Vikara April 2025 Update – Turning Point: Global Weakness Creates Digital Strength
April 30, 2025 Vikara April 2025 Update – Turning Point: Global Weakness Creates Digital Strength DOWNLOAD PDF REPORT Trump’s messaging, execution, and sporadic decision making is weighing heavily on markets. The damage has the potential to be lasting with many western economies signalling a potential shift away from Trump’s version of America. It has been interesting to watch western country voters lean left in the wake of Trump’s series of unforced errors. Canadians and Europeans have rallied around incumbent leaders and parties who have pushed back on tariffs, offers to buy countries, and the political games being played via truth social. Australia is no different, with a further move to the incumbent leftwing labour party despite unpopular policy initiatives like a plan to tax unrealized capital gains or large-scale immigration. In a world where most western governments are left leaning, Trump will have a tough time implementing his desires. As a result, global growth will suffer and money printing will need to rise. Central banks are currently focused on inflation, but markets are looking through the short-term impacts (Chart 1) and are increasingly more concerned with lower growth. Chart 1 – Inflation swap rates are seeing short term and transitory inflation (2024-2025) Source: Bloomberg, Luke Kawa – Sherwood Digital assets should do well with this backdrop, with prices in the second half of April sniffing out a potential turning point. If the US can complete trade deals or it relaxes its strategy, while central banks proactively step in to fill Trump’s growth air pocket, duration assets will outperform. While we have been calling (incorrectly) for lower inflation for a while, much of the data we see suggests that it is finally upon us. Everything from crude oil to rental markets seems to suggest that disinflation is real. Again, a very positive backdrop for digital asset markets. We continue to look for and invest in a portfolio of digital assets with a premium product-market fit, great teams with solid track records, and valuations that we can defend. While it has been a volatile few months in digital asset markets, it is good to see things turn quickly with a changing backdrop. In summary, macroeconomic data points are now poor enough for many to consider shifting their views on global rates moving forward. It is becoming blatantly obvious that central banks are offsides if the slowdown that is upon us is real. While the US Federal Reserve needs to navigate the short-term potential impact from tariffs, its dual mandate is becoming more relevant. For this reason, we believe we are finally at a turning point in the macro outlook such that duration assets like digital assets are finally the place to see outperformance. Macro US consumers are under considerable pressure right now. Households are as concerned as they have ever been about their future financial situation. This is a Trump unforced error, as communication and execution of his Make America Great Strategy has been lacking (Chart 2). Chart 2 – UMich Expected Change in Financial Situation in a Year (1980-2024) Source: @LizAnnSonders Consumer expectations for business conditions also tanked in March to lowest on record per the University of Michigan’s sentiment survey (Chart 3). Chart 3 – UMich Expected Change in Business Conditions in a Year (1980-2024) Source: Bloomberg, @LizAnnSonders Consumers also feel negative about their employment situation, with 67% expecting a change in unemployment in the year ahead (which is the fifth consecutive increase and highest since 2009) (Chart 4). Chart 4 – UMich Expected Change in Unemployment During the New Year (1980-2024) Source: @LizAnnSonders Consumer sentiment is also being increasingly impacted by mortgage stress, as fixed term interest rate resets start to roll over, pushing 6.1 million Americans behind on their mortgage payments (the highest in 20+ years) (Chart 5). Chart 5 – Freddie Mac Seroius Delinquency Rates (2004-2025) Source: @TaraBull808 Consumer expectations regarding employment are being dictated by rising US company bankruptcies, which are approaching the same levels as seen in Covid and the GFC (Chart 6). Chart 6 – Weekly bankruptcy Filings (2006-2025) Source: @GlobalMktObserv Business stress has resulted in rising US job cut announcements, reaching levels that have surpassed the financial crises (Chart 7). Chart 7 – Challenger, Gray and Christmas Job Cuts By Industry (1994-2024) Source: Doubleline, Challenger, Macrobond, @GlobalMktObserv Bank of America’s global fund manager survey expectations for a recession have risen to the fourth highest level in the past 20 years (Chart 8). Chart 8 – Recession Expectations Rise to 4th Highest Level in Past 20 Years (2006-2026) Source: BofA Global Fund Manager Survey, @MikeZaccardi It is very likely that much of the negativity is