March 2023 Market Commentary and Performance
|Portal Digital Fund||Horizon Index Fund||Radiance Global Fund|
|February: +3.2||February: +4.5%||February: -0.87%|
|YTD: +13.4%||YTD: +44.3%||YTD: +29.78%|
|Since Inception: +98.5%||Since Inception: -32.2%||Since Inception: -17.13%|
March was a tale of two halves as the market initially feel around 15% in the first 10 days of the month before rallying 21% to finish the month up 7.5%. The Portal Digital Fund finished up 3.2% net of fees and is up 13.4% for Q1 2023. The rally was led by Bitcoin which finished March up 23% as fears of both continued bank collapses and bailouts/ bail-ins as well as renewed Quantitative Easing (QE) in the form of
the Federal Reserve offering unlimited access to emergency
borrowing as per the chart below. The liquidity party is back on and global central banks will need to follow suit.
Portal Digital Fund
The Portal Digital Fund finished up 3.2% net of fees and is up 13.4% for Q1 2023.
Horizon Index Fund
The Horizon Index Fund was up +4.5% for March 2023, in line with the broader market.