NAV per share: 1.0048
Performance since inception: -0.25%


Our net position size is lesser this week as momentum slows down in some asset class, particularly in the US bond space.

NASDAQ retreated last week from AI related valuation concerns led by Oracle and Broadcom and we’ve reduced our positions there.

US Small Cap seem to have reacted favourably to the recent rate cut, and we think the plan to boost Fed’s balance sheet helped as well.

Cryptocurrencies have rebounded last week and we have reduced our short position. We continue to short US long term Treasuries.

We will be starting currency hedging this week. Given that all of our investments are USD denominated, we will be conducting partial or full hedging using Futures contract.