"One of the smaller funds in the firm’s tail risk strategy has delivered a 55% return so far this month, according to a person familiar with the fund’s returns. Across that strategy, Capstone manages $US600 million. The 55% is for one of those funds.
The firm’s bigger $US3 billion flagship volatility arbitrage fund return 1.2% so far in August, according to the person."The rest of the article is hand wavy explanation of volatility and trading.
I don't have access to Capstone returns, so these numbers are interesting, to analyze and compare to how other vol funds did in August.