April 2024 Performance
April 2024 Performance
APRIL: -12.5%
CCI 30: -23.1%
2023: +49.3%
SINCE INCEPTION: +198.9%
Market Conditions
As measured by the CCI30 Index, the market fell by 23.1% in April, and Bitcoin (BTC) fell by 14.9%. The Portal Digital Fund finished April down 12.5%, with the Radiance Multi-Strategy Fund down 31.7%, driven by the fund’s Alt coins falling more than BTC and ETH.
April was the most challenging month the market has seen since June 2022. There was no crypto-specific news that affected the sell-off, but rather a confluence of macro uncertainty and negative market-wide net flows across both the US and newly-listed Hong Kong ETFs
Looking ahead, our perspective from mid-2023 remains unchanged, as does our belief that we are in the early stages of a multi-year secular bull market. We view the current pullback as a strategic buying opportunity and maintain our net long position in the market. Both funds remain strategically positioned to take advantage of this and the rotation from larger assets like BTC and ETH to Altcoins.
View PDF April 2024 Performance
APRIL: –31.77%
CCI 30: -23.1%
2023: +76.49%
SINCE INCEPTION: +22.50%
April – Most Challenging Month Since June 2022
Uncertainty around macro conditions reduced liquidity net flows, resulting in significant declines in Open Interest in ETH and other Alts’ derivative markets.
This resulted in many large-cap Alts falling up to 40% in April, including Solana, down 37.3%, and Avalanche, down 39.3%, which had both performed strongly in the prior months.
Since the beginning of the calendar year, we have positioned the Radiance Multi-Strategy Fund in anticipation of the rotation from larger assets like Bitcoin and Ethereum to Altcoins. This is based on our view that we are at the early stages of a multi-year secular bull market.
At month-end, Radiance Fund’s top five holdings were Bitcoin, Fetch.ai, SingularityNET, Solana, and Ethereum. For the month of April, the five biggest detractors in the Fund were Solana, Fetch.ai, SingularityNET, Maker, and Avalanche.
It is worth noting that while the Fund suffered from some profit-taking in the AI tokens during the month, we are still substantially in profit from our initial positions.
Since April’s end, the portfolio has recovered as much as 10% and is still well ahead of the April close.
We continue to be bullish on the outlook for the AI sector within the cryptocurrency market and look forward to what Fetch.ai, SingularityNET, and Ocean Protocol can achieve when they are merged into a new token, Artificial Superintelligence Alliance (ASI), later this month.
We view the pullback in April as a buying opportunity.
