Assay
Manager Universe

Kintsugi Options

Assay-Verified

Volatility / options · BVI · Inception 2021-02

Illustrative — pre-launch sample data, not actual manager performance.
1Y ann.+38.8%
3Y ann.+11.8%
5Y ann.—
10Y ann.—
Sharpe (3Y)0.40
Sortino (3Y)0.37
Max drawdown-30.4%

Cumulative TWR vs benchmark

Monthly, since inception
-40%45%130%215%300%2021-02Most recent
Manager TWR Benchmark Drawdown

Locked benchmark

Ether (ETH)

Pre-registered at engagement scoping. Cannot be retroactively changed.

1Y+256.7%
3Y+27.5%
5Y—

Liquidity profile

Median position liquidity$110M
AUM$87.0M
Verified history59 months
Raising statusOpen

Strategy

Crypto volatility relative-value with skew and term-structure trades. Options book runs gross-long vega in low-realized regimes, gross-short vega when realized exceeds implied by 1σ+.

Composite construction

All discretionary fee-paying accounts following this strategy are included in the composite per GIPS Provision 3.A. The engagement memo enumerates the in-scope entities and any sub-advised accounts that would otherwise meet the discretion criteria but are excluded for documented reasons.

Composite dispersion is reported as the asset-weighted standard deviation of constituent account returns. 3-year ex-post standard deviation is reported once 36 months of composite history is available.

Annual return breakdown

Trailing-window annualized returns. For verified strategies with full calendar-year history we publish calendar-year returns alongside; this preview uses rolling 12-month windows from the most recent month.

Y-3

+44.7%

Y-2

-3.5%

Y-1

+4.3%

Y-0

+38.8%

GIPS-aligned disclosures

  • Returns are presented gross of management and performance fees. Net-of-fee returns available on request and in the LP data room.
  • Composite includes all discretionary fee-paying accounts following the volatility / options strategy as enumerated in the engagement memo.
  • Benchmark: Ether (ETH), locked at engagement scoping.
  • Valuation: positions marked at VWAP across qualifying venues. Concentrated illiquid positions subject to liquidity-adjusted fair-value haircut per Assay's methodology.
  • Custody: position custody arrangement disclosed in the engagement memo. Withdrawal permissions are not granted to Assay; we hold read-only access.
  • Past performance is not indicative of future results.

Verification status

Assay-Verified. Engagement is active; benchmark is locked, composite is constructed, anomaly screens are running continuously.

Request introduction