First-Quarter Review — Q1 2026

The Fund opened the year with three consecutive months of positive performance, applying the long/short framework employed by the predecessor vehicle, WHCG, LP, across 2023–2025. The opening quarter offered a useful test of that framework: a January advance, a sharp February correction in the broader market, and a March that settled into chop.

The quarter's result is best read in context. Bitcoin retraced 11.80 percent over the same three months, and traditional risk assets weakened in sympathy; the S&P 500 closed the quarter down 4.60 percent. The Fund's positioning produced a return exceeding Bitcoin by roughly 24.6 percentage points, recorded without a single monthly drawdown.

Positioning was directional rather than market-neutral. The portfolio entered January with a constructive long bias and captured the first leg of the Bitcoin advance through mid-month. As price action deteriorated into late January, exposure was reduced and subsequently inverted, with short positions established ahead of the February correction. March brought a tactical reduction in gross exposure, reflecting our view that the regime had become less directional. In such conditions the objective is capital preservation, not pursuit, and the quarter closed accordingly.

The second quarter has opened with a similar character to early Q1 — rangebound prices, compressed volatility, and a reduced opportunity set for directional positioning. We expect to remain modestly exposed until a clearer regime asserts itself. Investor inflows during Q1 tracked our pacing expectations, and we continue to onboard new limited partners under Reg D 506(b) on a relationship basis only.

We remain available for direct conversation with limited partners and qualified prospects. Detailed performance attribution, monthly benchmarks, and position-level results are provided on the following page.