October 2022 Market Commentary and Performance
|Portal Digital Fund||Horizon Index Fund||Radiance Global Fund|
|October: +0.3%||October: +6.2%||October: +2.12%|
|YTD: -34.6%||YTD: -63.7%||YTD: -8.61%|
|2021: +83.1%||Since Inception: -63.7%||Since Inception: -8.61%|
|Since Inception: +97.9%|
“Over-leveraging is the prime reason for all market blow-ups. Leverage has the potential to turn a reasonably good investment into disastrous gambling.” Naved Abdali, author of ‘Investing: Hopes, Hypes and Heartbreaks’.
Volatility has snapped back in November with BTC down -20% for the month, whilst the overall market is down around -25%. This drawdown has been driven by the liquidity run on the FTX exchange that was initiated by competitor Binance. The run on FTX forced prices of all cryptocurrencies and digital assets materially lower as positions had to be liquidated. The declining prices further forced any leverage to be unwound and also encouraged speculators to short the market.
Portal Digital Fund
October was a reasonably quiet month for funds to trade. BTC finished the month up +5.6% whilst the overall market as represented by the CCI30 Index finished up +8.4%. The Portal Digital Fund finished October flat at 0.3% up. YTD 2022 the PDF is down -34.6 % vs BTC down -55.6% and the CCI30 Index down -62.2%.
Horizon Index Fund
The Horizon Index Fund was up +6.2% for October 2022, in line with the broader market.
Radiance Global Fund