Market conditions during the period continued to reflect elevated geopolitical uncertainty, changing oil prices, and broader equity market weakness. Developments involving the U.S. and Iran remained an important driver of investor sentiment, while oil market volatility continued to influence option pricing and portfolio positioning.
Inflation and Federal Reserve policy also remain important areas of focus, as changes in interest-rate expectations may contribute to additional market volatility. Current portfolio management continues to reflect evolving market conditions and ongoing risk management considerations.
MTD: +2.0%
YTD: +11.7% (before fees)
The Low Volatility strategy remains positive for the periods noted above before applicable fees. As of the latest review, the strategy has generated approximately $4.7 million in gains, with approximately $940,000 in pending incentive fees subject to applicable fund terms and final calculations.
Trailing one-year performance is approximately +18.84% before fees.
MTD: +7.66%
YTD: +19.15% (before fees)
Low Volatility Fund II remains positive for the periods noted above before applicable fees.
Since its April 1 inception, the fund is up approximately 19% before fees, representing approximately $210,000 in gains and approximately $42,000 in pending incentive fees.
MTD: +4.25%
YTD: +18.0% (before fees)
The Synthetic Fund remains positive month-to-date and year-to-date before applicable fees.
Year-to-date gains total approximately $6.71 million, with approximately $1.34 million in pending incentive fees subject to applicable fund terms and final calculations.
Performance reflects current portfolio positioning across equity exposure and option-related strategies.
MTD: +7.2%
YTD: +32.75% (before fees)
The Volatility Advantage Fund remains positive for the periods noted above before applicable fees.
Year-to-date gains total approximately $1.36 million, with approximately $272,000 in pending incentive fees subject to applicable fund terms and final calculations.
Trailing one-year performance is approximately +60% before fees.
YTD: Approximately +0.5% (before fees)
The Insiders Fund remains modestly positive year-to-date before fees.
Portfolio performance has been relatively muted compared with the prior year, when a significant position in Alphabet (Google) contributed meaningfully to results. The portfolio no longer maintains the same level of exposure to that position.
Insider buying continues across select areas of the market, though recent activity has not consistently translated into positive short-term performance. Broader investor attention has remained concentrated on semiconductor infrastructure and AI-related data center spending.
Recent market activity has shown some evidence of broader sector participation, with the equal-weight S&P 500 Index outperforming the capitalization-weighted S&P 500 and Nasdaq during the past week. Current portfolio positioning continues to include meaningful exposure to healthcare, where insider buying activity has remained active.
General SMA performance remains positive across multiple account types. Zero accounts are up approximately 13.2% year-to-date and approximately 28.16% over the trailing one-year period before applicable fees. Synthetic accounts are up approximately 19.5% year-to-date and approximately 42.23% over the trailing one-year period before applicable fees.
For market context, the S&P 500 is down approximately 1.8% month-to-date, up approximately 9.0% year-to-date, and up approximately 20.4% over the trailing one-year period. These comparisons are provided for informational purposes only and should be considered in light of differences in investment objectives, portfolio construction, fees, and risk profiles.
Oil-related volatility continued to provide opportunities to manage existing option positions. During the week, an oil strangle position on USO was rolled with approximately 10 to 11 days remaining until expiration. The position currently represents approximately 0.25% of portfolio value, or roughly $500,000.
As oil prices have declined, both the duration and value of similar trades have changed. Future positioning will continue to depend on market conditions, option pricing, and portfolio risk parameters.
The views expressed herein reflect current market commentary and portfolio observations as of the date published and are subject to change without notice. Statements made by portfolio managers represent current opinions based on prevailing market conditions and should not be interpreted as guarantees, forecasts, or assurances of future performance or market direction.
Any performance information shown is preliminary, unaudited, and may reflect results before applicable fees, expenses, or final administrator reporting where noted. Actual investor results may differ based on fee structure, timing of contributions or withdrawals, and other account-specific factors.
This material is provided 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.