driven by US inflation expectations, which have spiked to 6.7%, the highest level since 1981 (Chart 9). Chart 9 – Twelve-month Inflation Expectations (1980-2020) Source: University of Michigan, LSEG, @charliebilello Higher inflation expectations are flowing through into an expectation of higher for longer Federal Reserve policy, despite US Super core CPI being down sharply (Chart 10). Chart 10 – US Bloomberg BLS CPI Core Services Less Shelter YoY (2015-2025) Source: @LizAnnSonders While everyone is panicked about higher inflation, we continue to believe lower inflation is on the horizon. The ISM inventory divided by orders ratio is supportive of a second quarter slowdown and a decline in input prices (Chart 11). Chart 11 – Orders to Inventory ratio LEAD prices by 3 months (2000-2026) Source: @AndreasSteno, Bloomberg, and Macrobond While markets are pricing in four Fed rate cuts this year, we believe this accelerates quickly should lower inflation data be seen post the implementation of tariffs (Chart 12). Chart 12 – Financial markets are expecting looser Federal Reserve policy (2024-2025) Source: TheDailyShot.com, @SoberLook It is worth pointing out that digital asset markets (including the ex-BTC/ETH markets) were at cycle highs at the start of 2024 when markets had priced in six fed rate cuts in 2024. The setup today is wildly different, and things turn quickly in the space. If we are right, then Chart 13 is a potential
Echelon Prime – A Deep Dive
March 26, 2025 Echelon Prime – A Deep Dive DOWNLOAD PDF REPORT Introduction Echelon Prime (Echelon) is an ecosystem of blockchain-enabled games that includes trading-card game (TCG) Parallel TCG built on Ethereum, AI simulation game Colony built on Solana (launching Q1 2025) and a 3rd person extraction shooter game called Sanctuary (fka Project Tau Ceti) built on Base’s B3 (launching Q3 2025). Parallel Studios (Parallel) is the development studio behind Echelon Prime. Founded in 2021, they raised $50m at a $500m valuation led by Paradigm in October 2021. They completed a $35m financing in March 2024 from notable investors Distributed Global, The Operating Group, VanEck, Focus Labs, Big Brain Holdings, Solana Ventures, Base, amongst others, along with angel investors Solana co-founders Anatoly Yakovenko and Raj Gokal and Pudgy Penguins CEO Luca Netz. Figure 1 – Parallel Labs $35m funding round Source: parallel.life The Echelon Prime Foundation (EPF) is a non-profit organization responsible for guiding the Echelon ecosystem. Emissaries Prime (EP) is the governing body that stewards the EPF. The first 11 member of the EP were elected in February 2022, which is like a Board of Directors in a traditional corporate structure. Team The founding team and management have a diverse background across numerous technology start-ups. Co-founders Sascha Darius Mojtahedi (CEO) and Perry Haldenby (CTO) have worked together at multiple ventures prior to founding Parallel. Kohji Nagata, Head of Game Design at Parallel, worked with the founders at a previous venture. Most of the team is based in Toronto, Canada. While they do not disclose total employees, 82 people are associated with Echelon Prime on LinkedIn. Games Parallel TCG Parallel TCG is a science fiction-themed trading-card game akin to Magic: The Gathering or Hearthstone that integrates non-fungible tokens (NFTs) and play-to-earn rewards into gameplay. The game is set in a dystopian future where Earth has become uninhabitable due to a cataclysmic incident known as “The Event,” causing humanity to scatter across space, splitting into five factions: Earthen, Marcolian, Augencore, Kathari and Shroud. Players collect NFT cards representing these factions and engage in head-to-head battles to fight for PRIME tokens, the token of the Echelon ecosystem. Parallel TCG also offers various gameplay modes that cater to different styles of play, including The Ladder and Sectors, and features a rookie queue to provide a training ground for new players with customizable rookie decks. The game initially launched in closed beta in July 2023 and moved into open beta in February 2024. It also launched in the Epic Games Store and on Steam. Beyond the VC fundraising, the Echelon team started selling NFTs in 2Q 2021. In August 2021, near the peak of the NFT market, they sold $105m worth of NFTs in one month (Chart 1). Chart 1 – Parallel Alpha NFT Sales Source: opensea.io While they received significant proceeds upfront, Echelon takes a 10% royalty on all subsequent NFT sales, with half of that going toward in-game prize pools and the other half to the company. Certain NFTs provide the opportunity to earn revenue from use and/or trading. For example, Masterpiece NFT cards contain the art that derivative cards (other cards used in the game) use and are 1 of 1, with a total supply of 258 cards. One rare Masterpiece card sold for $1.1m of ETH in August 2021. Benefits of Masterpiece cards include: Reward the