Internal Review

October 2021 – Teks Alpha NAV Systema Fund

Market Overview

October, known in jargon as “Uptober”, has marked +45% which is the highest BTC monthly return since December 2020. Despite the market softening at the end of the month, price has consolidated around $60k.

The excitement was motivated by the launch of the futures BTC ETF ($BITO), surpassing $1.1B in assets under management in the first two days of trading and outpacing an 18-yr record set by the $GLD Gold ETF. Ethereum has actually made a new all-time high too, eclipsing the previous HWM of $4.3k set on May 12.

Market data both in spot and derivatives shows that further upside is the most probable outcome, however, we are cautious given that BTC has sold off following past seminal moments, including the listing of BTC futures on the CME in December 2017 and the listing of Coinbase Global Inc. on Nasdaq in April this year.


Back to basics, we have taken advantage of the increment in the funding rates from perpetual swaps and contangos from the futures curve, which were driven by to the market's optimism and euphoria. Additional cash-short-vegas were captured too, which led us to have our best month since we launched the Cell.

Looking forward, we will continue in line with this positions and we will add hedged LPs seeking to capture higher returns without incurring in direction risk.

Teks Alpha Performance (%)

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.