The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Aug 18, 2026
Sigil Stable returned +1.63% net yield against USD in Q2 2026 with a 2.52 Sharpe ratio, navigating a challenging quarter marked by major DeFi exploits without capital loss. The fund aggressively evolved its portfolio from nearly 100% public DeFi at launch to over 70% in private allocations by quarter-end, with a portion operating off-chain. Key return drivers included active trading of SpaceX pre-IPO perpetuals across three venues, where crypto markets priced the largest IPO in history more accurately than underwriters, and successful navigation of the MicroStrategy STRC crisis by aggressively cutting exposure. The DeFi ecosystem suffered $577M in exploits from KelpDAO and Drift Protocol, exposing security vulnerabilities and forcing evolution from 'move fast' culture to mission-critical infrastructure. Despite elevated exploit risks requiring caution, the fund maintains conviction in DeFi as fintech's next evolution and perpetual DEXes as a secular trend. Looking ahead, the fund is scaling private allocations, watching pre-IPO market expansion, and positioning for institutional adoption enabled by mature infrastructure and improved regulation.
Sigil Stable generates market-neutral yield in crypto markets by evolving from pure public DeFi exposure to a diversified portfolio weighted toward private liquidity deals and off-chain opportunities, while capitalizing on emerging trends like pre-IPO perpetual markets that demonstrate crypto's superior price discovery mechanisms.
The fund expects the quiet 'boring' bear market period to persist until positive catalysts retake the narrative, with recovery driven by renewed on-chain activity and institutional adoption rather than retail users. The next major wave of adoption will likely come from financial institutions and tech companies deploying the $1T in capital, enabled by mature infrastructure and improved regulatory environment. Pre-IPO markets will accelerate with more contracts launching. DeFi will be forced to transform from 'move fast and break things' to mission-critical infrastructure, with the strong surviving evolutionary pressure. The fund is proceeding cautiously in DeFi activities given elevated exploit risks while scaling private allocations and watching key Q3 catalysts.
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