owner 20% of the 5% royalty Echelon receives every time its derivative card is traded on the secondary market. Receive a portion of PRIME flows when its derivative card is used to create an Echo. Figure 2 – Selected Parallel TCG Masterpiece NFT Cards Source: parallel.life Most of the Parallel TCG cards and items such cosmetics are on Ethereum with the remainer on Ethereum L2 Base. As is often done with high profile non-blockchain games, Echelon runs season long e-sports competitions dubbed “Parallel Prime League.” Season 1, which took place over eight months, culminated in a 16-person tournament titled “Parallel League Championship” on March 1-2 in Las Vegas with a prize pool of $500k. Season 2 begins March 6 with a total prize pool of $1m, followed by Season 3 with a $2m prize pool. Finally, Parallel is in the process of launching a TCG mobile version with beta testing is underway and preliminary UI adjustments being made before a wider rollout. This should increase the size and breadth of the community given the increasing number of gamers that play on mobile devices. Colony The second game in the Echelon ecosystem will be Colony, an AI-powered strategic survival simulation game in which collaborate and compete to survive. Specifically, Colony features autonomous AI agents (AI avatars) that are continuously learning from prior game play. Human players must guide and collaborate with the avatars to navigate a future Earth dotted with distinct colonies, all competing for survival. A public alpha version of Colony, which is being built on Solana is slated to go live in Q1 2025. A trailer can be found in the link below: Colony Trailer and Overview Sanctuary Sanctuary is a 3rd person extraction shooter game built on Base’s L3 B3. Given it’s a new launch, little information has been released, although a trailer can be found in the link below: Sanctuary Trailer Token PRIME is the native token of the Echelon ecosystem. It is both a utility and governance token for the broader Echelon ecosystem as well as individual games and is used to power various token-gated products, services and experiences including the purchase of NFTs used in game. Unique to Echelon Prime are token-gated products, services, and experiences available called “Sinks”. Several Sinks exist in Parallel TCG and will likely exists in future games. Sinks like Terminals and Artigraph, are cosmetic. Others, like Payload and Echoes, are critical for achieving scale in the game. The benefit of Sinks is that they lock up circulating supply, refill the Gameplay Pool, and reward stakeholders through Sink Distributions. The PRIME token was launched in July 2022, as a non-transferrable token with a total
Vikara [TEMPLATE ONLY] 2025 Update – XXXXXXXX
February 28, 2025 Vikara February 2025 Update – XXXXXXXX DOWNLOAD PDF REPORT Text XXXX Source: XXXX Text Macro Text XXXXX Source: TheDailyShot.com Text Digital Assets Text XXXXXX Source: XXXXX Text Tokens Text XXXXXX Source: XXXXX Text DOWNLOAD PDF REPORT Luke McFarlane Co-Founder & Portfolio Manager Vikara Capital Mark Riccio, CFA Co-Founder & Portfolio Manager Vikara Capital Contact Us Vikara is a liquid, open-ended fund investing in digital assets (excluding Bitcoin and Ethereum) with no lockups (add or redeem monthly). Vikara’s proprietary investment and rigorous risk management processes aim to outperform the broader digital asset markets. Founders have over 40 years combined investment experience at Millennium, Balyasny, Platinum, Merrill Lynch and Macquarie. Vikara, in Sanskrit, describes the process of change. Its definition is constantly evolving, changing with economic cycles, technology, and geopolitics. It is a transformation of thought or logic, a modification in the direction of travel, an alteration in action or participation. It is one thing to want change, but another to drive it. We believe in a world where commerce doesn’t need intermediaries. Where people are paid directly for content, time, and effort. Where privacy, data and free speech is given, not something to opt-in for. This material is for the general information only and should not be construed as an offer to sell or the solicitation of an offer to buy any security or asset in any jurisdiction where such an offer or solicitation would be illegal. We are not soliciting any specific action based on this material. It does not constitute a recommendation or take into account the particular investment objectives, financial conditions, or needs of individual clients. