Investment Updates
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2025-01-09
NAV per share: 1.0114Performance since inception: 0.41% We’ve resumed investing today. I’ve shifted the portfolio from a risk-parity framework to a more discretionary allocation framework. As mentioned in the previous post, a risk-parity framework overweighted lower-risk assets and required higher leverage to hit our target volatility. To reduce borrowing costs, we’ll overweight higher-volatility assets instead.…
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2025-12-29
NAV per share: 1.0119Performance 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…
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2025-12-22
NAV per share: 1.0076Performance since inception: 0.03% International bonds were stopped out last Friday, presumably after the BOJ’s rate hike, which sent JGB yields across the curve higher. There are quite a few more short positions this week, including international bonds, U.S. long-term Treasuries, and cryptocurrencies. Commodities like gold, silver, and copper continue to be…
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2025-12-15
NAV per share: 1.0048Performance 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…
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2025-12-08
NAV per share: 0.9999Performance since inception: -0.73% This week’s FOMC should see a rate cut by 25bps and provide some support for equities. US equities seem to be gaining momentum and we’re adding to our positions this week. 2 of our cyptocurrencies positions got stopped out last week from a sudden recovery, however, we’re still…
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2025-12-01
NAV per share: 0.9974Performance since inception: -0.98% Market recovered last week after renewed hope that FED will continue to cut rates this December. No stop-loss was hit last week. We have divested from China as momentum has faded, and I’ve also made some changes to the ETF selection, now leaning towards individual countries exposure rather…
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2025-11-24
NAV per share: 0.9902Performance since inception: -1.7% Market took a dump last week amid scares over AI valuation and stronger-than-expected labour data, dampening hopes of another rate cut this coming FOMC meeting. Our Asia Pacific position got stopped out last week. Markets seem to be choppy and moving sideways in the last few weeks. There…
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2025-11-17
NAV per share: 0.9974Performance since inception: -0.98% Earlier last week was good before the notion of the US government reopening spooked the market, fearing higher-then-expected inflation data would stall the FED’s rate cut path. Silver has shown signs of recovery and we’ll be adding to our position. We’re now out of long term US government…
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2025-11-10
NAV per share: 1.0025Performance since inception: -0.47% US market dipped last week due to AI valuation scare and higher-then-expected challenger job cuts. No positions hit their stop loss last week. Silver seem to be consolidating since October’s fall and we’ve increased our holdings in global REITS. US market seem to have recovered today pre-market due…
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2025-11-05
NAV per share: 0.9985Performance since inception: -0.8711% REET got stopped out last week, while COPX got stopped on Tuesday this week. Rebalancing happened on Tuesday instead of yesterday because some funds’ ex-dividend date was yesterday. Momentum for US stock seem to be in full swing, while risk assets like cryptocurrencies have reversed and we’re now…