Katana performance month to date is -25.48%. This very disappointing result is a consequence of an incredibly volatile & massive range trade. We have witnessed multiple moves from above US$105,000 down to as low as US$89,000. The retracements have been rapid and vicious. Unfortunately as breakout trend following models, The Katana algos have sold new lows and bought new highs in anticipation of trend continuance.

The trends have not continued and the range trade has held. Overnight Bitcoin traded from a low near US$ 100,000 to a recent high of $106,000 where we established new long positions. A run-up to a new all time highs over US$109,000 was unable to hold and price has now retraced to below $102,000. We are monitoring the situation closely and are relieved we made solid returns in October/ November last year that help offset the pain somewhat. We remain committed to the strategy we are employing and will continue to maintain stop loss discipline at all times.

The Odachi hybrid Trend and short term momentum portfolio is faring better, month to date down around 10% at time of writing.