# 36 South Capital Advisors

36 South Capital Advisors is an Asset Manager based in London, United Kingdom.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** London, United Kingdom
- **Region:** Europe
- **Address:** London, United Kingdom
- **Founded:** 2005
- **Assets under management:** $500M–$1.5B (Altss estimate)
- **Website:** 36southcapital.com

## Regulatory record

- **CRD number:** 166406
- **SEC file number:** 801-77793
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/166406

## About

36 SOUTH CAPITAL ADVISORS LLP is an SEC-registered investment adviser in LONDON, registered since 2013. The firm manages approximately $1.0 billion in regulatory assets. It has 24 employees and 7 investment advisers.

## Sectors

- Hedge Funds
- Macro

## People

- Jerry Haworth — Chief Investment Officer
- Richard Haworth — Chief Executive Officer

## Questions

### What is the investment strategy of 36 South's flagship fund?

The Kohinoor Core Fund maintains a persistent long-volatility posture, using deep-out-of-the-money options and volatility swaps across equities, fixed income, currencies, and commodities. The fund carries negative carry in calm markets — bleeding small premiums — in exchange for highly convex returns during market dislocations. This strategy returned over 119% in 2008 and roughly 100% during the March 2020 volatility spike (per Bloomberg, 2021).

### How does 36 South differ from other tail-risk managers like Universa?

Unlike Universa, which pairs tail-risk hedging with a return-seeking alpha book that offsets carry costs, 36 South has historically run a purer mandate — treating the persistent negative carry as an intentional feature rather than a problem to hedge away. This structural choice means 36 South experiences deeper drawdowns during extended calm periods but captures more convex payouts when volatility events occur.

### Who founded 36 South Capital Advisors and runs the firm today?

Brothers Jerry and Richard Haworth founded 36 South in London in 2005. Jerry Haworth serves as Chief Investment Officer, overseeing all portfolio decisions, while Richard Haworth functions as Chief Executive Officer, managing the firm's business operations (per Bloomberg, 2021). The firm remains controlled by the founding principals.

### Did 36 South launch additional funds beyond the original Kohinoor Core Fund?

Yes. The firm launched the Kohinoor Core Plus Fund, which layers tactical short-volatility trades onto the long-volatility core, aiming to improve returns during low-volatility regimes. The original Core Fund remains the flagship vehicle and maintains the purest long-volatility mandate.

### How has 36 South's AUM changed over time?

The firm's assets under management have fluctuated sharply with performance cycles, peaking above $1 billion after the 2008 financial crisis and again following the March 2020 volatility spike. AUM tends to contract during extended low-volatility periods, when the persistent negative carry on the Core Fund erodes capital (per Bloomberg, 2021). The firm does not publicly report current AUM.

## Related profiles

- [Mercury Financial Advisors](https://altss.com/profile/mercury-financial-advisors)
- [TRENDSCAST FINANCIAL](https://altss.com/profile/trendscast-financial-llc)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/36-south-capital-advisors-llp

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