Portfolio

Where capital is working.

Where your money sits, and how it has done every month since we started. Updated as performance is reported.

Monthly returns

Net of fees · last 12 months

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Net return, trailing 12m

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Best month

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Worst month

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Positive months since inception

Hover any bar to see that month. The full history is in the table below.

Returns by month

Since inception · July 2021

Every month since we started, net of fees.

Allocation by engine

As of —

Engine	Allocation	Leverage
Systematic trading Spot & derivatives, always on	42%	Up to 3×
Leveraged positions Conviction-weighted, dynamically capped	23%	Up to 5×
Yield & liquidity Staking, LP, basis & funding-rate	20%	1×
Venture & seed Committee-approved, illiquid	15%	1×

Allocation as at the latest reported month. Leverage limits are set per engine by the risk committee and enforced automatically; leverage amplifies both gains and losses.

Exposure snapshot

Live, not end-of-day

1.8×

Blended gross leverage

0.9×

Net market exposure

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Max drawdown, trailing 12m

5×

Hard leverage cap, any engine

Venture & seed

The venture sleeve is the one part of the book no model touches. Every position is underwritten by hand and approved individually by the risk committee, against a hard 15% cap that doesn't move when the pipeline looks good. We publish the sleeve by thesis rather than by company — round terms keep the names private until a raise is public.

4.5%

Settlement & layer-two infrastructure

The rails that clear and settle onchain volume. Slow to build, hard to displace once volume routes through them.

3.0%

Onchain credit & lending

Collateralised lending markets with transparent liquidation mechanics — the part of 2022 that broke, rebuilt so the collateral is visible.

2.5%

Stablecoin & payment infrastructure

Issuance, redemption and settlement plumbing. Boring, regulated, and the layer most real payment volume eventually touches.

2.0%

Restaking & shared security

Security rented from one network to another. Genuine new primitive, genuine new correlation risk — sized accordingly.

1.8%

Proving systems & ZK tooling

Cost per proof is still falling fast. We hold the toolchain rather than betting on which chain wins.

1.2%

Market & execution infrastructure

Order routing, custody tooling and data infrastructure — the parts of the market our own desk depends on.

Thesis weights as a share of NAV. Venture positions are illiquid and may be held for several years before any return is realised. Individual holdings are disclosed to investors in the quarterly reporting pack.

Sizing

How exposure is sized

Each engine trades inside its own leverage and exposure cap, set by the risk committee and enforced automatically. A trade that would breach the cap is sized down or rejected before it executes — the model never asks forgiveness instead of permission.

Rebalancing

When we rebalance across engines

Capital is reallocated between engines when actual weights drift past committee-set thresholds, not on a fixed calendar. An engine on a hot streak doesn't get to keep growing its share of the book past its target just because it's winning.

Full holdings, engine-level leverage and audited performance go to every investor in the quarterly reporting pack — not published in full on this site.

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