From The Fund Manager
This week has had it’s mix of wins and losses but thankfully we are out on top, nice wind up to the trading week with a couple of neat dips that Mintie was able to capitalise on. It has also been good to see some negative correlation from some of the moves in XRP with the trade gate working perfectly, giving us more opportunities than before without increasing the risk linearly.
We have received quite a bit of feedback from the investor base on the delay on buybacks, and we thank those waiting on their buyback being processed for their patience. Depending on queue position, you are either waiting on a physical delay due to a systems change in the new office (this has affected the buyback queue for fiat and crypto investors), or you are waiting on freeze for the new dividend system. If you are waiting on the physical system change than you will probably see that resolved next week. If you are waiting on the dividend change, we will give advance notification that we may be required to temporarily send your tokens in escrow back to you and may even require for all investors to take trades off of the exchanges as well. Nothing needs to be actioned on that front for now until we advise as such. This is intended to highlight the possibility of such a requirement to avoid any untoward surprises.
We are targeting that by Friday next week, we will be able to present how we are thinking of setting up the new structure of the fund, which will cover: new fee structure, dividends (based on fund size rather than performance), custodian, KYC requirements & process, first quarterly redemption after this pause, redemption gates, and the situation with current buyback queue.
Please know that we will do our best in working towards growth and improvement for the fund, an the last thing I want any investor to think is that we have neglected the fund and more importantly, our investors.
We have all been quite busy with both the changes coming to Countinghouse Fund, the new risk management optimisations we are implementing to Mintie, the change over to new systems in our office, the work being done to establish the accelerator program headed up by Kym (which should be called Delta V for anyone following that project) and the development with our new partners on the new algorithmic fund (the developments happening here are likely to have flow on effects for Mintie too).
Hope you all have a wonderful weekend and thank you once again for reading the report.
Market Activity Summary
Market Data Source: Thanks to @BazzWatkins
Photo Credit: Vitaly Taranov on Unsplash