Caltrix believes that digital assets will become a new major asset class. We apply a relatively concentrated portfolio composition (max 15 cryptoassets at any one point in time) and aim to invest in digital commodities that have the potential for value accrual and scarcity. We do not invest in (utility) tokens or decentralized applications.
Name of Fund: Caltrix Capital Fund X
Fund strategy: Long-bias cryptoassets
Minimum investment amount: €100.000,-.
Base currency: EUR (€).
Have an investment horizon of 3 or more years
Be aware that profit is not guaranteed
Be aware that losses can occur over any period of time
Have the financial means to endure periods of depreciation and do not need any income from the investment
All transactions, trades, deposits, withdrawals and balances are monitored by an independent auditor and results will be frequently updated and communicated to investors.
Our team builds on experience in investment management and portfolio optimization. Thorough fundamental analysis allows us to understand which projects have long term viability.
Our network in the blockchain ecosystem allows us to gain an edge over the competition in terms of knowledge and attractive rates in fundraisers not available to the public.
Managing risk is key for sustainable results. We apply dynamic diversification and manage systematic risk at the portfolio level by moving to stable assets and hedging our positions.
The Fund actively invests through a long-bias investment strategy. We believe a hybrid strategy is preferable because we combine early stage investing with near-immediate secondary market liquidity which creates a different market dynamic compared to traditional early stage investing and allows for a relatively concentrated portfolio composition. Our strategy entails a long-term investment horizon based on fundamental research with an integrated risk management framework which allows for downside risk protection.
Cryptoasset investing is fundamentally different from traditional equity investing, but early stage analysis categories are similar; (i) team, (ii) product and (iii) market. The difference is in the financials, valuation methodology and (regulatory) risk assessment. Also, secondary market liquidity requires continuous monitoring of protocol specific factors.
Within a robust risk management framework we can adjust our net-long exposure to market cyclicality on a portfolio level. We aim to protect our portfolio from systematic downside risk and generate better risk-adjusted returns than the market. Any measures taken are within limits continuously monitored, tested and set at the individual asset-level.
• Cohesiveness team with relevant backgrounds
• Personal commitment, drive and incentives
• Presence mix of technical and business aptitudes
• Net-long exposure vs market cyclicality
• Individual exposures vs VaR/ES limits
• Aggregate data
• Needs to solve a real world problem
• Needs to be better, cheaper or more sustainable
• Needs to be economically viable and scalable
• Define factors for downside risk protection
• Define portfolio net-long exposure
• Set individual limits
• Viability: Penetration potential
• Feasibility: Barrier to entry
• Desirability: Alignment business model
• Scenarioplanning / MC
• Continuous feedback loop