With $750m in assets under management, US-based high-conviction hedge fund One River Asset Management is a relative minnow when it comes to market value.

But the Connecticut hedge fund, which runs five volatility and trend strategies, is emerging as one of the major hedge fund winners from the Covid-19 market turmoil. One River's discretionary long volatility fund was up 34.9% in March and 49.6% in the year to date. Its systematic Dynamic Convexity fund was up 37.4% in March and 45.8% in 2020, according to figures seen by Financial News.