| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | -3.88% | - |
Sigil Core returned -3.88% net in Q1 2026 while outperforming its BTC benchmark by 21.56%. The fund navigated geopolitical turmoil as Middle East conflict re-escalated with Iran blockading the Strait of Hormuz, disrupting global commodity supply chains. Despite market volatility, the manager is deploying excess cash back into select crypto assets after being 40% risk-off at year start, viewing many risks as now priced in. The fund maintains its philosophy that volatility represents opportunity rather than risk to be managed, preferring lumpy returns over smooth curves for superior long-term compounding. Key developments included Hyperliquid emerging as dominant weekend price discovery venue for oil and growth in real-world asset trading on-chain. Looking ahead, the manager expects continued market volatility through summer driven by AI hype and geopolitics, with selective crypto assets outperforming while broader markets experience slow bleed. The fund will continue allocating to attractive opportunities while managing tail risks.
Crypto volatility represents opportunity rather than risk, with manager preferring lumpy returns over smooth curves and believing long-term investors should embrace volatility for superior compounding.
Manager expects bumpy ride in crypto markets throughout summer with AI hype and geopolitics continuing to capture headlines. Expects few crypto assets and themes to outperform massively while rest of crypto market continues slow bleed. Will continue allocating excess cash into select opportunities across identified attractive themes.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 22 2026 | 2026 Q1 | LIT | AI, commodities, crypto, DeFi, Geopolitical, risk management, volatility | - | Sigil Core outperformed Bitcoin by 21.56% despite -3.88% Q1 return amid Middle East turmoil. Fund shifting from defensive 40% risk-off positioning to net buyer, deploying into select crypto assets as risks appear priced in. Manager embraces volatility as opportunity rather than risk, expecting bumpy summer with selective crypto outperformance while broader markets bleed. |
| Feb 10 2026 | 2025 Q4 | FWDI | Bitcoin, Blockchain, crypto, De-risking, DeFi, Digital assets, Fintech | FWDI | Sigil Core de-risked 40% of portfolio in Q4 amid crypto market correction, eliminating BTC/ETH exposure while maintaining readiness for redeployment. Despite regulatory tailwinds, structural headwinds including supply overhang and poor tokenomics created unfavorable risk-reward. Fund expects industry consolidation to favor quality projects with real utility, positioning for next growth phase. |
| Nov 3 2025 | 2025 Q3 | AAPL, GOOGL, NVDA, TSLA | earnings, emerging markets, gold, growth, liquidity, rates, small caps, technology | - | Equities surged in Q3 2025 driven by exceptional liquidity dynamics rather than euphoria, with mega-cap technology stocks pushing market concentration to record highs. Emerging markets and gold led global gains while labor market softening prompted Fed rate cuts. Strong momentum may continue into year-end despite stretched valuations and macro uncertainties. |
| Jul 13 2025 | 2025 Q2 | - | AI, Central Banks, equities, fixed income, global, Markets, rates, Trade Policy |
CRCL HOOD COIN MSTR |
Global markets surged in Q3 2025 on AI optimism, Fed rate cuts, and easing trade tensions. US equities delivered best Q3 since 2020 while emerging markets gained double digits. Despite government shutdown risks and stretched valuations, resilient earnings and supportive monetary policy create constructive long-term outlook for diversified portfolios. |
| May 14 2025 | 2025 Q1 | DPLM.L, HARV.HE, LOTB.BR, POOL | Compounding, growth, Quality, Roiic, value | HOOD | The Compounding Tortoise delivered +10.08% year-to-date through a fully invested portfolio focused on sustainable quality compounding. The fund targets companies with high returns on incremental invested capital exceeding 20-25% that can compound at double-digit rates through execution rather than financial engineering. Strong EBITA per share growth of +14.8% underpinned performance despite FX headwinds. |
| Feb 18 2025 | 2024 Q4 | - | adoption, Bitcoin, Crypto Equities, Ethereum, volatility | - | |
| Oct 22 2024 | 2024 Q3 | - | AI Agents, Bitcoin, DeFi, ETFs, institutional adoption | - | |
| Jul 25 2024 | 2024 Q2 | - | Bitcoin, DeFi, liquidity, Prediction Markets, Venture Capital | - | |
| May 9 2024 | 2024 Q1 | - | Crypto ETFs, NFTs, Stablecoins, Token Unlocks, Web3 Gaming | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
CryptoFund is deploying excess cash back into select crypto assets after being 40% risk-off at start of 2026. Manager sees many risks as now priced in and risk-reward improving. Crypto volatility viewed as opportunity rather than risk to be managed. |
Bitcoin Altcoins DeFi Blockchain Digital Assets |
GeopoliticalMiddle East conflict re-escalated with Iran blockading Strait of Hormuz, disrupting global supply chains for oil, fertilizers, and industrial materials. Manager watching carefully but not confident in ability to analyze better than experts. |
Iran Middle East Conflict Supply Chain Sanctions | |
CommoditiesCommodity prices spiked due to Iranian blockade of Strait of Hormuz, with oil and natural gas leading volatility. Hyperliquid became dominant price discovery venue for oil over weekends when regular exchanges closed. |
Oil Natural Gas Gold Silver Energy | |
