The Equities Fund
EQUITIES Strategy
High-conviction equity investing, filtered through the same macro and cycle framework we apply to crypto. We invest in strong companies at the right time — and hold cash when the environment doesn't support it.
What We Do
The Equities Fund takes concentrated positions in publicly listed companies we have high conviction in. We don't run a diversified index — we pick. Our positions are based on fundamental analysis of earnings quality, competitive advantage, and business model durability.
But picking the right company is only half the job. We apply our macro framework to determine whether the environment is right to be invested at all. When global liquidity is contracting and risk is elevated, we reduce exposure and move to cash. When conditions improve, we deploy.
How We Invest
- Concentrated, high-conviction positions — typically 5 to 15 holdings.
- Macro filter applied before any position is opened — we only invest when conditions support it.
- Cash rotation during risk-off environments — no heroics in a bear market.
- No leverage, no derivatives, no short selling.
Why Timing Matters in Equities
Most equity investors focus entirely on stock selection — but the biggest driver of returns over a full cycle is often when you're invested, not just what you own. Buying the right company in the wrong macro environment can still result in 40–60% drawdowns.
Phase 1
Stress
Liquidity is tightening, credit is stressed, markets are falling. We reduce equity exposure significantly and hold cash.
Phase 2
Recovery
Conditions are stabilising. We begin building positions in the highest-quality names at depressed prices.
Phase 3
Expansion
Macro supports risk-taking. We are fully deployed into our highest-conviction positions.
Phase 4
Fragility
Valuations are stretched and sentiment is euphoric. We trim exposure and prepare to protect capital.
Who This Is For
Investors who want meaningful equity exposure but are tired of watching disciplined stock picks get wiped out by macro events they never saw coming.