NAV per share: 1.0119
Performance since inception: 0.46%


Our silver position was stopped out today after a sharp sell-off, possibly due to profit-taking by other investors. Silver has done spectacularly well this year—around 150% year-to-date. Unfortunately, our fund only started in October and couldn’t capture the full upside, but it was good while it lasted.

There will be no rebalancing tonight as we will be transferring our holdings to a corporate account. This should take a few days for funds to settle; hopefully we’ll have the money in by Friday and can start allocating then.

Moving forward, we will conduct rebalancing every Friday instead of Monday to better accommodate my schedule.

We will also move away from a risk-parity framework to a more “handcrafted” approach, with higher allocation to equities and lower to bonds and alternatives. Our current allocation when fully deployed is roughly 33% equities, 51% bonds, and 16% alternatives. I will shift portions from bonds to equities to target roughly 80% equities, 10% bonds, and 10% alternatives, which should reduce our borrowing by about 35%.

The reason for this change is to reduce leverage: under risk parity, bonds’ lower volatility leads to larger weights, and hitting a high volatility target requires more borrowing, which eats into returns. In addition, shifting to equities could boost average returns over time, as they tend to carry higher risk premia (with higher volatility). That said, we will continue to use (1) volatility targeting, (2) trend-following methodology, and (3) trailing stop-loss rules to control risk and keep max loss at any point at an acceptable level.

It has been a bumpy Q4 as momentum slowed across most assets, but we’ve kept losses to a minimum and eked out a small gain at the end by sticking to our rules and managing risk. I hope 2026 will be a good year for all of us, and I want to thank you again for entrusting your money with me.