Discipline, applied across cycles.
A controlled, research-led approach to private digital-asset investing — applied consistently across both mandates. Below: the five-part overview, a six-stage worked example of one position from idea origination through trim, and the five written refusals the process holds across cycles.
The shape of the work, in five lines.
The same five-part discipline runs both mandates. The next section drops down a level and walks one position through it end-to-end.
Research-led sourcing
Conviction begins with primary research. We commit time to understanding markets, infrastructure, and managers before we commit capital.
Manager diligence
Across our fund-of-funds program, allocations follow independent operational and investment diligence on each underlying manager.
Portfolio construction
Portfolios are built with discipline around concentration, liquidity, and counterparty exposure. Sizing reflects conviction tempered by what each position can comfortably absorb.
Ongoing monitoring
Positions and managers are reviewed continuously — independently of price action — and positioning is updated as the thesis or environment requires.
Risk review
An internal risk function maintains a recurring view of exposure, liquidity, and counterparty posture. Findings inform sizing and broader portfolio decisions.
From question to decision record.
The framework below shows how research, risk, execution, and review connect without publishing position-level implementation. Supporting templates, thresholds, and examples are available to qualified investors through private diligence.
Idea — screened before diligence
Research relevance, market structure, operational readiness, and mandate fit are considered before a candidate advances. The supporting screens and thresholds are reviewed privately with qualified investors.
Diligence — evidence and downside
A consistent written review records the thesis, evidence, material risks, and conditions that would require reassessment. Templates and completed examples remain in the private diligence record.
Portfolio fit — risk before entry
Portfolio decisions consider the research case alongside liquidity, concentration, downside, and mandate-level constraints. Position parameters and stress assumptions are discussed only through private diligence.
Execution — planned and governed
Approved execution, custody, settlement, and reconciliation procedures connect the decision to the operating record. Counterparty selection and implementation details are maintained in controlled materials.
Monitoring — evidence revisited
Research, market structure, operational posture, and portfolio constraints are revisited on defined cadences. Material changes return to the decision record; scorecards and escalation thresholds remain private.
Review — decisions remain legible
Changes and exits are governed by the same documented standards as entries. The resulting record supports post-mortem review and future research without publishing position-level triggers or implementation.
What the process explicitly refuses.
The refusals are written down rather than left to judgment because the regimes that make them tempting also make them hardest to argue against in the moment. Each one is a standing constraint established before a trade is on the table. Any exception requires written review and is documented in the private diligence record.
Material changes to a research, risk, or execution plan are documented with the evidence and approval supporting the decision.
Standing positions and daily execution remain subject to internal counterparty concentration limits. An interruption at one venue should not determine whether a position can be entered, managed, or exited.
Research identifies what would invalidate the case and how that evidence will be monitored before a position is approved.
Execution requires approved custody, settlement, counterparty, and reconciliation paths appropriate to the mandate.
Numeric, comparative, and track-record references require a supporting record and compliance review before publication.
Further detail is shared privately.
Operational and investment-process detail is reviewed directly with qualified investors as part of our diligence process.