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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 10, 2026 | Sigil Core Fund | -22.3% | -12.9% | FWDI | Bitcoin, Blockchain, crypto, De-risking, DeFi, Digital assets, Fintech | The fund focuses on crypto as a transformative technology redefining value storage and transfer, representing the backbone of Fintech 2.0. Despite regulatory tailwinds, the market struggled with macroeconomic uncertainty and structural headwinds including supply overhang and incentive misalignment. The industry is transitioning from experimental phase to mature asset class requiring tangible utility. Financial markets are moving on-chain at an accelerating pace with convergence between DeFi and TradFi as stocks, commodities, private credit, and real estate become tokenized. This represents the birth of Fintech 2.0, expanding the design space dramatically beyond traditional fintech wrapping. The fund significantly de-risked 40% of the portfolio in Q4 due to unfavorable risk-reward ratios and structural market headwinds. This defensive positioning reflects cautious outlook on macroeconomic and geopolitical environment while maintaining readiness to redeploy when conditions improve. | FWDI |
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| 2025 Q4 | Feb 10, 2026 | Sigil Stable Fund | -0.4% | 11.3% | FWDI | crypto, DeFi, Digital assets, Liquidations, risk management, Stablecoins | The fund operates in the crypto ecosystem, focusing on digital assets, DeFi protocols, and blockchain-based financial products. The market experienced significant volatility with the October 10 liquidation event causing $19 billion in liquidations. The fund navigated this environment while maintaining exposure to various crypto protocols and digital asset treasury companies. Digital asset treasury companies experienced significant mNAV compression, with flagship companies like Bitmine declining 36% and Forward Industries declining 56%. The fund maintains hedged exposure to these vehicles while expecting partial recovery as management teams develop real operating businesses beyond staking yield. The fund demonstrated disciplined risk management by avoiding exposure to problematic protocols like Stream Finance and Elixir Finance that failed due diligence. The team emphasizes transparency assessment and proper underwriting when evaluating DeFi protocols, distinguishing between real yield and synthetic theater. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 26, 2026 | Fund Letters | Joe | Forward Industries, Inc. | Financials | Diversified Financial Services | Bull | NASDAQ | Digital Assets, discount, Mnnav, Solana, Staking, Treasury | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| Israel Englander | Millennium Management LLC | $233.2B | $661,079 | 0.00% | 100,012 | -19,173 | -16.09% | 0.1748% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $638,129 | 0.00% | 96,540 | +96,540 | +100.00% | 0.1687% |
| Louis Bacon | Moore Capital Management | $6.8B | $1.3M | 0.02% | 200,000 | -70,271 | -26.00% | 0.3495% |