Nasdaq recorded a 6.6% October decline in the Nasdaq-100 as investors weighed AI spending, while Bloomberg reported a fund advised by Value Aligned Research Advisors LLC (VARA) lost 33%, a far larger decline.
Bloomberg cited a person familiar with the matter for the fund’s performance figure. The outlet also reported that investors holding its Class C shares were told the fund had gained 13% for 2026 through October. Bloomberg did not report a dollar amount for the loss. It also reported the fund fell 44% in July.
Using Nasdaq’s figure, the reported fund loss was five times the index’s October decline. Nasdaq put the Nasdaq-100’s drop at 6.6%, while Bloomberg’s report used 6.7%, a 0.1 percentage-point difference the reports did not explain.
Nasdaq described investors as scrutinizing the sums committed to artificial intelligence and the time it takes to turn those outlays into cash. Bloomberg linked the market retreat to doubts about whether expected AI profits could cover borrowing used by technology companies to build models.
A September 2025 Form CRS filed with the U.S. Securities and Exchange Commission (SEC) says the adviser may pursue strategies concentrated in industries and business categories affected by technological change. The filing does not identify the fund’s October holdings.
Bloomberg reported that a letter sent to investors Thursday described the firm as “healthy and stable.” It said the letter cited maintained excess margin and no material changes to counterparty relationships. Bloomberg also said VARA did not provide month-to-date performance estimates.
Nasdaq named upcoming employment and inflation data, remaining third-quarter earnings reports and the Federal Reserve’s December policy decision as indicators investors would watch.
