Fucius Capital
About Fucius Capital

A specialist focus.
An independent perspective.

Quantitative research, financial economics and technology come together in a disciplined approach to volatility investing.

01Our story

Built on research.
Focused on volatility.

Fucius Capital applies quantitative research, financial economics and technology to a specialist investment process focused on volatility.

Launched in October 2020, the Fucius Volatility Arbitrage Fund applies a specialist, research-led investment approach.

Our proprietary approach combines research into volatility risk premia with portfolio optimisation and machine learning. We believe that alternative sources of return deserve careful consideration within a broader investment portfolio.

October 2020Flagship fund launched
ApproachDisciplined quantitative research based
AI-generated visual of a quantitative research workspace with financial charts and research materials
Evidence-led quantitative research informs the investment process.
02How we think

The evidence
comes first.

Our investment strategy is grounded in economic theory, statistical analysis and quantitative models. We study the behaviour of volatility, challenge our assumptions and translate research into a systematic process.

Explore our philosophy
03Our team

Complementary expertise.
A shared discipline.

Mathematics, finance, technology
and investment oversight.

Bo Zhao

Founding Partner, CEO

A background in mathematics, finance and volatility research, connecting market insight with systematic investing.

Read biography

Bo holds PhDs in mathematics from Washington University in St. Louis and in finance from Cass Business School. His experience spans volatility modelling, volatility risk premia and the design and testing of trading strategies.

Previously, he worked with the equity front-office desk at Citigroup, where he developed a portfolio optimisation model addressing investment objectives and constraints for fund managers.

Patrick Moerth

Chief Compliance Officer

A background in hedge funds, global macro and quantitative strategies, with experience in investment oversight.

Read biography

Patrick founded Odin Capital Management in 2006. Previously, he was responsible for global macro and quantitative strategies in Credit Suisse’s hedge-fund group in Zurich, after beginning his career as a hedge-fund analyst at FERI Alternative Assets.

He holds a PhD in economics from the University of St. Gallen, a European Master of Business Sciences and a Master of International Business from the University of Vienna.

He has passed all three levels of the CFA programme, both levels of the CAIA programme and the GARP FRM examination, and has authored hedge-fund publications in academic journals and specialist books.

04Recognition & Awards

Recognition for
specialist performance.

2025

Volatility Fund of the Year

Awarded at the HFM European Performance Awards for excellence and strong performance in volatility strategies.

Careers

Curiosity. Rigour.
Independent thought.

We welcome talented individuals with knowledge, drive and ambition. Send your CV and cover letter to introduce yourself.

Introduce yourself