Dear Clients and Partners,
The crypto market (and markets in general) have been in choppy waters given the FED announcements regarding interest rates and tapering, job numbers, or the accelerating spread of Omicron.
For December 2021 we were down by -3.89%, providing downside protection through our market neutral and derivative protected strategies. During the same time the market dominant BTC was down -7.4% and ETH was -15.7%. Given our overall long term conviction in the crypto market, which was again reinforced after having attended the Crypto Finance Conference in St. Moritz, our long only strategies suffer during these downturns and are not fully offset through our protective positions. However, these downswings also provide discounted buying opportunities to increase existing holdings and enter new ones.
We are also in the process of including a new manager from the US to the portfolio. Stay tuned as more information will follow.
Have a great day and feel free to let us know if you have any questions.
Marc S. on behalf of Frank, Dirk, and Marc B.