Transparency
Methodology, in the open. How every number is made.
Whose Money Is the Hedge?
An investor in Core funds none of the running of the hedge and bears all of its economics. Those two statements sound like they cannot both be true, so here is the whole mechanism: what the overlay is, who posts the $2,803,985 of collateral and which $285,187 of it is inherited investor money, what happens every minute, what happens at midnight, how each account's share is computed, and what four sealed days of it actually cost, including the day the mirror let 5.4% through.
Red Days
In the four sessions the market rallied hardest, our strategy had its three worst days in coins. The dollar curve rose 15% through them. Both are true. This is the piece where we let the prosecution speak first - the fee line, the small books, the hedge that burned, the numbers we had to correct - and then answer, in order, without asking to be believed.
How We Calculate NAV - The Methodology
NAV per unit is the number we ask you to judge us by - so you are entitled to the full recipe, not a "proprietary methodology" hand-wave. Here is exactly where it could be gamed, how it is built, marked, reconciled, and what it deliberately excludes.
Everything That Can Go Wrong
Every fund has a risk section. Almost none are meant to be read - they exist to satisfy a lawyer, not to inform you. This is the opposite: the full list of ways this book can break, what protects you in each case, and the column nobody writes - what doesn't.
How You Can Verify Us
Trust is what you fall back on when you cannot verify. The goal of this whole section is to leave you needing as little of it as possible - so here is the honest map: what you can check today, what you cannot check yet, and what we want to make verifiable next.
What We Charge - The Whole Bill
Every fee answers one question - when does the manager get paid? Ours is a thin 1% management fee and a performance fee that only bites above your high-water mark - 25% of new profit, 50% on the part above a 20% year. Here is the whole machine, what it pays us to care about, and the arithmetic over a full cycle.
How We Report Returns
The same book over the same year can be honestly reported as a dozen different "returns" - and the trick was never lying, it was choosing. Here is exactly how we compute the number, which conventions we hold to, and which industry-favourite flatteries we won't touch.
What We Don't Measure
A metric is a lens - sharp on the one thing it's pointed at, blind to everything beside it. NAV can't see the path it took. Attribution can't tell luck from skill. None of our numbers can see the future, where the only risk that matters lives. So here is the inventory nobody publishes: what each of our numbers misses.