Performance
Results, stated plainly.
We present performance the way we would want it presented to us: clear figures, honest context, and no theater. Returns are the output of a process — the process is the product.
As of August 31, 2026
Cumulative Realized Return
52%
Through August 31, 2026
Assets Under Management
$440,000
As of August 31, 2026
Since Inception
Mar 2025
Wilmington, Delaware
Cumulative realized return is measured on realized positions through August 31, 2026; it is not an annualized or year-over-year figure. Figures are unaudited, net of costs, and reflect the firm’s proprietary capital. The firm manages no outside capital. Past performance is not indicative of future results.
Net Cumulative Return
Since inception — March 2025.
A rapid ascent through 2025 as concentrated winners compounded a small book, then a deliberate give-back as position sizes scaled in 2026 and the losing trades were cut — recovering to +52% through August.
How to read these numbers
A single year of returns says little. What matters is whether the process that produced them is repeatable — and whether the downside was controlled while it ran.
The portfolio’s result was driven by a concentrated set of positions across memory, compute, energy, and market-structure dislocations, each entered with predefined risk and sized against a portfolio-level budget. We report the figures without emphasis: they are observations from a process designed to be judged over years, not quarters.
01
Predefined downside
Every position is sized from what it can lose, not what it can make. The exit is written before the entry.
02
Risk budgeting
Portfolio-level exposure is budgeted across themes so that no single thesis can define a year.
03
Exit discipline
Positions are closed when the thesis is complete or invalidated — not when it becomes comfortable.
“Capital preservation is the first priority. Returns are what discipline leaves behind.”
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