Vision Hill Presentation - CoinShares CFO Roundtable (8.8.2019)

Transcript

1. Taking a Closer Look at Crypto & Blockchain-Focused Hedge Funds Scott Army | Founder & CEO, Vision Hill Group Daniel E. Zuller, CFA | Partner, Vision Hill Group August 8, 2019
2. Disclaimer and Important Considerations
3. Asset Management Opinions are those of Vision Hill Group, LLC. Please see additional disclaimers on the last page of the presentation. We are an institutional-caliber digital asset manager facilitating broad-based and diversified exposure to the digital asset class. Who We Are Research We curate and distribute in-depth research and analytical insights for those seeking trustworthy, unbiased market intelligence and guidance. Advisory We provide investment portfolio management and advisory services to assist clients in achieving their investment objectives.
4. Our Team @scottarmy_ @kevinmgoldstein_ @danzuller @br_ttany Opinions are those of Vision Hill Group, LLC. Please see additional disclaimers on the last page of the presentation.
5. A Brief History of Crypto and Blockchain-Focused Hedge Funds Generalist funds, no strategy specialization, diversified beta Hybrid HF/VC structures (with multiple side pockets) Self-custody, questionable operational controls Strategy specialization, (some) alpha generation Cleaner, more LP-friendly structures, SMAs Third party custody, improved operational controls Pre-2018 2018 & Onward Opinions are those of Vision Hill Group, LLC. Please see additional disclaimers on the last page of the presentation.
6. • • • • • • • • • • Investment Strategy Segmentation Opinions are those of Vision Hill Group, LLC. Please see additional disclaimers on the last page of the presentation.
7. Introducing the Vision Hill Active Crypto Indices The Vision Hill Active Crypto Index (VH-ACI) is a non-investable, reference index designed to be representative of the overall performance of all actively managed crypto and blockchain-focused hedge funds. We currently segment all crypto hedge funds into one of three categories, namely: 1) Fundamental, 2) Quantitative and 3) Opportunistic. The VH-ACI (Composite) aggregates all these strategies into one index at the headline level. Sub-indices for each strategy are also available for anybody wishing to reference specific types of managers and strategies. The following sub-indices are designed to be representative of the overall performance of active crypto and blockchain-focused hedge fund managers within each of the following strategy classifications: Fundamental, Quantitative, and Opportunistic. Visit our website for more information: https://visionhill.com/benchmarks/ Index Name Ticker The Vision Hill Active Crypto Index (Composite) VH-ACI The Vision Hill Active Crypto Index: Fundamental VH-ACIF The Vision Hill Active Crypto Index: Quantitative VH-ACIQ The Vision Hill Active Crypto Index: Opportunistic VH-ACIO Opinions are those of Vision Hill Group, LLC. Please see additional disclaimers on the last page of the presentation.
8. Aggregated Performance Analysis & Observations: 2018 - Q2 2019 Q1 2018 Q2 2018 Q3 2018 Q4 2018 FY 2018 Q1 2019 Q2 2019 1H 2019 Vision Hill Active Crypto Index (Composite) Average Performance -21.9% 4.8% -6.6% -15.4% -35.3% 8.7% 52.5% 65.7% Vision Hill Active Crypto Index: Fundamental Average Performance – Fundamental -32.3% 1.6% -11.9% -20.9% -52.1% 11.6% 57.4% 75.6% Vision Hill Active Crypto Index: Quantitative Average Performance – Quantitative -2.9% 8.1% 4.3% -6.3% 2.5% 3.8% 46.5% 52.1% Vision Hill Active Crypto Index: Opportunistic Average Performance – Quantitative -38.2% 2.7% -11.6% -20.0% -55.2% 11.4% 46.5% 63.2% Bitcoin -50.7% -8.2% 3.5% -43.5% -73.6% 9.7% 163.5% 189.0% *Early Estimates Opinions are those of Vision Hill Group, LLC. Please see additional disclaimers on the last page of the presentation.
9. Aggregated Performance Analysis & Observations: 2018 - Q2 2019 (Continued) Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19* May-19* Jun-19* VH-ACI (Composite) 100.0 106.1 100.9 78.1 102.8 91.2 81.8 84.7 79.5 76.5 74.6 66.2 64.7 62.8 66.1 70.4 75.9 95.2 107.3 VH-ACIF 100.0 108.9 99.9 67.7 94.5 80.0 68.7 70.2 64.1 60.6 58.9 49.2 47.9 46.4 49.1 53.4 56.6 72.4 84.1 VH-ACIQ 100.0 100.9 102.4 97.1 112.4 108.4 105.0 111.6 109.9 109.4 107.6 104.2 102.5 99.7 103.9 106.4 118.7 145.5 155.9 VH-ACIO 100.0 100.5 82.6 61.8 79.7 69.3 63.4 63.3 57.0 56.1 54.8 47.0 44.8 43.8 46.4 50.0 52.5 60.7 73.2 Bitcoin 100.0 72.2 73.5 49.3 65.3 52.9 45.2 55.0 49.7 46.8 44.6 28.4 26.4 24.4 27.2 29.0 37.8 60.6 76.4 *Early Estimates 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 Vision Hill ACI Indices - Monthly VH-ACI VH-ACIF VH-ACIQ VH-ACIO Bitcoin Opinions are those of Vision Hill Group, LLC. Please see additional disclaimers on the last page of the presentation.
10. Disclaimer and Important Considerations