Internal Review

August 2021 – Teks Alpha NAV Systema Fund

Market Overview

During August, a positive market sentiment returned and the crash of May where BTC went down almost -55% is further in the rearview mirror. An astonishing, but very “crypto-style” recovery took place with BTC prices going back to the $50k level (+80% reversion) by August 23. Altcoins and lesser-known tokens had also outperformed and boosted the crypto excitement like LUNA (Terra), FTM, and AVAX, among others.

There is little consensus as to what's pushing the market, some investors are looking to gain more than the mainstays cryptos by exposing their portfolio’s into a higher Beta; others are just seeing a world full of cash which tends to be allocated in riskier assets (specially under bullish markets and soaring prices).

Crypto market capitalization is above $2 trillion dollars again and bullish traders seem to be buying on every pullback and downtick. Spreads between future\spot prices are low meaning that leverage is not uncontrolled while volatility has been falling and affecting option premiums.


During August we kept trading a combination of derivatives and structured-product strategies increasing our allocation into market-neutral combinations.

We will keep shorting vols whenever we see attractive opportunities and we will keep our research for adding positive deltas with minimum downside risks.

Teks Alpha Performance (%)

2021 1.36 0.79 0.77 0.80 1.51 1.61 7.03
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.