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Universa Investments, the "black swan" hedge fund, had a pretty good March. 

Why it matters: While the coronavirus pandemic isn't really a black swan — a lot of people knew such a thing would come at some point — the slump in the markets was severe enough that the fund's out-of-the-money options trades suddenly became extremely profitable. 

The state of play: The hedge fund, which is designed to act as a hedge against unexpected market dislocations, gained 3,612% last month.

The fund is advised by Nassim Nicholas Taleb, the options trader turned author. 

Go deeper: The next dominoes in the coronavirus economy

A good month for one "black swan" hedge fund

Universa Investments gained 3,612% last month.

This illustration shows a ladder made of a dollar bill

Business

Hedge funds

Health Care

Coronavirus

Universa Investments, the &quot;black swan&quot; hedge fund, had a pretty good March. Why it matters: While the coronavirus pandemic isn&#x27;t really a black swan — a lot of people knew such a thing would come at some point — the slump in the markets was severe enough that the fund&#x27;s out-of-the-money options trades suddenly became extremely profitable.

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Economy & Business

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