AIAI hype continues to capture headlines and drive markets. Manager expects AI advancements to increase hacking risks in DeFi segments until cybersecurity tooling catches up, posing temporary headwind. |
Artificial Intelligence Machine Learning Cybersecurity Technology | |
| 2025 Q4 |
CryptoManager views crypto as entering a mature phase after the hype cycle, with structural headwinds including supply overhang and incentive misalignment. Despite regulatory tailwinds, the market failed to generate meaningful returns in 2025. The fund de-risked 40% of portfolio and holds 0% BTC/ETH exposure for the first time. |
Digital Assets Bitcoin Ethereum DeFi Blockchain |
Capital MarketsFinancial markets are moving on-chain at an accelerating pace with convergence between DeFi and TradFi. Manager sees this as the birth of 'Fintech 2.0' and is actively deploying capital into this vertical, including high-conviction position in Canton blockchain network. |
Fintech Tokenization DeFi TradFi Blockchain | |
Data PrivacyOn-chain privacy is moving from a niche to a necessary feature. Manager sees dual push for private solutions from both anti-system individuals seeking wealth protection and institutional players who cannot operate on transparent public ledgers. Next cycle will reward protocols offering programmable privacy. |
Privacy Cryptography Institutional Compliance | |
Risk AppetiteManager took defensive positioning by de-risking 40% of portfolio in Q4, moving outside standard 10-30% cash allocation bounds. This represents the most conservative positioning in fund's history, driven by unfavorable risk-reward ratio and structural market headwinds. |
De-risking Cash Defensive Portfolio | |
| 2025 Q3 |
LiquidityStrong underlying demand and robust liquidity supported equity resilience despite seasonal headwinds. Robust ETF inflows, near-record corporate buybacks, and limited selling pressure created Volume Demand exceeding Volume Supply by one of the widest margins since 2021. |
ETF Inflows Buybacks Volume Demand Supply |
EarningsEarnings momentum drove performance in growth stocks and small-caps. Global earnings momentum has stabilized with forward growth trends indicating limited acceleration, while corporate profit growth has slowed alongside weakening labor demand. |
Momentum Growth Profit Forward Acceleration | |
GoldGold led emerging market gains and was among the best-performing assets. Metals and Mining led all industries with a 127% surge in Gold, while Steel and Copper also posted strong advances. |
Metals Mining Surge Advances Performance | |
| 2025 Q2 |
AIContinued enthusiasm for AI drove strong performance in growth stocks and technology sectors during Q3. AI-related themes fueled investor appetite and contributed to the best third quarter performance for major US indices since 2020. |
Technology Growth Innovation Semiconductors Software |
Trade PolicyTrade tensions eased during Q3 as negotiations progressed and retaliatory threats diminished, supporting rotation into international equities. However, President Trump threatened fresh tariffs on China over rare earth export controls, maintaining uncertainty despite market adaptation to higher tariffs. |
Tariffs China International Policy Negotiations | |
RatesCentral bank rate decisions shaped market dynamics with the Fed restarting its cutting cycle in September with a 25bp reduction. The ECB held steady at 2.0% while the Bank of England cut to 4.0% in August, creating divergent monetary policy paths across regions. |
Federal Reserve ECB Bank of England Monetary Policy Easing | |
| 2025 Q1 |
QualityThe manager emphasizes sustainable quality compounding through companies with high returns on incremental invested capital (>20/25%). They focus on businesses that can compound capital at double-digit rates through strong ROIIC rather than financial engineering. The letter discusses what can break quality investment theses, including poor capital allocation and management teams not understanding the ROIIC framework. |
ROIIC Compounding Capital Allocation Value Creation Free Cash Flow |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Feb 10, 2026 | Fund Letters | Joe | FWDI | Forward Industries, Inc. | Financials | Diversified Financial Services | Bull | NASDAQ | Digital Assets, discount, Mnnav, Solana, Staking, Treasury | Login |
| Jul 13, 2025 | Fund Letters | Joe | CRCL | Circle Internet Group, Inc. | Financials | Financial Exchanges & Data | Bull | New York Stock Exchange | Adoption, Fintech, Payments, Regulation, stablecoins, Treasury | Login |
| Jul 13, 2025 | Fund Letters | Joe | HOOD | Robinhood Markets, Inc. | Financials | Investment Banking & Brokerage | Bull | NASDAQ | Brokerage, Crypto, Derivatives, Execution, growth, Tokenization | Login |
| Jul 13, 2025 | Fund Letters | Joe | COIN | Coinbase Global, Inc. | Financials | Financial Exchanges & Data | Bear | NASDAQ | Competition, Correlation, Exchanges, Execution, Revenue, Volatility | Login |
| Jul 13, 2025 | Fund Letters | Joe | MSTR | Strategy (formerly MicroStrategy Incorporated) | Software | Application Software | Bull | NASDAQ | Bitcoin, Capital markets, Flywheel, leverage, premium, Treasury | Login |
| May 14, 2025 | Fund Letters | Joe | HOOD | Robinhood Markets, Inc. | Financials | Investment Banking & Brokerage | Bull | NASDAQ | Brokerage, Crypto, Integration, Tokenization, Volumes | Login |
| TICKER | COMMENTARY |
|---|---|
| LIT | Sigil Core holds its native $LIT token, and Sigil Stable is actively trading on the venue. |
| 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 | |||