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. The price and value of the investments referred to in this material and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur. We do not provide tax, accounting, or legal advice to our clients, and all investors are advised to consult with their tax, accounting, or legal advisers regarding any potential investment. The material is based on information that we consider reliable, but we do not represent that it is accurate, complete and/or up to date, and it should not be relied on as such. Opinions expressed are our current opinions as of the date appearing on this material only and only represent the views of the author and not those of Vikara, unless otherwise expressly noted. This material is produced as of a particular date. Accordingly, this material may have already been updated, modified, amended and/or supplemented by the time you receive or access it. Vikara is under no obligation to notify you of such changes and you should discuss this material with your Vikara representative to ensure such material has not been updated, modified amended and/or supplemented. Be the First to KnowKeep up to date with industry news and events ©
The Importance of Decentralization – 6. Reduced Single Points of Failure
The Importance of Decentralization – 6. Reduced Single Points of Failure A series by Vikara. October 28, 2024 Reduced Single Points of Failure Through Decentralization In traditional centralized systems, a single point of failure can have catastrophic consequences. Whether it’s a server crash, a data breach, or a targeted attack, the reliance on a central authority makes these systems vulnerable to disruption. The collapse of this single point can result in downtime, data loss, financial damage, and a breakdown in trust. Decentralization addresses this issue by distributing control and operation across a network of participants, minimizing the risk associated with central points of failure. By creating a more resilient and robust infrastructure, decentralized systems offer enhanced security, reliability, and continuity. This chapter explores how decentralization reduces single points of failure, using real-world examples to highlight its advantages over centralized models. The Risks of Single Points of Failure in Centralized Systems Centralized systems, where control is concentrated in a single entity or location, are inherently vulnerable: Vulnerability to Attacks: Centralized systems are prime targets for cyberattacks. Hackers often focus their efforts on breaching the central authority because compromising this single point can give them access to the entire system. System Outages: When a centralized server goes down, the entire network it supports can become inaccessible. This can result in significant financial losses and disruptions to services. Data Breaches: Centralized storage of data, such as user information or transaction records, creates a single point of failure where breaches can lead to the exposure of sensitive information on a massive scale. A well-known example of a single point of failure in centralized systems is the 2016 cyberattack on the centralized exchange Bitfinex. Hackers exploited vulnerabilities in the exchange’s central wallet infrastructure, resulting in the theft of 119,756 bitcoins, worth approximately $72 million at the time. The incident highlighted the risks associated with centralizing control over assets and the need for more resilient systems. Decentralization: Eliminating Single Points of Failure Decentralized systems mitigate these risks by distributing control, data, and operations across a network of participants. This approach reduces the likelihood that a single failure can compromise the entire network. Here’s how decentralization reduces single points of failure: Distributed Networks: In decentralized systems, data and operations are distributed across a network of nodes rather than being concentrated in a single location. This distribution makes it significantly more difficult for an attacker to compromise the entire network, as they would need to breach a majority of the nodes simultaneously. Example: The Bitcoin network operates on a decentralized ledger maintained by thousands of nodes worldwide. Each node holds a copy of the blockchain, and transactions are validated through a consensus mechanism. To manipulate the network, an attacker would need to gain control of at least 51% of the nodes, which is practically infeasible due to the network’s size and security measures. Fault Tolerance: Decentralized systems are designed to continue operating even if some nodes fail or are compromised. This fault tolerance ensures that the network remains functional and secure, reducing the impact of localized failures. Example: IPFS (InterPlanetary File System) is a decentralized file storage system that distributes files across a network of nodes. If a node hosting a particular file goes offline, the file can still be retrieved from other nodes that store copies. This redundancy ensures that data remains accessible even in the event of node failures or network partitions. Increased Security Through Consensus Mechanisms: Decentralized networks use consensus mechanisms, such as Proof of Work (PoW) or Proof of Stake (PoS), to validate transactions and maintain the integrity of the system. These mechanisms prevent any