Q1 2026

Quarterly letter

Q1 2026: opening Fund I

Fund I opened to outside investors this quarter. What we built, the limits we set and who sets them.

Fund I opened to outside investors this quarter, with founders terms for the first $50M of commitments.

The fund runs on four hard limits that sit outside the software. The agents work inside them and cannot change them. Only the risk committee can.

Every position comes with the sentence that started it. Investors can read all of it in the portal.

Get the quarterly letter

New strategies, retired ones and the dissent behind both. Four emails a year.

For accredited investors and qualified purchasers.

Information only. Not an offer to sell or a solicitation to buy any security. Offers are made only through confidential offering documents to qualified purchasers. Past performance does not indicate future results. Strategies, figures and trades shown are illustrative.

Exhibit 99

Exhibit 99

Get the quarterly letter

New strategies, retired ones and the dissent behind both. Four emails a year.

For accredited investors and qualified purchasers.

Information only. Not an offer to sell or a solicitation to buy any security. Offers are made only through confidential offering documents to qualified purchasers. Past performance does not indicate future results. Strategies, figures and trades shown are illustrative.

Exhibit 99

Exhibit 99

Get the quarterly letter

New strategies, retired ones and the dissent behind both. Four emails a year.

For accredited investors and qualified purchasers.

Information only. Not an offer to sell or a solicitation to buy any security. Offers are made only through confidential offering documents to qualified purchasers. Past performance does not indicate future results. Strategies, figures and trades shown are illustrative.

Exhibit 99

Exhibit 99

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