT DISCLAIMER
This material is provided for informational purposes only and does not constitute an offer, solicitation, or inducement to buy or sell any securities, financial products, or investment strategies. Any such offer will be made solely through definitive offering documents.
Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. This material is intended exclusively for accredited investors as defined under Regulation D, Rule 506(c).
All performance figures presented are gross of fees and expenses and do not reflect management fees, performance allocations, or fund-level expenses. Performance results are derived from the founder’s personal trading account and are expected to be traded in a substantially similar manner and strategy once the fund is fully operational.
Information is sourced from Interactive Brokers and other third-party providers believed to be reliable, but accuracy is not guaranteed.
TRADITIONAL PORTFOLIOS
Most investor portfolios remain heavily concentrated in long-only equities and traditional asset classes. While diversification is often discussed, correlations tend to converge during periods of market stress, exposing portfolios to drawdowns precisely when protection is most needed.
As a result, traditional diversification frequently fails to deliver meaningful downside protection or consistent risk-adjusted returns across full market cycles.
VOLATILITY AS AN ASSET CLASS
Volatility exhibits structural characteristics that differ materially from equities and fixed income. The VIX Index is inherently mean-reverting and historically tends to rise during periods of market stress, making it a compelling source of diversification when traded systematically.
Vich Capital views volatility as an investable asset class capable of generating returns in rising, falling, and sideways markets, while offering diversification benefits that are difficult to achieve through traditional exposures.
STRATEGY OVERVIEW
The investment process is built on two core components:
A proprietary quantitative model designed to identify market regimes and timing opportunities
A disciplined execution methodology that governs strategy selection, instrument choice, exposure levels, and position sizing
The strategy employs both long and short volatility exposures with a primary focus on capital preservation, liquidity management, and controlled risk-taking.
RISK MANAGEMENT PHILOSOPHY
Risk management is central to every investment decision.
Core principles include:
Clearly defined exposure limits and position sizing rules
Emphasis on liquidity and capital flexibility
Continuous monitoring of market conditions and volatility regimes
Capital preservation as the primary objective
PERFORMANCE SNAPSHOT (GROSS)
Track record period: January 2019 – December 2025 (personal trading account; traded using the same strategy and methodology intended for the fund).
WHY VICH CAPITAL
Singular focus on volatility as an asset class
Disciplined, repeatable investment process
Strong risk-adjusted historical performance
Institutional structure with investor-aligned terms
Full alignment of interests between manager and investors
FOUNDER PROFILE
LIOR MOSCOVICH – Founder & CEO
Lior has over 15 years of experience in financial markets, with a specialized focus on volatility trading. Through extensive independent research, testing, and refinement, he developed a proprietary model and disciplined methodology designed to trade the VIX Index as a distinct asset class.
Lior invests his personal capital alongside investors and trades the same strategy under the same risk framework, ensuring full alignment of interests between the manager and limited partners.
Vich Capital reflects his singular focus on disciplined risk management, continuous improvement, and the pursuit of consistent, risk-adjusted outcomes across market cycles.
GROWTH OF $100,000 INVESTMENT
A hypothetical $100,000 investment would have grown to approximately $337,340 over the track record period, reflecting consistent compounding across varying market conditions.
The chart below illustrates the growth of capital over the track record period.
RISK & RETURN METRICS
Sharpe Ratio: 1.08
Sortino Ratio: 1.67
Calmar Ratio: 0.7
Mean Return: 1.55%
Maximum Drawdown: (Q1 2020) 27.01%
Standard Deviation: 4.28%
These metrics reflect a strategy designed to prioritize downside control and consistency rather than return maximization.
BENCHMARK COMPARISON
Relative to the S&P 500, the strategy has demonstrated higher consistency of positive periods and lower overall volatility, resulting in improved risk-adjusted performance across the measured period.
FUND TERMS
Investor Eligibility: Accredited Investors only
Structure: Open-Ended Fund
Lock-Up: None
Management Fee: 0%
Performance Allocation: 20% (subject to a High-Water Mark)
Regulatory Structure: Regulation D, Rule 506(c)
OPERATIONAL INFRASTRUCTUR
Independent third-party fund administrator
Institutional-grade reporting and transparency
Comprehensive legal and compliance oversight
Robust back-office and operational infrastructure
This document is for informational purposes only and does not constitute an offer to invest, buy or sell securities. All cont ent is protected by copyright. * All Performance Numbers are Gross, do not Include: Expenses, Management or Performance Fees. ** The performance figures shown are from my own personal trading account and will be traded in the same manner and with the same strategy. *** All information provided by Interactive Broke rs. **** Past results are not necessarily indicates of future results.
Disclaimer: Past results are not necessarily indicative of future results. Vich Capital is a Private offering.
Investing involves risk, including the potential loss of principal. Past performance does not guarantee or indicate future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance.
This material is for informational purposes only and does not constitute an invitation, offer, or solicitation to buy or sell any security, or to adopt any investment strategy. Offers to sell or solicitations of offers to buy any security can only be made through official offering documents that contain important information about investment objectives, risks, fees, and expenses. Prospective investors should carefully review such documents and consult with their own tax, legal, and/or financial advisers before making any investment decision.
While information contained herein has been obtained from sources believed to be reliable, Vich Capital does not represent it as accurate or complete and it should not be relied upon as such. Any illustrations, estimates, views, or projections reflect our judgment as of the date indicated, involve significant elements of subjective analysis and assumptions, and are subject to change without notice. No representation is made as to the accuracy of such information or that all assumptions underlying such statements have been considered or stated.
Neither Vich Capital nor any of its affiliates provide tax advice or represent in any manner that the outcomes described herein will result in any particular tax consequence. Nothing in this document should be construed as legal, tax, or investment advice, nor as establishing any fiduciary relationship.
This material is confidential and proprietary to Vich Capital, is provided solely for your use, and may not be reproduced, circulated, or distributed without our prior written consent. Distribution may also be restricted by law or regulation in certain jurisdictions.
© 2026 Vich Capital LLC. All Rights Reserved.