Methodical.
Empirical, rules-based investment strategies within a permanent portfolio structure.
Built for the long term, beyond short-term market fluctuations.
SYSTEMATIC MULTI-ASSET INVESTING
Higher returns.
Lower drawdowns.
A systematic multi-asset approach
to building net wealth.
Our investment objective. Returns and downside protection are not guaranteed.
PERSONAL CAPITAL. SYSTEMATIC DISCIPLINE.
Managed with the care
of personal capital.
A long-term perspective.
A disciplined process.
A disciplined process.
OUR OBJECTIVES
20%
Target net CAGR
<10%
Target downside
>85% positive years
No negative period longer than 2 years
Monthly liquidity
No lock-up period
Objectives are targets, not forecasts or guarantees. Capital is at risk.
FEES, WITH ALIGNMENT IN MIND
No management fee.
Fund costs apply.
No salaries or corporate overheads.
25%
Performance fee
5%
Performance threshold
Fee terms are subject to the fund’s offering documents.
THE PROCESS BEHIND THE PORTFOLIO
Quantitative.
Systematic.
Repeatable.
A consistent, replicable process that seeks stability and performance.
A static long-term multi-asset allocation, systematically rebalanced.
Dependable.
Investment decisions governed by models and established rules.
Independent of discretionary judgement and human emotion.
ONE PORTFOLIO. COMPLEMENTARY STRATEGIES.
Permanent structure.
Annual rebalancing.
37.5%37.5%25%
37.5% OF PORTFOLIO
US equities
A proprietary multi-factor model combining value and momentum across the US small-to-large cap universe.
Stocks ranked by a composite score across 22 parameters.
37.5% OF PORTFOLIO
Systematic hedge
Two long-term, long/short trend-following strategies spanning more than 80 global liquid markets.
Designed for low or negative correlation with equities and digital assets.
25% OF PORTFOLIO
BTC, ETH & cash
Monetary debasement hedge. Cash rebalancing guided by proprietary long-term risk metrics to help manage digital-asset volatility.
Combines price, on-chain and valuation-extreme signals.
US stocksGlobal indicesInterest ratesFXEnergyMetalsAgricultureVolatilityDigital assetsCash
THE RECORD, IN CONTEXT
Five years.
And 2026 so far.
2021–2025 and 2026 YTD
Through 25 September 2026
Includes backtested and pre-launch results.
Growth of $100, net
View chart data
| Period | Net return | Value |
|---|---|---|
| Start | — | $100.00 |
| 2021 | +44.52% | $144.52 |
| 2022 | +14.01% | $164.77 |
| 2023 | +21.09% | $199.51 |
| 2024 | +20.10% | $239.62 |
| 2025 | −1.99% | $234.85 |
| 2026 YTD | +9.95% | $258.22 |
Annual net returns
Net CAGR18.00%
Standard deviation15.47%
Sharpe ratio 2% risk-free rate1.03
Sortino ratio 2% target9.79
Maximum annual-observation drawdown−1.99%
Positive periods5 of 6
How to read the record
Includes 2021–2022 backtested strategy returns and internal 2023 history incorporating pre-fund personal-account data. This combined strategy record is not the fund’s official NAV track record. The 2026 figure is an internal estimate through 25 September; August and September await administrator reconciliation. CAGR uses five full years plus elapsed 2026. Standard deviation and ratios use five annual returns and one partial-year observation, with a 2% risk-free rate/target. Annual-observation drawdown does not measure intra-year losses. Historical and backtested results do not guarantee future performance.
