Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 72.1% | -20.1% | - |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 72.1% | -20.1% | - |
The Bloomberg Galaxy Net Return Fund declined 20.1% in Q4 2025 versus Bitcoin's 23.5% drop, as the manager's defensive positioning from Q3 helped cushion the correction. The fund ended the quarter with two-thirds Bitcoin and one-third cash, having anticipated the cycle downturn based on historical patterns. Going forward, the fund will hold only Bitcoin after analysis showed that out of roughly 1,400 altcoins, only 20 beat Bitcoin historically - representing 1-in-70 odds with median outcomes going to zero. The manager emphasizes cycle awareness over market timing, positioning defensively when optimism and leverage are rampant and deploying cash when others are selling. If October marked the cycle peak, the correction could last about a year based on historical patterns. The fund's disciplined approach aims to compound Bitcoin holdings by 30-50% per four-year cycle through countercyclical positioning, maintaining cash optionality without leverage to avoid forced selling during downturns.
Bitcoin accumulation through disciplined cycle-aware positioning, holding only Bitcoin rather than diversifying into altcoins based on historical data showing 1-in-70 odds of altcoins beating Bitcoin.
If October marked the cycle top, winter is likely in its early innings with resets typically taking about a year ending only after capitulation, forced selling, and broad exhaustion. Manager is watching for those signals but doesn't think they're there yet. Fund enters 2026 simpler and more focused with one job: accumulate Bitcoin intelligently over the full cycle.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 23 2026 | 2025 Q4 | - | Accumulation, Bitcoin, Cash, crypto, Cycles, Defensive, risk management | - | Fund focuses exclusively on Bitcoin accumulation through disciplined cycle-aware positioning. Manager shifted to defensive posture in Q3 anticipating correction, ending Q4 with two-thirds Bitcoin and one-third cash. Going forward, fund will hold only Bitcoin based on data showing altcoins have terrible odds with only 1-in-70 beating Bitcoin historically. Manager emphasizes disciplined risk management through cycle awareness rather than market timing. Fund maintains cash cushion during high-risk periods and deploys capital countercyclically. Approach focuses on behavioral edge by having cash available when fear creates best entry points and avoiding leverage that leads to forced selling. |
| Oct 21 2025 | 2025 Q3 | - | Bitcoin, Cash, crypto, DeFi, Leverage | - | The fund rose 10.6% but shifted defensively, warning that leverage from Digital Asset Treasury companies could trigger a correction similar to past crypto manias. Managers are rotating into cash and Bitcoin, exiting altcoins and seeking volatility-hedged DeFi income opportunities. They expect a 5065% crypto drawdown before the next accumulation phase. |
| Jul 28 2025 | 2025 Q2 | - | Bitcoin, Concentration, digital scarcity, monetary asset, Network Effects | BTC-USD | The letter argues that returns in crypto are structurally concentrated, with Bitcoin dominating long-term value creation. Management frames Bitcoin as a monetary asset with an expanding moat, benefiting from trust, liquidity, and network effects absent in most alternative tokens. The outlook rejects broad crypto diversification in favor of focused exposure to Bitcoins compounding characteristics. |
| Feb 26 2025 | 2024 Q4 | - | - | - | |
| Nov 13 2023 | 2023 Q3 | - | - | - | |
| Aug 21 2023 | 2023 Q2 | - | - | - | |
| May 22 2023 | 2023 Q1 | - | - | - | |
| Jan 27 2023 | 2022 Q4 | - | - | - | |
| Nov 23 2022 | 2022 Q3 | - | - | - | |
| Aug 15 2022 | 2022 Q2 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
CryptoFund focuses exclusively on Bitcoin accumulation through disciplined cycle-aware positioning. Manager shifted to defensive posture in Q3 anticipating correction, ending Q4 with two-thirds Bitcoin and one-third cash. Going forward, fund will hold only Bitcoin based on data showing altcoins have terrible odds with only 1-in-70 beating Bitcoin historically. |
Bitcoin Altcoins Cycles Accumulation Volatility |
Risk AppetiteManager emphasizes disciplined risk management through cycle awareness rather than market timing. Fund maintains cash cushion during high-risk periods and deploys capital countercyclically. Approach focuses on behavioral edge by having cash available when fear creates best entry points and avoiding leverage that leads to forced selling. |
Leverage Cash Volatility Positioning Discipline | |
| 2025 Q3 |
Bitcoin |
|
CryptoFund focuses exclusively on Bitcoin accumulation through disciplined cycle-aware positioning. Manager shifted to defensive posture in Q3 anticipating correction, ending Q4 with two-thirds Bitcoin and one-third cash. Going forward, fund will hold only Bitcoin based on data showing altcoins have terrible odds with only 1-in-70 beating Bitcoin historically. |
Bitcoin Altcoins Cycles Accumulation Volatility | |
Leverage |
||
| 2025 Q2 |
CryptoFund focuses exclusively on Bitcoin accumulation through disciplined cycle-aware positioning. Manager shifted to defensive posture in Q3 anticipating correction, ending Q4 with two-thirds Bitcoin and one-third cash. Going forward, fund will hold only Bitcoin based on data showing altcoins have terrible odds with only 1-in-70 beating Bitcoin historically. |
Bitcoin Altcoins Cycles Accumulation Volatility |
| TICKER | COMMENTARY |
|---|---|
| No ticker commentary found. | |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||