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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Sigil Stable delivered 1.63% net yield with 2.52 Sharpe in Q2 by pivoting 70%+ into private allocations while avoiding $577M in DeFi exploits. Profited from SpaceX pre-IPO perps that outpriced underwriters and exited MicroStrategy STRC before collapse."
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.
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