single entity from having undue control over the network, making it more resistant to attacks. Example: Ethereum’s transition to a PoS consensus mechanism with Ethereum 2.0 aims to enhance network security by requiring validators to stake their assets as collateral. This approach aligns the interests of participants with the network’s health, as validators stand to lose their staked assets if they act maliciously. The distributed nature of the PoS mechanism further reduces the risk of a single point of failure. Real-World Examples of Reduced Single Points of Failure Through Decentralization Reducing single points of failure is crucial for enhancing the security, reliability, and continuity of digital systems. For financial networks, decentralized models reduce the risk of asset theft and transaction manipulation. For data storage and communication networks, decentralization ensures that services remain accessible even in the face of disruptions or attacks. For investors, the resilience of decentralized networks is a key factor in assessing the long-term viability and security of blockchain-based projects. By distributing control and reducing reliance on a single entity, decentralized systems offer a more robust foundation for digital services and infrastructure. Decentralization offers a powerful solution to the vulnerabilities associated with single points of failure in centralized systems. By distributing control, data, and operations across a network, decentralized systems enhance security, fault tolerance, and reliability. This approach creates a more resilient digital infrastructure capable of withstanding disruptions and attacks. For Vikara and others in the digital asset space, understanding the importance of reducing single points of failure is essential to recognizing the security and reliability benefits of decentralized technologies. As we continue this series, we’ll explore more facets of decentralization, each contributing to a more secure, inclusive, and dynamic digital future. To continue reading the report, please click below GO BACK – 5. FINANCIAL INCLUSION READ NEXT CHAPTER – 7. IMMUTABLE RECORDS Alex PriorVikara Capital ABOUT VIKARA Vikara is an open-ended fund, with investors able to add or redeem monthly. Please contact usif you would like to discuss anything further. Vikara, in Sanskrit, describes the process of change. Its definition is constantly evolving, changing with economic cycles, technology, and geopolitics. It is a transformation of thought or logic, a modification in the direction of travel, an alteration in action or participation. It is one thing to want change, but another to drive it. We believe in a world where commerce doesn’t need intermediaries. Where
The Importance of Decentralization – [TEMPLATE]
The Importance of Decentralization – [TEMPLATE] A series by Vikara. September 25, 2024 TITLE TEXT. SUBTITLE TEXT: TITLE: TEXT. TITLE: TEXT. TITLE: TEXT. TEXT. SUBTITLE TEXT TITLE: TEXT. Example: TEXT TITLE: TEXT. Example: TEXT TITLE: TEXT. Example: TEXT Real-World Examples of XXXXXXXXX TEXT. To continue reading the report, please click below GO BACK – XXXXXXXX READ NEXT CHAPTER – XXXXXXXXX Alex Prior Vikara Capital ABOUT VIKARA Vikara is an open-ended fund, with investors able to add or redeem monthly. Please contact usif you would like to discuss anything further. Vikara, in Sanskrit, describes the process of change. Its definition is constantly evolving, changing with economic cycles, technology, and geopolitics. It is a transformation of thought or logic, a modification in the direction of travel, an alteration in action or participation. It is one thing to want change, but another to drive it. We believe in a world where commerce doesn’t need intermediaries. Where people are paid directly for content, time, and effort. Where privacy, data and free speech is given, not something to opt-in for. Be the First to KnowKeep up to date with industry news and events ©
Vikara August 2024 Update – MACRO REPORT
August 28, 2024 Vikara August 2024 Update – MACRO REPORT Macro Text Text Text Text Read the Vikara August 2024 Digital Assets Report DIGITAL ASSETS REPORT Luke McFarlaneCo-Founder & Portfolio ManagerVikara Capital Mark Riccio, CFACo-Founder & Portfolio ManagerVikara Capital Contact Us Vikara is a liquid, open-ended fund investing in digital assets (excluding Bitcoin and Ethereum) with no lockups (add or redeem monthly). Vikara’s proprietary investment and rigorous risk management processes aim to outperform the broader digital asset markets. Founders have over 40 years combined investment experience at Millennium, Balyasny, Platinum, Merrill Lynch and Macquarie. Vikara, in Sanskrit, describes the process of change. Its definition is constantly evolving, changing with economic cycles, technology, and geopolitics. It is a transformation of thought or logic, a modification in the direction of travel, an alteration in action or participation. It is one thing to want change, but another to drive it. We believe in a world where commerce doesn’t need intermediaries. Where people are paid directly for content, time, and effort. Where privacy, data and free speech is given, not something to opt-in for. This material is for the general information only and should not be construed as an offer to sell or the solicitation of an offer to buy any security or asset in any jurisdiction where such an offer or solicitation would be illegal. We are not soliciting any specific action based on this material. It does not constitute a recommendation or take into account the particular investment objectives, financial conditions, or needs of individual clients. