A $2bn (€1.5bn) fixed income arbitrage hedge fund run by UK firm Capula Investment Management was up almost 2% in early August using the only strategy to make money so far this month.

Capula, one of the few UK hedge fund management firms founded by Japanese traders, Masao Asai and Yan Huo, recorded a gain of 1.88% for the month to August 10, according to investors.