Sigil Stable Fund

Investor Summary

Pavel Stehno serves as CEO and Co-founder of Sigil PCC Limited, bringing 16 years of management and finance experience including 3 years with PwC's M&A team. He holds a Master's degree in Accounting, Taxation, and European Integration. The management team includes Phil Boyd as VP of North American Growth and Petr Hucik in crypto research. The company was founded in 2018 and employs 12 total staff managing 2 cryptocurrency funds under Gibraltar's Protected Cell Company structure, providing operational flexibility and regulatory compliance for institutional cryptocurrency investments.

Fund Strategy

Sigil Stable employs a market-neutral cryptocurrency investment strategy designed to deliver steady returns with minimal volatility. The fund focuses on capturing cryptocurrency market opportunities through private liquidity deals, hedging positions acquired at market discount, basis trades, and yield farming while muting traditional crypto market volatility. The strategy aims to provide institutional investors with crypto exposure that maintains low correlation to both traditional and cryptocurrency markets, positioning itself as a 'savings account style solution in crypto space' with target annual net returns of 15-30%.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	1%	1%

Executive Summary

Sigil Fund operates two crypto strategies in Q1 2026. Sigil Core returned -3.88% net against EUR but outperformed Bitcoin benchmark by 21.56%, while Sigil Stable generated 1% net yield against USD. The fund is transitioning from defensive positioning to net buyers as crypto risks appear priced in. Middle East conflict disrupted global oil supply through Iranian blockade of Strait of Hormuz, causing commodity price spikes. Hyperliquid emerged as dominant weekend price discovery venue for oil when traditional exchanges were closed. AI continues driving semiconductor and infrastructure markets but poses increased hacking risks for DeFi segments. Gold reached $5,379 during conflict escalation. Sigil Stable is pivoting toward structural infrastructure opportunities, with private liquidity deals growing from 27% to 34% of portfolio. The fund entered partnership with Ostium for real-world asset trading infrastructure. Management expects selective crypto outperformance amid continued market volatility, with regulatory improvements and institutional adoption providing secular tailwinds.

Forward Outlook

Fund expects bumpy ride in crypto markets throughout summer with AI hype and geopolitics continuing to capture headlines. Anticipates a few crypto assets and themes to outperform massively while rest of crypto market continues slow bleed. Plans to continue allocating excess cash into select opportunities across identified attractive themes.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
May 22 2026	2026 Q1	-	AI, commodities, crypto, geopolitics, gold, oil, trading	-	Sigil Fund operates crypto strategies with Core outperforming Bitcoin by 21.56% despite negative returns and Stable generating 1% yield. Fund transitioning from defensive to net buyer positioning as risks appear priced in. Middle East conflict disrupted oil markets while AI drives infrastructure but poses DeFi hacking risks. Stable strategy pivoting toward real-world asset trading infrastructure opportunities.
Feb 10 2026	2025 Q4	FWDI	crypto, DeFi, Digital assets, Liquidations, risk management, Stablecoins	-	Sigil Stable navigated crypto market turmoil with disciplined risk management, avoiding major protocol failures while delivering positive full-year returns. The October liquidation cascade and DAT compression created headwinds, but selective positioning in quality protocols and private deals positions the fund well for recovery.
Nov 3 2025	2025 Q3	AMZN, INPST, MELI, NIO, NU, RBRK, SE, TXN, UBER, V	E-Commerce, Fintech, global, growth, Platforms, software, technology	-	Wolf of Harcourt Street outperformed YTD (+23.4% vs S&P +13.7%) by focusing on platform businesses with structural advantages. Added to InPost, Mercado Libre, and Rubrik during volatility. Top contributors include NIO, SE, UBER, and NU. Despite strong performance, manager remains cautiously optimistic, planning to increase cash and reduce holdings to 15 positions.
Jul 13 2025	2025 Q2	ASML, HD, INPST.L, MELI, META, NIO, NU, SE, UBER	E-Commerce, global, growth, Mobility, semiconductors, technology	UBER INPST.L SE ASML	Wolf of Harcourt Street delivered +20.4% in Q2 versus +10.4% for S&P 500, led by Uber, MercadoLibre, and Sea Limited. Manager added to Uber and InPost despite strong performance, citing structural growth opportunities in autonomous vehicles and European e-commerce. Maintaining 4% cash position due to caution from rapid gains, focusing on reasonably valued holdings with strong execution.
May 14 2025	2025 Q1	ABBV, AMZN, ASML, INPST, MELI, META, MSFT, NIO, NU, SE, TSM, UBER, V	AI, E-Commerce, global, growth, large cap, semiconductors, technology	ASML META SE NU	Wolf of Harcourt Street outperformed the S&P 500 by 570 basis points in Q1, adding to ASML and Meta during market weakness. Sea Limited led performance while Nubank faced Brazilian headwinds. The portfolio demonstrates resilience through quality stock selection and disciplined strategy execution, with the manager continuing to capitalize on volatility-created opportunities.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

