We are a low-frequency fund with a medium-to-long term horizon with holding periods ranging from 6 months 
to ~3 years.

We judge ourselves in multi-year horizons and we are invested across a diverse range of assets globally. However, we are happy to measure ourselves against the S&P 500 and the Eurekahedge Macro Hedge Fund Index for each year and multi-year.

Since we invest over a multi-year horizon per each individual asset, it is important to be able to hold them to their intended completions. The strategy that we deploy requires us to hold positions from one stage of our cycle to the next, with each stage requiring roughly 3 years in between. Our strategy has a higher rate of return as more years pass.

It is due to these reasons that the lockup period is not adjustable. We think it is in the investors’ best interest to stick with the strategy for at least 3 years.

Investors are sent monthly statements via e-mail and via our portal.

Yes; the manager writes frequent newsletters to LPs, and the frequency ranges from bi-monthly to quarterly depending on the market conditions.

Under some conditions, we may have market beta but those conditions are rare. For e.g.: In 2022, most of the world had a synchronous inflation problem, and so there was a rush to Dollar for safety. In this case, otherwise uncorrelated assets in our portfolio became correlated with one another and with the market altogether.

But, we think these conditions are rare.

The manager has a strong technical understanding of portfolio & risk management. However, we believe our fresh approach is necessary for long-term success and differentiation. Therefore, the manager's unique perspective is more relevant than experience for effectively implementing this strategy.

Given our low-frequency approach and our reliance on history instead of technical factors in the markets, we think that our strategy can stay manpower-light.

Yearly.

Yes, up to 100%.

We do. But that’s not an actively managed portion of our portfolio. In our case, being longer-term oriented, short-term derivatives trading won’t be a part of our usual strategy, except if there is a hedge in play for the right price.

We do and have been inspired by certain investors and have tried to incorporate portions of their approach within ours. We look up to Warren Buffett for general principles for e.g. the importance of not thinking short-term; we follow George Soros and his example of the Pound short for the importance of being a contrarian; we follow Ray Dalio for systematic understanding of the Long-Term Debt Cycle; we follow lessons from John Paulson’s housing market bet to understand the value of asymmetric hedges and the importance of insuring/hedging a portfolio for cheap, etc.

We think having a good mix of successful investors we follow allows us to learn from prior mistakes without going through the pain of making them ourselves.

We are not traders in the asset class. We do invest in the cryptocurrency sector and blockchain-adjacent companies via positions in specific equities. Although we do reserve the right to hold direct cryptocurrencies, we typically do not and have not since October 2022. We rather invest in public equities within the space that gives appropriate correlation to the price of cryptocurrencies themselves, yet with other characteristics that limit their downside volatilities. As an example, Coinbase which has performed well for us having outperformed Bitcoin/Ether since we directly held it beginning June 2023.

Even if we hold cryptocurrencies, as mentioned in our official PPM document, we limit the kinds of coins we could hold. We won’t hold speculative and unproven alt-coins, and stick with well-defined coins like Bitcoin 
and Ether.