Explore net contribution by asset class
View contribution chart data
| Year | Equities | Short-term CTA | Long-term CTA #1 | Long-term CTA #2 | Digital assets | Reconciliation adjustment | Portfolio net return |
|---|---|---|---|---|---|---|---|
| 2000 | +17.25 | +6.56 | +1.94 | +1.81 | +0.00 | +0.00 | +27.56 |
| 2001 | +7.46 | +2.54 | +0.16 | +0.50 | +0.00 | +0.00 | +10.66 |
| 2002 | −3.98 | +5.91 | +8.00 | +1.43 | +0.00 | +0.00 | +11.37 |
| 2003 | +47.53 | +0.41 | −1.98 | +2.17 | +0.00 | +0.00 | +48.12 |
| 2004 | +25.79 | −1.69 | −2.47 | −0.01 | +0.00 | +0.00 | +21.62 |
| 2005 | +23.34 | +0.01 | −2.43 | +2.39 | +0.00 | +0.00 | +23.31 |
| 2006 | +9.35 | +3.81 | +0.46 | +1.62 | +0.00 | +0.00 | +15.24 |
| 2007 | +14.88 | +2.68 | +1.12 | −1.71 | +0.00 | +0.00 | +16.98 |
| 2008 | −18.26 | +8.25 | +7.61 | +8.06 | +0.00 | +0.00 | +5.66 |
| 2009 | +19.30 | −1.74 | −0.09 | −0.44 | +0.00 | −0.00 | +17.03 |
| 2010 | +10.13 | +2.97 | +4.55 | +2.58 | +0.00 | −0.00 | +20.23 |
| 2011 | −5.80 | −0.83 | +1.28 | −0.53 | +0.00 | +0.00 | −5.88 |
| 2012 | +6.92 | +0.17 | −3.69 | −3.34 | +0.00 | +0.00 | +0.07 |
| 2013 | +8.94 | +2.36 | +5.06 | +3.19 | +0.00 | −0.00 | +19.54 |
| 2014 | +11.46 | +2.41 | +5.28 | +4.98 | +0.00 | +0.00 | +24.13 |
| 2015 | −0.63 | +0.63 | +1.21 | −0.04 | +4.66 | +0.00 | +5.84 |
| 2016 | +10.29 | +0.78 | −0.60 | −0.10 | +16.52 | −0.00 | +26.88 |
| 2017 | +6.82 | −1.44 | +2.41 | +0.09 | +178.22 | −0.00 | +186.10 |
| 2018 | +3.05 | +0.80 | −3.03 | −0.33 | −5.38 | −0.00 | −4.89 |
| 2019 | +0.28 | +0.75 | +2.08 | −1.18 | +7.57 | −0.00 | +9.50 |
| 2020 | +25.37 | +0.34 | −0.15 | +1.03 | +49.08 | +0.00 | +75.68 |
| 2021 | +15.52 | +1.24 | +0.42 | +1.83 | +25.51 | +0.00 | +44.52 |
| 2022 | +4.27 | +2.80 | +6.83 | +4.96 | −4.85 | +0.00 | +14.01 |
| 2023 | +5.65 | −1.43 | −1.80 | +2.84 | +15.82 | +0.00 | +21.09 |
| 2024 | +5.36 | −0.78 | +0.24 | +3.24 | +9.53 | +2.50 | +20.10 |
| 2025 | +5.63 | −2.44 | +1.51 | −0.96 | −1.47 | −4.25 | −1.99 |
| 2026 YTD | +4.91 | −0.40 | +2.60 | +6.70 | −0.82 | −3.03 | +9.95 |
RISK MANAGEMENT
Different assets.
Different responses.
EQUITIES / CTAs
−0.40True diversification
starts with behaviour.
Negative correlation supports the intended hedge. CTAs can offset equity fluctuations and help reduce combined volatility.
Protection during selloffs is not guaranteed.
Pairwise correlations
Pearson correlation through 25 September 2026
Equities / CTAs2000–2026 YTD · 27 observations−0.40
Equities / digital assets2015–2026 YTD · 12 observations+0.27
CTAs / digital assets2015–2026 YTD · 12 observations−0.08
Annual returns, including partial 2026 and backtested inputs. CTA composite: ⅔ CTA #1 and ⅓ CTA #2. Digital returns combine BTC and ETH using their relative historical model weights, excluding cash. Correlations depend on the period and sample size.
PROPRIETARY BITCOIN RISK METRIC
A different lens
on valuation.
Time spent at valuation extremes
adds context to the market cycle.
How the metric works
Measures time spent in extreme profit percentile bands independently of price levels and raw on-chain values.
Uses a dynamic holder threshold derived from a four-year spending-hazard sample.
Read it in context.
Readings near 1 indicate historically elevated valuation risk. Prior bull-market readings reached the 95th percentile or above.
Use alongside other signals, including volume and momentum divergences.
THE MACRO PERSPECTIVE
Built to participate
across market regimes.
Different conditions call on different parts of the portfolio.
Illustrative strategy responses. Trend exposures depend on model signals and may be long or short.
EXPERIENCE BEHIND THE PROCESS
The team
behind ZeroSquare.
Olivier Magaud
Co-founder & CIO
25+ years in technology entrepreneurship and investing.
View background
- Co-founded Wavecell, acquired by 8x8 in 2019.
- Seed investor in Paidy, acquired by PayPal in 2021.
- Focus on macro finance, quantitative models and portfolio construction.
- Engineering master’s degree, ESIGETEL.
Olivier Gerhardt
Co-founder
25+ years across Asia Pacific, Europe and the US.
View background
- Founding CEO of Wavecell, acquired by 8x8 for US$125M.
- Founded VL Capital in 2019 to invest in and advise technology companies.
- Seed investor in Paidy, acquired by PayPal in 2021 for US$2.7B.
- Telecom Lille graduate. International Marketing Programme, INSEAD.
GET IN TOUCH
Let’s talk
about the long term.
To learn more about ZeroSquare, leave us a message.
1 George Street #16-01Singapore 049145