Longwater Credit

Account-Verified

Stablecoin lending · Cayman Islands · Inception 2021-09

Illustrative — pre-launch sample data, not actual manager performance.

1Y ann.+4.4%

3Y ann.+6.8%

5Y ann.—

10Y ann.—

Sharpe (3Y)0.91

Sortino (3Y)1.16

Max drawdown-1.8%

Cumulative TWR vs benchmark

Monthly, since inception

Manager TWR Benchmark Drawdown

Locked benchmark

AAVE USDC supply rate

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

1Y-9.4%

3Y-11.1%

5Y—

Liquidity profile

Median position liquidity$410M

AUM$142M

Verified history52 months

Raising statusOpen

Strategy

Crypto credit fund: USDC lending across whitelisted CeFi counterparties and tokenized T-Bill products. Max counterparty exposure capped at 12.5%.

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

+10.5%

Y-2

+9.5%

Y-1

+6.6%

Y-0

+4.4%

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 stablecoin lending strategy as enumerated in the engagement memo.
Benchmark: AAVE USDC supply rate, 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

Account-Verified. Returns are reconstructed from read-only API and on-chain data. Manager has not yet engaged for full verification.

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