Markets remained relatively constructive during August, although recent geopolitical developments and shifting expectations around inflation and interest rates have continued to influence market conditions.
Oil remained relatively quiet for approximately four weeks before moving approximately 4–5% higher following weekend geopolitical developments. Positions in oil scheduled to expire Friday reflected a pullback of approximately 0.2%, and certain positions may be rolled as market conditions develop.
The most recent inflation reading came in modestly above expectations. Following Friday's Federal Reserve remarks, market-implied odds of a quarter-point rate move at the September meeting are approximately 55%.
MTD: +2.05%
YTD: +5.30%
1-Year: +6.00%
Performance figures are preliminary, unaudited, and before applicable management and incentive fees. Official statements from NAV Fund Services follow and govern.
MTD: +1.83%
YTD: +17.80%
Performance figures are preliminary, unaudited, and before applicable management and incentive fees. Official statements from NAV Fund Services follow and govern.
MTD: +4.20%
YTD: +14.19%
1-Year: +14.25%
Performance figures are preliminary, unaudited, and before applicable management and incentive fees. Official statements from NAV Fund Services follow and govern.
MTD: +7.90%
YTD: +28.87%
1-Year: +38.69%
The Alpha Wealth Volatility Advantage Fund returned approximately -10.9% in July and +7.90% in August, both preliminary and before fees. Measured from the post-drawdown base, August recovered approximately 65% of the July decline.
Performance figures are preliminary, unaudited, and before applicable management and incentive fees. Official statements from NAV Fund Services follow and govern.
Zero strategy accounts: approximately +10.5% YTD and +17.91% over the trailing one-year period.
Synthetic strategy accounts: +18.17% YTD and +32.36% over the trailing one-year period.
These figures are based on Interactive Brokers reporting and should be reviewed against final account statements for applicable fee treatment. Account-level results may vary based on account structure, allocation, timing, and other account-specific factors.
We have continued to use covered calls across the accounts. Those positions were rolled into the current week and remain positioned more aggressively on the covered call side following the recent market pullback. Approximately $1.5 million in covered call positions currently extend into November.
Current positioning reflects a more conservative approach to volatility trades and a more aggressive approach to covered calls. If the market declines, our process calls for closing covered call positions and evaluating conditions for establishing volatility positions.
In oil, we continue to manage positions through smaller strangles and scheduled rolls. Recent price movement has brought additional attention to positions approaching expiration, and adjustments will be made as conditions warrant.
MTD: approximately +1.9%
YTD: approximately +3.5%
Performance figures are preliminary, unaudited, and net of fees as of August 31, 2026. Official statements from NAV Fund Services follow and govern.
Call option pricing is currently relatively low. For a covered call seller, lower option premiums can reduce the amount of premium received for writing calls. Current pricing may also indicate that market participants are not positioning for significant near-term upside.
We have observed considerable insider buying in oil-related companies, and the team recently attended an oil and gas conference in Denver. We have added to oil and oil-related equity positions, with particular attention to royalty-bearing revenue companies.
This positioning reflects our current view of conditions in the sector and may not prove correct.
NAV reporting has been slower than usual this cycle. Mid-month and end-of-month reports will be distributed as they become available.
Fund performance figures in this update are preliminary and unaudited and are presented before applicable management and incentive fees, unless specifically identified otherwise. Official fund statements from NAV Fund Services follow and govern.
Separately managed account figures are based on Interactive Brokers reporting. The applicable fee treatment for those account-level figures should be confirmed against final account statements before publication.
The views expressed reflect current market commentary and portfolio observations as of the date of this communication and are subject to change without notice. Performance figures are preliminary, unaudited, and shown before applicable fees and expenses unless otherwise noted; actual investor results may differ based on fee structure, account structure, and the timing of contributions or withdrawals. Nothing herein is a guarantee or forecast of future performance. This material is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security, fund, or investment strategy. Past performance is not indicative of future results. All investments involve risk, including possible loss of principal.