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. The price and value of the investments referred to in this material and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur. We do not provide tax, accounting, or legal advice to our clients, and all investors are advised to consult with their tax, accounting, or legal advisers regarding any potential investment. The material is based on information that we consider reliable, but we do not represent that it is accurate, complete and/or up to date, and it should not be relied on as such. Opinions expressed are our current opinions as of the date appearing on this material only and only represent the views of the author and not those of Vikara, unless otherwise expressly noted. This material is produced as of a particular date. Accordingly, this material may have already been updated, modified, amended and/or supplemented by the time you receive or access it. Vikara is under no obligation to notify you of such changes and you should discuss this material with your Vikara representative to ensure such material has not been updated, modified amended and/or supplemented. Be the First to KnowKeep up to date with industry news and events ©
Vikara August 2024 Update – DIGITAL ASSETS REPORT
August 28, 2024 Vikara August 2024 Update – DIGITAL ASSETS REPORT Digital Assets Text Text Text Text Read the Vikara August 2024 Macro Report MACRO REPORT Luke McFarlaneCo-Founder & Portfolio ManagerVikara Capital Mark Riccio, CFACo-Founder & Portfolio ManagerVikara Capital Contact Us Vikara is a liquid, open-ended fund investing in digital assets (excluding Bitcoin and Ethereum) with no lockups (add or redeem monthly). Vikara’s proprietary investment and rigorous risk management processes aim to outperform the broader digital asset markets. Founders have over 40 years combined investment experience at Millennium, Balyasny, Platinum, Merrill Lynch and Macquarie. Vikara, in Sanskrit, describes the process of change. Its definition is constantly evolving, changing with economic cycles, technology, and geopolitics. It is a transformation of thought or logic, a modification in the direction of travel, an alteration in action or participation. It is one thing to want change, but another to drive it. We believe in a world where commerce doesn’t need intermediaries. Where people are paid directly for content, time, and effort. Where privacy, data and free speech is given, not something to opt-in for. This material is for the general information only and should not be construed as an offer to sell or the solicitation of an offer to buy any security or asset in any jurisdiction where such an offer or solicitation would be illegal. We are not soliciting any specific action based on this material. It does not constitute a recommendation or take into account the particular investment objectives, financial conditions, or needs of individual clients. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. The price and value of the investments referred to in this material and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur. We do not provide tax, accounting, or legal advice to our clients, and all investors are advised to consult with their tax, accounting, or legal advisers regarding any potential investment. The material is based on information that we consider reliable, but we do not represent that it is accurate, complete and/or up to date, and it should not be relied on as such. Opinions expressed are our current opinions as of the date appearing on this material only and only represent the views of the author and not those of Vikara, unless otherwise expressly noted. This material is produced as of a particular date. Accordingly, this material may have already been updated, modified, amended and/or supplemented by the time you receive or access it. Vikara is under no obligation to notify you of such changes and you should discuss this material with your Vikara representative to ensure such material has not been updated, modified amended and/or supplemented. Be the First to KnowKeep up to date with industry news and events ©
Vikara August 2024 Update – XXXX – V2.0
