Portfolio

What you hold, how it’s allocated, and what actually moved your net worth this period.

See how your portfolio is broken down, and how it moved from one period to another.

What you can answer with it

• What drove the change in net worth this period, and how much of it the strategy earned.
• What the book is made of now, and how much of it is borrowed.
• Which individual positions account for the answer to either.

The cash flow waterfall

The waterfall walks from your opening balance to your closing balance, putting each driver of the change on its own bar: external flows, net income, realised gains, and the change in unrealised value.

External flows are capital you put in, and money that moved rather than money that was earned. The other three are what the strategy did with it.

That distinction is the one an LP asks about and a single “net worth is up 8%” figure cannot answer. A quarter that grew on a subscription and a quarter that grew on yield look identical until somebody splits them, and this is the split.

The composition chart

Everything held, grouped by asset type and sorted by absolute size, so your largest exposure sits at the top whichever direction it points. Wallet balances, assets supplied into protocols, borrowings, exchange and bridge balances, perpetuals accounts and fiat each land in their own group. Rewards recorded manually rather than read from a chain are kept visibly separate from the ones that were.

Borrowings draw below the axis, and that is deliberate. A levered book whose debt is folded into one net figure looks smaller and safer than it is, and the thing most worth seeing at full size is what you owe.

The holdings table

Every position, ranked, filterable by asset type, chain and asset, and sortable on value, change or share of the portfolio. Borrowings carry a liability tag so a negative line is never mistaken for a loss.

Chain and protocol sit on every row so a number you want to check resolves to a specific position in a specific place rather than to a category. This is the table you take into a call when somebody disputes a figure.

Related

• NAV, for the same period expressed as fund value and value per share.
• Risk and performance, for what the levered part of this book earns and how close it sits to a liquidation.
• Financial statements, for the statements the same books produce.