May 22 2026

2026 Q1

AI, commodities, crypto, geopolitics, gold, oil, trading

Sigil Fund operates crypto strategies with Core outperforming Bitcoin by 21.56% despite negative returns and Stable generating 1% yield. Fund transitioning from defensive to net buyer positioning as risks appear priced in. Middle East conflict disrupted oil markets while AI drives infrastructure but poses DeFi hacking risks. Stable strategy pivoting toward real-world asset trading infrastructure opportunities.

Feb 10 2026

2025 Q4

FWDI

crypto, DeFi, Digital assets, Liquidations, risk management, Stablecoins

Sigil Stable navigated crypto market turmoil with disciplined risk management, avoiding major protocol failures while delivering positive full-year returns. The October liquidation cascade and DAT compression created headwinds, but selective positioning in quality protocols and private deals positions the fund well for recovery.

Nov 3 2025

2025 Q3

AMZN, INPST, MELI, NIO, NU, RBRK, SE, TXN, UBER, V

E-Commerce, Fintech, global, growth, Platforms, software, technology

Wolf of Harcourt Street outperformed YTD (+23.4% vs S&P +13.7%) by focusing on platform businesses with structural advantages. Added to InPost, Mercado Libre, and Rubrik during volatility. Top contributors include NIO, SE, UBER, and NU. Despite strong performance, manager remains cautiously optimistic, planning to increase cash and reduce holdings to 15 positions.

Jul 13 2025

2025 Q2

ASML, HD, INPST.L, MELI, META, NIO, NU, SE, UBER

E-Commerce, global, growth, Mobility, semiconductors, technology

UBER
INPST.L
SE
ASML

Wolf of Harcourt Street delivered +20.4% in Q2 versus +10.4% for S&P 500, led by Uber, MercadoLibre, and Sea Limited. Manager added to Uber and InPost despite strong performance, citing structural growth opportunities in autonomous vehicles and European e-commerce. Maintaining 4% cash position due to caution from rapid gains, focusing on reasonably valued holdings with strong execution.

May 14 2025

2025 Q1

ABBV, AMZN, ASML, INPST, MELI, META, MSFT, NIO, NU, SE, TSM, UBER, V

AI, E-Commerce, global, growth, large cap, semiconductors, technology

ASML
META
SE
NU

Wolf of Harcourt Street outperformed the S&P 500 by 570 basis points in Q1, adding to ASML and Meta during market weakness. Sea Limited led performance while Nubank faced Brazilian headwinds. The portfolio demonstrates resilience through quality stock selection and disciplined strategy execution, with the manager continuing to capitalize on volatility-created opportunities.

