Internal Review

April 2021 – Teks Alpha NAV Systema Fund

Market Overview

Once again the crypto bullish force has recovered in just 5 days half of a -25% BTCUSD drawdown saving the asset from what it seemed to be the first big negative return after 7 consecutive positive months, to having a small loss of -1.71%.

As we mentioned in our previous report, given our countercyclical approach, we expected larger price movements, thus hedging the downside risk was a priority which we fulfilled successfully.

Implied volatility spiked ~20% but didn ́t reach the levels we were expecting for selling OTM Put options, hence we kept our positions in the carry trade from perps and futures.

We are expecting a further increase in volatility, so we are extra cautious to the downside on each position that we are executing.


During April we mostly traded a carry trade that generated a net income of +0.97%

We may start implementing carry trades over alt-coins through a coded bot and we will wait for an IV expansion to re-enter into options.

Teks Alpha Performance (%)

2021 1.36 1.18 2.56
Performance is net of fees. Trading operations started on March 12, 2021

Teks Alpha Performance vs Index

Given the nature of Teks Alpha we have chosen as a Benchmark an Index composed 50% by BTC and 50% by cash.

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Legal Disclaimer

The information, analysis, and opinions expressed herein are for general information only and are not intended to provide specific advice or recommendations for any individual or entity. This material is not an offer, solicitation or recommendation to purchase any cryptocurrency, security or to invest in Teks Capital or in Systema Fund PCC. Forecasting represents predictions of market prices and/or volume patterns utilizing varying analytical data. It is not representative of a projection of any market, or of any specific investment. Please remember that all investments carry some level of risk, including the potential loss of principal invested all principal. They do not typically grow at an even rate of return and may experience negative growth. As with any type of portfolio, attempting to reduce risk and increase return could, at certain times, unintentionally reduce returns. Please remember that past performance may not be indicative of future results.