August 28, 2024 Vikara August 2024 Update – XXXX – V2.0 Text Text Text Text Read more on either the Macro or Digital Assets take by clicking the buttons below. MACRO REPORT DIGITAL ASSETS REPORT For more information, please reach out to alex.prior@vikara.com Text Luke McFarlaneCo-Founder & Portfolio ManagerVikara Capital Mark Riccio, CFACo-Founder & Portfolio ManagerVikara Capital Contact Us Vikara is a liquid, open-ended fund investing in digital assets (excluding Bitcoin and Ethereum) with no lockups (add or redeem monthly). Vikara’s proprietary investment and rigorous risk management processes aim to outperform the broader digital asset markets. Founders have over 40 years combined investment experience at Millennium, Balyasny, Platinum, Merrill Lynch and Macquarie. Vikara, in Sanskrit, describes the process of change. Its definition is constantly evolving, changing with economic cycles, technology, and geopolitics. It is a transformation of thought or logic, a modification in the direction of travel, an alteration in action or participation. It is one thing to want change, but another to drive it. We believe in a world where commerce doesn’t need intermediaries. Where people are paid directly for content, time, and effort. Where privacy, data and free speech is given, not something to opt-in for. This material is for the general information only and should not be construed as an offer to sell or the solicitation of an offer to buy any security or asset in any jurisdiction where such an offer or solicitation would be illegal. We are not soliciting any specific action based on this material. It does not constitute a recommendation or take into account the particular investment objectives, financial conditions, or needs of individual clients. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. The price and value of the investments referred to in this material and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur. We do not provide tax, accounting, or legal advice to our clients, and all investors are advised to consult with their tax, accounting, or legal advisers regarding any potential investment. The material is based on information that we consider reliable, but we do not represent that it is accurate, complete and/or up to date, and it should not be relied on as such. Opinions expressed are our current opinions as of the date appearing on this material only and only represent the views of the author and not those of Vikara, unless otherwise expressly noted. This material is produced as of a particular date. Accordingly, this material may have already been updated, modified, amended and/or supplemented by the time you receive or access it. Vikara is under no obligation to notify you of such changes and you should discuss this material with your Vikara representative to ensure such material has not been updated, modified amended and/or supplemented. Be the First to KnowKeep up to date with industry news and events ©
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April 2024 Performance Report
April 29, 2024 April 2024 Performance Report Opening commentary Lorem ipsum dolor sit amet, consectetur adipiscing elit. Pellentesque id urna eu purus feugiat consequat. Etiam porta molestie quam at malesuada. Nam sit amet imperdiet eros. Interdum et malesuada fames ac ante ipsum primis in faucibus. Mauris sollicitudin libero sollicitudin dui gravida mollis. Nam id enim tempor, fermentum justo ut, aliquet mi. Aliquam et sagittis tortor. Aliquam fermentum nibh sit amet dapibus condimentum. In varius orci libero, in laoreet nibh porta vitae. Etiam pretium ultrices lectus. Cras non ipsum ac nibh faucibus faucibus. Quisque tempor luctus nisl nec rutrum. Mauris massa elit, porta sed lorem fringilla, fringilla vestibulum turpis. Integer sit amet mauris dictum, euismod risus id, euismod nunc. Aliquam suscipit, magna at auctor rhoncus, nisl magna sodales eros, fermentum mattis magna eros nec ante. Morbi id ex maximus, venenatis arcu in, dignissim massa. Performance Summary Marketing Summary Closing commentary Lorem ipsum dolor sit amet, consectetur adipiscing elit. Pellentesque id urna eu purus feugiat consequat. Etiam porta molestie quam at malesuada. Nam sit amet imperdiet eros. Interdum et malesuada fames ac ante ipsum primis in faucibus. Mauris sollicitudin libero sollicitudin dui gravida mollis. Nam id enim tempor, fermentum justo ut, aliquet mi. Aliquam et sagittis tortor. Aliquam fermentum nibh sit amet dapibus condimentum. In varius orci libero, in laoreet nibh porta vitae. Etiam pretium ultrices lectus. Cras non ipsum ac nibh faucibus faucibus. Quisque tempor luctus nisl nec rutrum. Mauris massa elit, porta sed lorem fringilla, fringilla vestibulum turpis. Integer sit amet mauris dictum, euismod risus id, euismod nunc. Aliquam suscipit, magna at auctor rhoncus, nisl magna sodales eros, fermentum mattis magna eros nec ante. Morbi id ex maximus, venenatis arcu in, dignissim massa. Be the First to KnowKeep up to date with industry news and events ©