Funds Reports
Global Crypto Fund: August 2024 Report
August was a challenging month for global markets, and the digital assets space felt the impact. The Ultracap 5 index dropped by 16.97%, and our Global Crypto Fund underperformed slightly, down 17.06%. Our higher exposure to Ether contributed to this decline, due in part to its higher volatility and some uncertainty around its development roadmap.
The bloodbath was quite broad, with Bitcoin down 12.96%, Ethereum 26.54% and Solana 25.76%. Cardano and Ripple - which we don’t hold on the portfolio of Global Crypto - overperformed our benchmark losing "only" 15.31% and 16.03%, respectively. Despite these dips, we remain confident in our positions. Given the inherent volatility in this space, we believe that the upcoming Federal Reserve rate cut could trigger a market recovery. We anticipate that Ethereum and Solana will be key players in the ongoing growth of blockchain adoption.
Looking ahead, September is historically a tough month for risk assets like the S&P 500, with an average return of -1.28%. While we’ve seen some recovery in early September, we expect stronger gains heading into Q4, especially with more favorable monetary policy on the horizon.
Stay optimistic and thank you for your continued trust.
Month Report GCF - August 2024
The bloodbath was quite broad, with Bitcoin down 12.96%, Ethereum 26.54% and Solana 25.76%. Cardano and Ripple - which we don’t hold on the portfolio of Global Crypto - overperformed our benchmark losing "only" 15.31% and 16.03%, respectively. Despite these dips, we remain confident in our positions. Given the inherent volatility in this space, we believe that the upcoming Federal Reserve rate cut could trigger a market recovery. We anticipate that Ethereum and Solana will be key players in the ongoing growth of blockchain adoption.
Looking ahead, September is historically a tough month for risk assets like the S&P 500, with an average return of -1.28%. While we’ve seen some recovery in early September, we expect stronger gains heading into Q4, especially with more favorable monetary policy on the horizon.
Stay optimistic and thank you for your continued trust.
Month Report GCF - August 2024
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Nuno Serafim
Managing Partner
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Nuno is an experienced financial executive with broad experience in the Asset Management industry, being board member of IMGA, where he served as Chief investment Officer, overseeing €3.4B of AuM before he founded 3 Comma Capital, together with Robert and Patrick Hable in 2022.
