Benchmark
S&P 500Since Inception
433.95% Live · Through Jun 10, 2026Year to Date
+109.20% Jan 1, 2026 · Live · Through Jun 10, 2026Convictions
12 Assets Inception Nov 2024Absolute Performance
Asymmetric
Outperformance
We do not aim to track or mimic the index. Our process focuses on identifying high-conviction dislocations, constructing structured positions, and managing downside exposure. The result is absolute return stream uncorrelated with equity betas.
Nov 1, 2024 → Jun 10, 2026 (live marks; cash flows from last sync)
| Fiscal Year | Fund | SPY |
|---|---|---|
| FY 2025 | +258.70% | +20.89% |
| Since inception → Jun 10, 2026 | +433.95% | +29.31% |
Growth Trajectory
Nov 1, 2024 → Jun 10, 2026
Allocation Strategy
High Conviction
Concentrated Ledger
Core Alpha Concentrated
Top 5 Primary Allocations
AST SpaceMobile
Nebius Group N.V. Class A Ordinary Shares
BitMine Immersion Technologies, Inc.
Oscar Health, Inc.
Root, Inc. Class A Common Stock
Convex & Macro Overlays
Secondary Hedged Allocations
Gold Fields
Energy Fuels
Uranium Energy
Strategy Inc Common Stock Class A
Cerebras Systems
Asymmetry Engine
Payoff Convexity Simulator
Model option-like asymmetric payoffs under strict capital protection.
Philosophical Foundation
"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong."
Convex Underwriting Framework
Standard portfolios track linear indices, matching upside and downside. We structure concentrated, fundamental investments to decouple these forces. By utilizing asymmetric tools (structured equities, hard stop limits, options overlays), we cap worst-case losses at strict thresholds, while conviction-led underwriting unlocks exponential outperformance as our research thesis plays out.
The Doctrine
Foundational Laws of
Asymmetric Risk
Concentration
01 / THESISDiversification is hedge against ignorance. We do not dilute returns across mediocre ideas to satisfy indexing constraints. We deploy significant capital into a small number of deeply researched, high-conviction ideas where we have strong asymmetric confidence.
The Skew
02 / STRUCTUREWe only participate in opportunities with a convex risk profile. If the downside cannot be structurally capped—through options structure, seniority, or hard valuation floors—we pass. We seek scenarios where the probability of being right is secondary to the payoff scale when we are right.
Decisive Action
03 / EXECUTIONDeep fundamental research takes months of underwriting; trading takes seconds. We run a low-turnover portfolio, waiting patiently for dislocations to widen. When the market misprices a business's long-term outlook, we act aggressively. The hardest discipline is inactivity.
Volatility
04 / RISKWe view price volatility as the cost of admission for alpha, not as risk. Real risk is the permanent impairment of capital under stress, not temporary price fluctuations. We design our structures to survive market chaos, capitalizing on the panic of liquidity-constrained sellers.