Our philosophy: redefining alternative investments

Volatility Blocks Fund (VBF) is an absolute return strategy designed to generate annualised returns of 10% to 15% over rolling five-year periods.

This fund uses liquid instruments such as futures and options on US stocks and indices and options on the VIX index, which measures market volatility. Thanks to this structure, the VBF provides protection and stability to portfolios.

• When traditional equity markets rise, the VBF seeks to generate positive returns.
• During periods of market volatility and market downturns, the VBF seeks to outperform, making it an ideal fund to complement portfolios with equity exposure.

Historically, portfolios managed by the VBF portfolio manager using this strategy have generated net returns of around 20% annualised between 2020 and 2024 (Source: Interactive Brokers).

The fund has been launched with Metagestión as investment manager which will be transferred to CAAN later in 2025.

• Focus on positive returns in any market environment, especially during equity market downturns: the VBF is designed to deliver positive returns in both rising and falling markets. In periods of growth, the fund provides moderate returns, while during downturns, it can outperform strongly, protecting the value of your portfolio.
• Protection and stability: this fund acts as a key tool to reduce portfolio volatility, ensuring stability even in uncertain times.
• Real diversification: with low or even negative correlation to traditional markets, VBF helps to improve the overall balance of the portfolio and reduce overall risk.
• Daily liquidity: thanks to its UCITS structure, the fund offers flexibility and transparency, allowing investors to access their investment, even at short notice.
• Attractive long-term returns: with a target net annualised return of 10-15%, VBF consistently outperforms traditional markets while taking less risk.
• Minimum investment: €100.

• Advanced strategies for all: Traditionally, these strategies were only available to investors with large portfolios. VBF breaks this barrier, making its strategy accessible to all types of investors.
• A perfect complement to any portfolio: ideal for investors seeking to diversify their equity exposure, VBF protects capital during market downturns and contributes to sustained long-term growth.
• Expert management with a proven track record: led by Santiago Moro, a portfolio manager with more than 25 years of experience in global markets and four years managing portfolios with the same VBF strategy, achieving net returns of c.20% annualised (Source: Interactive Brokers).

The Emerging Markets Credit Opportunities Fund (EMCOF) is an unconstrained absolute return strategy investing in Emerging Markets corporate and sovereign debt by identifying relative value, inefficient pricing, event drivers and special situations.

EMCOF will hold a concentrated portfolio of 10 to 15 high conviction positions with highly asymmetrical risk / return profiles.

The focus will be on hard currency, publicly traded external debt instruments

The Fund will exhibit low correlation to emerging and developed markets debt and target returns of greater than 15% over a rolling 5 year time horizon.

• Capable of delivering positive returns in diverse market environments, including ones in which major equity and fixed income indices exhibit considerable downside volatility.
• Exposure to an investment style and return profile under a regulated UCITS framework typically offered only to institutional investors in a hedge fund format.
• As a UCITS fund, the EMCOF provides investors with a weekly liquidity profile while targeting a 15% plus return profile typically only achieved in more illiquid structures, e.g., private credit, private equity or venture capital.
• Portfolio Manager has a high level of flexibility and range of instruments in which to invest not typically allowed to Emerging Markets funds with a narrower mandate.

Strong return potential with low correlation to broader markets

• The fund targets significantly higher returns than traditional EM debt strategies at 15%+.
• Low correlation to both emerging and developed market debt, making it a valuable diversifier in a broader portfolio.
• Identify inefficiencies, event-driven opportunities, and special situations enhances return potential beyond standard EM credit funds.

Unconstrained, Absolute return strategy with downside protection

• The fund is not tied to a benchmark, allowing for a flexible and opportunistic approach.
• A concentrated, high-conviction portfolio (10-15 positions) ensures that only the best risk/reward opportunities are pursued.
• The strategy is designed to generate positive returns in various market environments, including periods of heightened equity and fixed-income volatility.

UCITS Structure with hedge fund-like flexibility

• Unlike many hedge funds, EMCOF offers weekly liquidity under a regulated UCITS framework, making it more accessible to a broader range of investors.
• Investors gain access to high-return EM credit opportunities typically found in private credit or hedge fund structures, but with a more liquid and regulated format.
• The portfolio manager has a broad investment toolkit, allowing for dynamic allocation and active risk management, unlike traditional EM debt funds with stricter mandates.

The FX Stability Fund (FSF) invests in currency pairs, profiting from the correlations between different currencies.

It will be a Reserved Alternative Investment Fund (RAIF) domiciled in Luxembourg. This vehicle offers investors access to a new fund managed by CAAN’s investment partners, specialists in the foreign exchange (FX) market.

FSF is designed to provide high absolute returns with low volatility and correlation to equity or fixed income markets, making it a valuable diversifier for portfolios. The Fund is in the final stages of development and is scheduled for launch in the third quarter of 2025.

• Highly experienced team of 4 industry veterans with extensive investment and trading backgrounds, deeply specialized in the FX market.
• The strategy employs a proprietary trading system that identifies opportunities and is able to significantly limit downside risk thanks to its advanced hedging architecture.
• Their previous strategy (closed to new investors) was launched in 2020 and has generated an annualized net return of 18.6% since inception, with zero negative performance months and over $500 million in assets under management.

• A consistent and low-volatility strategy focused on generating uncorrelated returns through investment in global FX markets.
• Exposure to a unique investment style and attractive return profile within the framework of a Reserved Authorised Investment Fund (RAIF), domiciled in Luxembourg.
• A “master/feeder” structure that allows investors to access a manager with a long track record in global foreign exchange markets, managing risk in a controlled manner to significantly reduce drawdowns.