- MDD
- -11.80%
- Sharpe
- 1.18
- Win rate
- 52.8%
- Vol 30D
- $9.60M
- Age
- 545d
- Skin in game
- 16%
- Perf fee
- 10%
- Lockup
- 7d
- Depositors
- 10
- Description
- Rules-based long sleeve in US mega-cap semiconductors. Exposure scales down when 20-day realized vol exceeds 42%. No short book. Not a return promise.
- Adaptive long US mega-cap tech with a hard 12% sleeve stop and HK overlay.
- Process
- Daily vol target 12%. Entry on 55-day high. Exit on 20-day low or sleeve stop −12%.
- Custody
- Capital enters a MAIN illustration account, subscription moves to STRATEGY, exits return to MAIN then redeem. Segregation is illustrative.
| Market | Side | Size | Entry | Mark | uPnL (ROE) | Liq. price | Margin |
|---|---|---|---|---|---|---|---|
| NVDA | long | $176,852 | 126.36 | 128.40 | $2,849.26 +13.43% | 90.98 | $21,222 |
| QQQ | long | $103,469 | 481.99 | 478.00 | -$856.21 -6.90% | 347.03 | $12,416 |
Community & manager updates
The manager's market reads, rebalance records and monthly letters, alongside depositors' discussion. All simulated.
Discussion
8 posts · 7 replies · 10 participants · Last activity 6 Sept 2026
- 6 Sept 2026via Web
NVDA 20-day realised vol is 38%, back under the 42% threshold, so the sleeve is at full exposure again as of Thursday's close. Two things to keep in mind: the −12% sleeve stop has not moved, and earnings on the 27th will not be traded through. We scale to 50% the session before, as in August.
Appreciate the earnings rule being stated in advance rather than explained afterwards.
- Sierra EightDepositor · 2026-066 Sept 2026via Web
The August scale-down cost us maybe 3% of upside and saved nobody anything; the stock just kept going. Rules are rules, but I would like to see the vol threshold revisited.
You are describing the price of insurance in a month where the house did not burn down.
We revisit thresholds annually with the risk committee, not after a month that happened to be kind. If 42% moves, it will be published two weeks ahead.
Fair. Staying.
- 4 Sept 2026via Web
Exposure restored from 60% to 100% after the vol filter cleared.
Market Side Fill Weight NVDA long 126.80 60.0%→92.0% QQQ long 478.00 15.0%→8.0% USD cash 1.000 25.0%→0.0% Rebalanced 4 Sept 2026 - 2 Sept 2026via iPhone
Is there a version of this without the QQQ leg? I already own the index.
No, and there will not be. The QQQ leg is how the sleeve keeps beta when NVDA idiosyncratic vol blows out. If you own the index elsewhere, size this smaller.
- Otter CapitalDepositor · 2025-111 Sept 2026via Web
We hold this at 4% of the family book next to $USD Cash-like$. The −12% sleeve stop is the reason the committee approved it; the upside was not.
- 31 Aug 2026via iPhone
August letter: +8.6% for the month with exposure averaging 71%. The realised-vol filter fired twice (Aug 5 and Aug 19); no stop was hit. Cost of the filter this month: about 2.1% of upside. We publish that number every month because it is the product.
Publishing the cost of the filter is the part most desks skip. Keep doing it.
Trading involves risk. Past performance is not indicative of future results. Vault NAV can rise or fall.
Wealth solutions. Translates listed-product process onto digital sleeves.
- Official posts
- 4
- Replies
- 2
- Last post
- 6 Sept 2026
NVDA 20-day realised vol is 38%, back under the 42% threshold, so the sleeve is at full exposure again as of Thursday's close. Two things to keep in mind: the −12% sleeve stop has not moved, and earnings on the 27th will not be traded through. We scale to 50% the session before, as in August.All vaults by this manager
Latest rebalances
Fills and weight changes the manager published
| Market | Side | Fill | Weight |
|---|---|---|---|
| NVDA | long | 126.80 | 60.0%→92.0% |
| QQQ | long | 478.00 | 15.0%→8.0% |
| USD | cash | 1.000 | 25.0%→0.0% |
Trading involves risk. Past performance is not indicative of future results. Vault NAV can rise or fall.