Internal Review

September 2021 – Teks Alpha NAV Systema Fund

Market Overview

September has been a month where crypto investors and worldwide markets have been rattled by volatility as US and China increased their efforts to have better oversight over cryptomarkets. Macro risks such as the US debt ceiling, FED tapering and worldwide inflation, fueled by the spike in energy prices, have created a peak FUD moment for traders.

To put it in numbers, September had the following sequence >> BTC price started at $47.3k, rallied +12% by the 7th, dropped as much as -20% by the 8th, rallied +15% by the 20th and ended up -7.04% on a MtM basis. Implied vol had wild movements too with an ATR of almost 40% in the front vols. Fundamentals are still strong (as on-chain analysis shows), but technical supports could be broken triggering a panic-selling which could lead to a change in the institutional mood towards crypto technology.

Any selloff is a big opportunity, not only to increase positive deltas in crypto assets but to short vegas. However, investors should be cautious when executing directional trades in the forthcoming weeks.


During September our structured products and short vega strategy had generated decent returns given the downturns in the market.

Looking forward we will keep a close eye in any price breakout/down on BTC and try to take advantage of vol spikes. Also, we will closely follow the evolvement of macro events with the US congress and energy prices that may add additional downside risk to the markets.

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.