April 2025 Vol Event Drove +25.21% Single-Month Gain At Kris Sidial’s Ambrus Capital

Ambrus Capital has returned 76.71% gross and 53.48% net over the last 24 months, with a 24-month maximum drawdown of 2.64%. According to the firm’s April 28 letter to investors, which was obtained by Hedge Fund Alpha, the tail risk hedge fund posted sizable returns across three mini volatility events. In August 2024, Ambrus returned 11.89%, while in April 2025, it posted a return of 25.21%. In March 2026, the fund generated a 5.09% return for investors.

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Also see: When A 4000% Hedge Fund Return Is A Mirage

Ambrus Group is approaching $1 billion in assets under management and conducting a soft close as the top performer among volatility funds. A source tells Hedge Fund Alpha that Ambrus Capital is backed by an unnamed, well-known multi-strategy fund. The letter itself references ” large multi-strategy hedge funds” with a plural “S”. After its strong performance, the fund is focusing on not letting its asset base get too large, noting “over the past few months, we have become increasingly selective with respect to who we allow into the fund. Beginning July 1st, that selectivity will increase further as we begin to meaningfully tighten new investor capacity”.

Founding principles

In his April letter, Kris Sidial of Ambrus Capital reported that they’re now in their sixth year of business. Upon founding the firm, he aimed to bring disciplined, high-quality volatility trading back to the hedge fund industry and demonstrate a more effective approach to hedging tail risk than what has historically been a structurally underperforming solution that has spread across the space.

Also see: Fund Manager Profile: Kris Sidial Of Tail Risk Fund Ambrus Group

From the very beginning, Sidial has wanted to reintroduce an “old-school,” derivatives-driven proprietary trading approach” centered around performance and accountability. This differs from the marketing and asset-gathering focus that’s prevalent among tail risk funds.