QUARTER	THEMES	TAGS
2026 Q1	Crypto Fund operates both Sigil Core and Sigil Stable crypto strategies. Core returned -3.88% net against EUR but outperformed BTC benchmark by 21.56%. Fund is transitioning from 40% risk-off positioning to net buyers, slowly scaling into select assets as risks appear priced in. Crypto markets showing selective recovery with improved risk-reward profile.	Bitcoin DeFi Volatility Risk Management Digital Assets
	Oil Iranian blockade of Strait of Hormuz disrupted global oil supply lines, causing commodity price spikes led by oil and natural gas. Hyperliquid became dominant price discovery venue for oil over weekends when regular exchanges were closed. Markets remain volatile as conflict enters cold phase with persistent economic effects expected.	Crude Oil Geopolitics Supply Chain Commodities Energy
	AI AI hype continues to capture headlines and drive semiconductor and AI infrastructure in risk-on bull market. However, AI advancements pose increased hacking risks for crypto segments like DeFi, creating temporary headwinds until cybersecurity tooling catches up. AI-driven exploits and North Korean hackers represent emerging threats.	Artificial Intelligence Semiconductors Cybersecurity Technology Infrastructure
	Gold Gold rose 1.10% to $5,379.60 an ounce during Middle East conflict escalation. Trade.xyz had breakout moment surpassing $4 billion daily volume on day global gold market experienced highest trading activity in history. Gold represents one of the tokenized commodities now routinely sitting in top 10 markets by open interest on Hyperliquid.	Precious Metals Safe Haven Trading Volume Commodities Digital Trading
2025 Q4	Crypto Manager describes 2025 as a difficult year for crypto despite regulatory tailwinds, with the market failing to generate meaningful returns. Sigil Core finished roughly flat while outperforming the BTC benchmark. The fund has taken a defensive stance, de-risking 40% of the portfolio and holding 0% BTC and ETH exposure for the first time in fund history due to unfavorable risk-reward dynamics.	Bitcoin Ethereum Digital Assets Blockchain DeFi
	Capital Markets The manager discusses significant structural headwinds in crypto markets including persistent supply overhang from token unlocks and incentive misalignment where tokens lack value-capture mechanisms. They note the market is struggling with massive supply that cannot meet sustainable demand, with many tokens trading on narrative rather than fundamentals.	Market Structure Liquidity Valuations Supply Demand
	Private Credit The fund has exposure to OnRe Finance, described as 'reinsurance-on-chain' that provides insurance-style return streams with transparent positioning. Manager views this as real underwriting economics rather than synthetic DeFi yield, with TVL nearly doubling since their allocation.	Reinsurance Risk Transfer Yield Underwriting
	AI Manager notes that AI stocks overtook crypto as the premier 'tech risk-on asset' during 2025. They have exposure to USDai which provides GPU financing through non-recourse facilities, making the 'GPU mortgage' narrative increasingly concrete with major customer wins.	GPU Computing Infrastructure Financing
2025 Q3	E-commerce Portfolio includes significant positions in e-commerce platforms like Mercado Libre, which continues expanding across Latin America with new services like wholesale platform Mercado Libre Negocios and digital health services. The manager emphasizes platform businesses with structural advantages as a cornerstone of investment philosophy.	Platforms Marketplaces Digital Fintech Latin America
	Cloud Rubrik represents a key cloud infrastructure investment focused on data protection and backup solutions. Despite short-term volatility following earnings, the manager sees the company at an inflection point with positive free cash flow generation and margin expansion opportunities ahead.	Software Data Protection SaaS Infrastructure Growth
	Logistics InPost position reflects investment in automated parcel locker networks, particularly focused on UK expansion through partnerships with Aldi stores and UK Post Office trials. The company is prioritizing strategic investment for future market dominance despite near-term profit pressure.	Automation Last Mile Lockers Infrastructure Europe
	Payments Visa represents a low-risk payment processing investment, while Mercado Pago within MELI continues expanding with 1 million POS terminals in Mexico, doubling since September 2024 and rivaling traditional banking infrastructure in a country where 40% remain unbanked.	Fintech Digital Payments Financial Inclusion Networks Mexico
2025 Q2	E-commerce Manager holds positions in e-commerce logistics disruptor InPost and e-commerce platform Sea Limited. InPost is expanding its locker network across Europe with partnerships like Debenhams Group. Sea Limited shows revenue acceleration with margin expansion, representing the holy grail of growth investing.	Logistics Platforms Growth Europe Asia
	AI ASML positioned for AI-fueled rebound driven by surging demand for EUV and High-NA tools. S&P Global projects ASML revenue growth from €32 billion in 2025 to €52 billion by 2030, potentially reaching EPS of over €50.	Semiconductors EUV Growth Technology
	Electric Vehicles Uber benefits from autonomous vehicle industry fragmentation through partnerships like Volkswagen's white-label robotaxi. Volkswagen acts purely as supplier while Uber provides distribution network and infrastructure, positioning Uber as the operating layer tying everything together.	Autonomous Partnerships Infrastructure Mobility
2025 Q1	AI Meta is highlighted as one of the few companies already seeing tangible benefits from its investments in AI. The manager views AI as a key driver of Meta's value proposition and competitive advantage.	Artificial Intelligence Meta Technology Investment Benefits
	Semiconductors ASML maintains its monopoly in the lithography market with ~90% market share and remains the sole supplier of High-NA EUV systems. Despite reports of Chinese competition, ASML's competitive position appears secure due to geopolitical concerns and technical barriers.	ASML Lithography EUV China Monopoly
	E-commerce Sea Limited is highlighted as the best-performing stock in the portfolio, with all three business segments now profitable and self-sufficient while continuing to accelerate top-line revenue growth. The company remains immune to U.S. tariff concerns.	Sea Limited Profitability Growth Tariffs Segments

QUARTER

THEMES

Crypto

Fund operates both Sigil Core and Sigil Stable crypto strategies. Core returned -3.88% net against EUR but outperformed BTC benchmark by 21.56%. Fund is transitioning from 40% risk-off positioning to net buyers, slowly scaling into select assets as risks appear priced in. Crypto markets showing selective recovery with improved risk-reward profile.

