Actively managing portfolios

David Dias

I am an investor and portfolio manager specialising in volatility and VIX-linked derivative strategies.

Get in Touch APARI Fund

Convexity is central to how I think. It allows me to construct strategies with defined risk and an asymmetric payoff profile when markets come under stress.

David Dias, MSc

David Dias, MSc

Hedge Fund Manager

16+
Years of Experience
2
Funds Under Management
VIX & Volatility
16+
Years in Financial Markets
6
Years Actively Managing APARI
2
Funds Under Management
First
First volatility hedge fund in the Czech Republic
Profile

A Professional Approach to Volatility

I combine hands-on market experience with systematic research and rigorous risk management.

David Dias

I have been active in markets since 2009. I started with discretionary day trading but gradually transitioned toward what can be quantitatively evaluated, scaled, and systematically hedged. VIX-linked volatility derivatives became my primary investment instrument.

I look for ways of investing that still make sense when conditions change and market conventions break down. I am not chasing the perfect year. I want an approach that will outlast my investment career.

Today I run APARI, where my focus is portfolio construction, execution, and risk management across derivative strategies. I place a strong emphasis on clear rules, defined limits, and transparent communication.

Role
Hedge Fund Manager & Portfolio Manager
Focus
VIX-linked volatility. VX futures. Structured volatility ETPs. VIX options.
Priority
Defined risk. Robustness. Execution. Transparency.
For Whom
Qualified investors. Institutional partnerships.
Philosophy

Adaptation. Survivability. Process.

My thinking is shaped by my formal education, which is rooted in Darwinism, evolutionary biology, and how species survive environmental change. I view markets as an ecosystem. Regimes rotate, edges decay, and mistakes are punished non-linearly. That is why I work from an evolutionary standpoint — I do not seek perfect prediction, but an investment process that can adapt to market shocks.

Regimes matter more than narratives

Markets move in cycles and regimes. Narratives often emerge only in hindsight. Data and structure provide a more robust framework for decision-making.

Adaptation matters more than certainty

No approach works forever. Being able to adjust to a new reality is more important than being right.

Avoiding a fatal error matters more than delivering a perfect year

Survivability comes first. Those who survive a drawdown can recover. Those who risk everything only get to play once.

Thoughts & Observations

From time to time I share notes on how I think about markets and volatility.

@DavidDias_apari

@DavidDias_apari

Volatility, VIX derivatives and risk management. Hedge fund manager.

View on X
Timeline

Professional Milestones

Key milestones across my career and what each phase has taught me.

2009

Entering the Markets

Active trading and intensive hands-on experience. The fastest lesson was the simplest: without risk management, there is no long-term game.

2011

Teaching & Sharing Knowledge

Stepping out of anonymity and working with traders. The realisation that explaining your process to others is often the best way to anchor it for yourself.

2012

Volatility & Derivatives

A shift toward structured volatility derivatives. Asymmetric payoff profiles and convexity showed me that it is not about calling direction. What matters is how a strategy behaves when you are wrong.

2019

Algorithmic Trading for a Private Fund

Leading a professional team developing algo strategies and trading systems. Working for a third party instilled discipline in documentation, testing, and accountability for results that are not solely your own.

2019

Founding APARI

Launching my own fund marked a transition to institutional thinking. The biggest shift is that managing external capital demands exceptional psychological resilience and learning to scale assets under management effectively.

2023

Second Fund Domiciled Abroad

Expanding access for qualified and professional investors within the European Union. Greater emphasis on robust fund structuring, communication, and process consistency.

Present

Continuous Development

Quantitative research, validation, and ongoing reassessment of the robustness of volatility strategies. The lesson is straightforward: continuous learning, development, hypothesis testing, and improvement delivers the greatest return on equity — for me and for my investment partners.

Specialisation

Core Competencies

What I work with daily and apply in practice.

Volatility Strategies

VIX derivatives and options across regimes. Emphasis on convexity, payoff structure, and left-tail risk management.

Quantitative Analysis

Backtesting, validation, and stress scenarios. Robustness, bias control, and working with outcome distributions.

Portfolio Management

Portfolio construction, risk budgeting, position sizing, and drawdown discipline.

Analytics & Tooling

Development of proprietary analytical tools. Bespoke software for decision-making that off-the-shelf platforms cannot address.

Derivatives Structures

Skew, term structure, carry versus convexity. Hedging and structure design.

Risk Management

Limits, scenario analysis, position sizing, reporting, and transparent communication.

First in the Czech Republic

Volatility Hedge Fund

APARI treats volatility as a standalone, investable asset class. It offers a differentiated type of exposure that can add a new dimension to investors' portfolios and broaden the spectrum of performance characteristics across varying market environments. Details and public disclosures are available on the fund's official website.

Learn More
14+
Years of Experience
2
Funds Under Management
CZ & EE
Jurisdiction
1M CZK
Minimum Investment
Methodology

Process & Risk Management

Without data-driven validation, a strategy is just a hypothesis. I only deploy what passes a rigorous robustness filter.

Cycle
1

Research

Hypothesis formulation, data analysis, and edge identification.

2

Backtesting

Historical validation and stress scenarios.

3

Validation

In-sample analysis and live testing.

4

Execution

Implementation into the portfolio and position weighting.

5

Monitoring

Performance evaluation and correlation monitoring against original test parameters.

Risk Management

Risk budgeting and position sizing. Positions are sized by risk, not by conviction.
Drawdown limits and disciplined risk reduction.
Stress testing across different volatility regimes.
Liquidity and execution risk.
Reporting and transparent communication.

Discipline. Systematic Rigour. Transparency.

I view investing as a disciplined process grounded in quantitative analysis and rigorous risk management. I believe in a systematic approach that eliminates emotional decision-making and is built on robust, testable strategies. My goal is to provide qualified investors with access to sophisticated strategies through transparent communication and professional management.

Contact

If my work and approach are of interest, you can reach me through the channels below.

X (Twitter)
@DavidDias_apari
LinkedIn
David Dias
APARI Fund
apari.cz

Send a Message

Please enter your name
Please enter a valid email address
Please enter a subject
Please enter a message
Please confirm you are not a robot