October 2023 Market Commentary and Performance

October 2023 Market Commentary and Performance

October 2023 Market Commentary and Performance

Portal Digital FundRadiance Fund
October: +8.1*October: +13.68%
YTD: +12.1%YTD: +26.85%
Since Inception:  +96.2%Since Inception: -19.00%
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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.

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