November2023 Market Commentary and Performance
November2023 Market Commentary and Performance
November: +8.7*
YTD: +21.6%
Since Inception: +113.3%
November: +16.80%
YTD: +48.2%
Since Inception: -5.32%
Market Commentary from Mark Witten, CIO
Cryptocurrency and Digital Assets (“Crypto Assets”) markets surged in October with a daily volume increasing from $34bn on October 1st to a peak of $88bn on October 25th showing a revitalised participation across the sector. This was supported by a continued decoupling from both equities and bonds which remained under pressure in October.
Bitcoin (BTC) gained +28.5% in October and the market as represented by the CCI30 Index was up +16.5%. The Portal Digital Fund finished October up +8% with the Radiance Multi-Strategy Fund up 13.68%, driven in part by our positions in BTC, ETH, SOL and XRP. Whilst we remain concerned about a resurgence in inflationary expectations in the short term, we still maintain that both inflation and interest rates are headed down faster than expected and this bodes well for long-duration risk assets, especially oversold and undervalued Crypto Assets.