Bitcoin DeFi Volatility Risk Management Digital Assets

Oil

Iranian blockade of Strait of Hormuz disrupted global oil supply lines, causing commodity price spikes led by oil and natural gas. Hyperliquid became dominant price discovery venue for oil over weekends when regular exchanges were closed. Markets remain volatile as conflict enters cold phase with persistent economic effects expected.

Crude Oil Geopolitics Supply Chain Commodities Energy

AI

AI hype continues to capture headlines and drive semiconductor and AI infrastructure in risk-on bull market. However, AI advancements pose increased hacking risks for crypto segments like DeFi, creating temporary headwinds until cybersecurity tooling catches up. AI-driven exploits and North Korean hackers represent emerging threats.

Artificial Intelligence Semiconductors Cybersecurity Technology Infrastructure

Gold

Gold rose 1.10% to $5,379.60 an ounce during Middle East conflict escalation. Trade.xyz had breakout moment surpassing $4 billion daily volume on day global gold market experienced highest trading activity in history. Gold represents one of the tokenized commodities now routinely sitting in top 10 markets by open interest on Hyperliquid.

Precious Metals Safe Haven Trading Volume Commodities Digital Trading

2025 Q4

Crypto

Manager describes 2025 as a difficult year for crypto despite regulatory tailwinds, with the market failing to generate meaningful returns. Sigil Core finished roughly flat while outperforming the BTC benchmark. The fund has taken a defensive stance, de-risking 40% of the portfolio and holding 0% BTC and ETH exposure for the first time in fund history due to unfavorable risk-reward dynamics.

Bitcoin Ethereum Digital Assets Blockchain DeFi

Capital Markets

The manager discusses significant structural headwinds in crypto markets including persistent supply overhang from token unlocks and incentive misalignment where tokens lack value-capture mechanisms. They note the market is struggling with massive supply that cannot meet sustainable demand, with many tokens trading on narrative rather than fundamentals.

Market Structure Liquidity Valuations Supply Demand

Private Credit

The fund has exposure to OnRe Finance, described as 'reinsurance-on-chain' that provides insurance-style return streams with transparent positioning. Manager views this as real underwriting economics rather than synthetic DeFi yield, with TVL nearly doubling since their allocation.

Reinsurance Risk Transfer Yield Underwriting

AI

Manager notes that AI stocks overtook crypto as the premier 'tech risk-on asset' during 2025. They have exposure to USDai which provides GPU financing through non-recourse facilities, making the 'GPU mortgage' narrative increasingly concrete with major customer wins.

GPU Computing Infrastructure Financing

2025 Q3

E-commerce

Portfolio includes significant positions in e-commerce platforms like Mercado Libre, which continues expanding across Latin America with new services like wholesale platform Mercado Libre Negocios and digital health services. The manager emphasizes platform businesses with structural advantages as a cornerstone of investment philosophy.

Platforms Marketplaces Digital Fintech Latin America

Cloud

Rubrik represents a key cloud infrastructure investment focused on data protection and backup solutions. Despite short-term volatility following earnings, the manager sees the company at an inflection point with positive free cash flow generation and margin expansion opportunities ahead.

Software Data Protection SaaS Infrastructure Growth

Logistics

InPost position reflects investment in automated parcel locker networks, particularly focused on UK expansion through partnerships with Aldi stores and UK Post Office trials. The company is prioritizing strategic investment for future market dominance despite near-term profit pressure.

Automation Last Mile Lockers Infrastructure Europe

Payments

Visa represents a low-risk payment processing investment, while Mercado Pago within MELI continues expanding with 1 million POS terminals in Mexico, doubling since September 2024 and rivaling traditional banking infrastructure in a country where 40% remain unbanked.

Fintech Digital Payments Financial Inclusion Networks Mexico

2025 Q2

E-commerce

Manager holds positions in e-commerce logistics disruptor InPost and e-commerce platform Sea Limited. InPost is expanding its locker network across Europe with partnerships like Debenhams Group. Sea Limited shows revenue acceleration with margin expansion, representing the holy grail of growth investing.

Logistics Platforms Growth Europe Asia

AI

ASML positioned for AI-fueled rebound driven by surging demand for EUV and High-NA tools. S&P Global projects ASML revenue growth from €32 billion in 2025 to €52 billion by 2030, potentially reaching EPS of over €50.

Semiconductors EUV Growth Technology

Electric Vehicles

Uber benefits from autonomous vehicle industry fragmentation through partnerships like Volkswagen's white-label robotaxi. Volkswagen acts purely as supplier while Uber provides distribution network and infrastructure, positioning Uber as the operating layer tying everything together.

