Volatility Arbitrage Mutual Fund?

Indeed; just came across this article:
The American Beacon Ionic Strategic Arbitrage Fund ... [through it's] sub-advisor, Ionic Capital Management, will pursue ... a market-neutral ... strategy that consists of ...
40-50% of the fund’s assets will be allocated to convertible arbitrage;
20-30% will be allocated to credit/rates relative value arbitrage;
30-40% will be allocated to equity arbitrage; and
5-15% to volatility arbitrage.
More detailed information in the SEC filing. Ionic was managing the strategy since August 2013, and the performance has not been stellar: the fund returned only 3.2% since inception til end of 2014. Proposed managed fee is little over 1%. However this is not particularly surprising - afaik Ionic strategy is specifically long convexity, and would likely to underperform at times of stagnant volatility, like we had in the past few years.

No other information about the fund available on American Beacon website.
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