Bitwise Multi-Strategy Alpha Fund
Executive Summary
The Bitwise Multi-Strategy Alpha Fund is a multi-manager fund that seeks diversified exposure to liquid digital assets with a market-defining focus on risk management. The Fund focuses on fundamental Web3 thesis-driven investing; market-neutral strategies targeting arbitrage, relative value and quant strategies; and special-situation opportunities.
The investment philosophy is based upon the premise that the underlying technologies and infrastructures supporting the growth of digital assets have matured enough to a point where the sector can now be actively traded and managed with the goal of seeking to produce a higher return than could be achieved with a long-only strategy. This opportunity is enabled by several unique features of the digital assets ecosystem: 1) there is no consensus on valuation metrics for tokens, which creates large volatility and drawdowns; 2) the global market, which trades 24/7, is very inefficient due to regulatory, operational and capital frictions; and 3) there is a lack of institutionalization in the financial market structure and its tradable instruments.
In addition, the investment philosophy will look to capitalize on external partnerships, recognizing that 1) many strategies in crypto remain capacity-constrained; and 2) many talented, specialist managers choose to build their own businesses, yet such managers can be difficult to source due to the nontraditional pedigrees and global distribution of crypto-native talent.
This investment philosophy is in turn executed with the recognition that sources of alpha are driven by access, data and risk management: 1) access to "power law" projects across a global footprint, which is inherently a research-driven sourcing edge; 2) data, through which proprietary trading strategies that employ unique traditional and/or alternative data help to attain sustainable outperformance; and 3) risk management, where capital preservation that leverages the time value of cash may allow active managers to monetize volatility more thoughtfully than a long-only implementation.
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Disclaimer Info
The performance data displayed herein is compiled from various sources, including BarclayHedge, and reports directly from the advisors. These performance figures should not be relied on independent of the individual advisor's disclosure document, which has important information regarding the method of calculation used, whether or not the performance includes proprietary results, and other important footnotes on the advisor's track record.
The programs listed here are a sub-set of the full list of programs able to be accessed by subscribing to the database and reflect programs we currently work with and/or are more familiar with.
Benchmark index performance is for the constituents of that index only, and does not represent the entire universe of possible investments within that asset class. And further, that there can be limitations and biases to indices such as survivorship, self reporting, and instant history. Individuals cannot invest in the index itself, and actual rates of return may be significantly different and more volatile than those of the index.
Managed futures accounts can subject to substantial charges for management and advisory fees. The numbers within this website include all such fees, but it may be necessary for those accounts that are subject to these charges to make substantial trading profits in the future to avoid depletion or exhaustion of their assets.
Investors interested in investing with a managed futures program (excepting those programs which are offered exclusively to qualified eligible persons as that term is defined by CFTC regulation 4.7) will be required to receive and sign off on a disclosure document in compliance with certain CFT rules The disclosure documents contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA, as well as the composite performance of accounts under the CTA's management over at least the most recent five years. Investor interested in investing in any of the programs on this website are urged to carefully read these disclosure documents, including, but not limited to the performance information, before investing in any such programs.
Those investors who are qualified eligible persons as that term is defined by CFTC regulation 4.7 and interested in investing in a program exempt from having to provide a disclosure document and considered by the regulations to be sophisticated enough to understand the risks and be able to interpret the accuracy and completeness of any performance information on their own.
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Limitations on RCM Quintile + Star Rankings
The Quintile Rankings and RCM Star Rankings shown here are provided for informational purposes only. RCM does not guarantee the accuracy, timeliness or completeness of this information. The ranking methodology is proprietary and the results have not been audited or verified by an independent third party. Some CTAs may employ trading programs or strategies that are riskier than others. CTAs may manage customer accounts differently than their model results shown or make different trades in actual customer accounts versus their own accounts. Different CTAs are subject to different market conditions and risks that can significantly impact actual results. RCM and its affiliates receive compensation from some of the rated CTAs. Investors should perform their own due diligence before investing with any CTA. This ranking information should not be the sole basis for any investment decision.
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