Capula Investment Management

Yan Huo serves as Chief Investment Officer and Managing Partner, leading the firm's investment strategy alongside Managing Partner Masao Asai. Huo and Asai co-manage the portfolio with a team of senior traders and researchers, employing a collaborative but highly quantitative approach to relative-value fixed-income investing. Co-founder Andrew W. Lo, a professor at MIT, is involved in a non-executive capacity but shaped the firm's research-intensive culture.

Capula operates a global macro fixed-income relative-value strategy. The firm identifies and exploits pricing discrepancies between government bonds, interest-rate swaps, inflation-linked bonds, and related derivatives, primarily in G7 markets. A substantial portion of the firm's risk and returns has historically been driven by its Japanese government bond (JGB) book, though it actively trades European and US sovereign rates.

No. Capula is structured as a relative-value manager, not a directional macro fund. The strategy is designed to be market-neutral, profiting from the convergence of mispriced instruments rather than forecasting moves in rates, currencies, or central bank policy. This approach aims to generate returns with very low correlation to equity markets and traditional directional bond benchmarks.

Capula does not publicly disclose its assets under management. The firm is widely considered one of the largest independent macro hedge fund managers, frequently ranked among the top global macro firms by industry surveys. Precise AUM figures are not publicly confirmed by the firm.

Andrew W. Lo, a professor of finance at the MIT Sloan School of Management and director of MIT's Laboratory for Financial Engineering, is a co-founder of Capula. Lo provided the initial academic and quantitative framework for the firm's strategy, though he is not involved in daily trading or portfolio management. His association underscores the firm's research-driven, systematic orientation.