Autonomous Partnerships Infrastructure Mobility

2025 Q1

AI

Meta is highlighted as one of the few companies already seeing tangible benefits from its investments in AI. The manager views AI as a key driver of Meta's value proposition and competitive advantage.

Artificial Intelligence Meta Technology Investment Benefits

Semiconductors

ASML maintains its monopoly in the lithography market with ~90% market share and remains the sole supplier of High-NA EUV systems. Despite reports of Chinese competition, ASML's competitive position appears secure due to geopolitical concerns and technical barriers.

ASML Lithography EUV China Monopoly

E-commerce

Sea Limited is highlighted as the best-performing stock in the portfolio, with all three business segments now profitable and self-sufficient while continuing to accelerate top-line revenue growth. The company remains immune to U.S. tariff concerns.

Sea Limited Profitability Growth Tariffs Segments

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jul 2, 2025	Fund Letters	Sigil Stable Fund	INPST.L	InPost SA	Industrials	Air Freight & Logistics	Bull	LSE	Disruptor, E-commerce logistics, Europe, Last-mile Delivery, Network expansion, Parcel Lockers, Value	Login
Jul 2, 2025	Fund Letters	Sigil Stable Fund	SE	Sea Limited	Communication Services	Interactive Media & Services	Bull	NYSE	Digital Entertainment, e-commerce, growth, margin expansion, platform, revenue acceleration, Southeast Asia	Login
Jul 2, 2025	Fund Letters	Sigil Stable Fund	ASML	ASML Holding NV	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	AI, Euv, Lithography, Netherlands, semiconductors, Technology equipment, Value	Login
Jul 2, 2025	Fund Letters	Sigil Stable Fund	UBER	Uber Technologies Inc	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NYSE	autonomous vehicles, distribution network, growth, mobility, platform, ride-hailing, technology	Login
Apr 1, 2025	Fund Letters	Sigil Stable Fund	ASML	ASML Holding N.V.	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	China competition, EUV lithography, geopolitical risk, Manufacturing Equipment, Monopoly, semiconductors, Technology moat, TSMC	Login
Apr 1, 2025	Fund Letters	Sigil Stable Fund	SE	Sea Limited	Communication Services	Interactive Media & Services	Bull	NYSE	e-commerce, Fintech, Gaming, Multi-Segment Business, profitability, Revenue Growth, Southeast Asia, Tariff Immunity	Login
Apr 1, 2025	Fund Letters	Sigil Stable Fund	META	Meta Platforms Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI monetization, Artificial Intelligence, forward earnings, High Quality Business, market correction, social media, value opportunity	Login
Apr 1, 2025	Fund Letters	Sigil Stable Fund	NU	Nu Holdings Ltd.	Financials	Consumer Finance	Bull	NYSE	Brazil, Credit risk, Currency Risk, digital banking, Fintech, forward earnings, Latin America, value opportunity	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jul 2, 2025

Fund Letters

Sigil Stable Fund

INPST.L

InPost SA

Industrials

Air Freight & Logistics

Bull

LSE

Disruptor, E-commerce logistics, Europe, Last-mile Delivery, Network expansion, Parcel Lockers, Value

Jul 2, 2025

Fund Letters

Sigil Stable Fund

Sea Limited

Communication Services

Interactive Media & Services

Bull

NYSE

Digital Entertainment, e-commerce, growth, margin expansion, platform, revenue acceleration, Southeast Asia

Jul 2, 2025

Fund Letters

Sigil Stable Fund

ASML

ASML Holding NV

Information Technology

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

AI, Euv, Lithography, Netherlands, semiconductors, Technology equipment, Value

Jul 2, 2025

Fund Letters

Sigil Stable Fund

UBER

Uber Technologies Inc

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

NYSE

autonomous vehicles, distribution network, growth, mobility, platform, ride-hailing, technology

Apr 1, 2025

Fund Letters

Sigil Stable Fund

ASML

ASML Holding N.V.

Information Technology

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

China competition, EUV lithography, geopolitical risk, Manufacturing Equipment, Monopoly, semiconductors, Technology moat, TSMC

Apr 1, 2025

Fund Letters

Sigil Stable Fund

Sea Limited

Communication Services

Interactive Media & Services

Bull

NYSE

e-commerce, Fintech, Gaming, Multi-Segment Business, profitability, Revenue Growth, Southeast Asia, Tariff Immunity

Apr 1, 2025

Fund Letters

Sigil Stable Fund

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Crypto

Oil

AI

Gold

Crypto

Capital Markets

Private Credit

AI

E-commerce

Cloud

Logistics

Payments

E-commerce

AI

Electric Vehicles

AI

Semiconductors

E-commerce

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Joe Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Sigil Stable Fund