- MDD
- -0.22%
- Sharpe
- 3.40
- Win rate
- 71.0%
- Vol 30D
- $26.98M
- Age
- 887d
- Skin in game
- 19%
- Perf fee
- 0%
- Lockup
- 1d
- Depositors
- 10
- Leader
- Description
- Short-duration tokenized T-bills and deposit-like instruments. NAV noise is small, not zero.
- Cash-like first. Overlay gold beta only when real rates compress.
- Process
- Daily NAV, T+1 redeem after lockup, no leverage.
- 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 |
|---|---|---|---|---|---|---|---|
| USDC | short | $168,602 | 1.01 | 1.00 | $1,886.54 +9.32% | 1.29 | $20,232 |
| USDT | long | $198,428 | 0.98 | 1.00 | $3,443.10 +14.46% | 0.71 | $23,811 |
Community & manager updates
The manager's market reads, rebalance records and monthly letters, alongside depositors' discussion. All simulated.
Discussion
8 posts · 6 replies · 7 participants · Last activity 7 Sept 2026
- 1 Sept 2026via Web
September note: the sleeve is 71% T-bill tokens and 29% deposit-like instruments, weighted maturity 41 days. NAV noise of ±0.02% on rebalance days is normal and expected. This is a parking sleeve, not a yield product; the education note is on the factsheet.
- 7 Sept 2026via iPhone
Front-end yields drifted 6 bp lower this week on the rate-cut chatter. Expect the 30D to print slightly under last month. Nothing to do; this sleeve does not take duration views.
- 6 Sept 2026via iPhone
Is there a size at which the 1-day lockup becomes a problem for you? We may park eight figures here between allocations.
Not at eight figures. The instruments are T+0 and T+1; the lockup exists so a single redemption cannot force a sale into a thin Friday. Tell us a day ahead above $5M and it is seamless.
- 5 Sept 2026via iPhone
Rolled the September maturities.
Market Side Fill Weight TBILL long 1.010 68.0%→71.0% USDC cash 1.000 32.0%→29.0% Rebalanced 5 Sept 2026 - 3 Sept 2026via Web
Why is the 30D only +0.41% when T-bills yield about 4.9%? Where is the gap?
0.41% over 30 days is about 5.0% annualised, before the 0.25% management fee. The gap you see is monthly versus annual, not leakage.
Ah, I was comparing monthly to annual. Thanks.
- Lumen Family OfficeDepositor · 2025-0927 Aug 2026via Web
We keep the family's dry powder here between allocations. The 1-day lockup is the whole point.
Dry powder is exactly the use case. Between allocations, not instead of them.
Trading involves risk. Past performance is not indicative of future results. Vault NAV can rise or fall.
Duration and tokenized T-bill sleeves. Conservative by construction.
- Official posts
- 4
- Replies
- 4
- Last post
- 1 Sept 2026
September note: the sleeve is 71% T-bill tokens and 29% deposit-like instruments, weighted maturity 41 days. NAV noise of ±0.02% on rebalance days is normal and expected. This is a parking sleeve, not a yield product; the education note is on the factsheet.All vaults by this manager
Latest rebalances
Fills and weight changes the manager published
| Market | Side | Fill | Weight |
|---|---|---|---|
| TBILL | long | 1.010 | 68.0%→71.0% |
| USDC | cash | 1.000 | 32.0%→29.0% |
Trading involves risk. Past performance is not indicative of future results. Vault NAV can rise or fall.