February 2023 Market Commentary and Performance
|Portal Digital Fund||Horizon Index Fund||Radiance Global Fund|
|February: +0.2%||February: +2.7%||February: 0%|
|YTD: +10.7%||YTD: +38.1%||YTD: +30.9%|
|Since Inception: +93.8%||Since Inception: -56.6%||Since Inception: -11.8%|
Market Commentary from Mark Witten, CIO
In analysing the difficult year that was 2022 we believe that all the challenges faced by both the global financial markets and cryptocurrency and digital assets (“crypto assets”) markets will lead to the crypto assets market being made stronger in many ways. We agree with the view put forth in Fidelity’s 2023 Look Ahead Report:
“Like a biological system that learns from and forms a response to an attack, adversity in the digital asset ecosystem has the potential to create a more resilient, or “anti-fragile,” industry.”
Current Silicon Valley Bank Commentary from Mark Witten, CIO
On Friday afternoon after the markets closed, Silicon Valley Bank (SVB) was declared insolvent. This was the 17th largest bank in the
USA with $212bn in assets and was funded by over $173 billion in deposits, of which $151.5 billion are uninsured. SVB is the bank at
the heart of the US start-up industry due to its singular focus on venture-capital firms. This has understandably spurred global
investor concerns on the spillover effect on both start-up companies and fears of a potential contagion amongst other banks. Portal
Digital Fund via investment in its underlying funds has no exposure to SVB or Silvergate.
Portal Digital Fund
The Portal Digital Fund (PDF) finished February up +0.2% net of fees vs the overall market as represented by the CCI30 Index down -1.6% and BTC which was flat for the month.
Horizon Index Fund
The Horizon Index Fund was up +2.7% for February 2023, in line with the broader market.
Radiance Global Fund
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