Publication of transaction history performed by each fund (once a year)
The feature I am proposing is that Invictus publishes the transactional history (i.e. each position that is bought and sold in e.g. C10 and C20) in regular time intervals for each fund.
The two main reasons why I am proposing this are the following:
- For tax reasons.
- Assertion that Invictus is meeting its fiduciary obligations towards investors.
The long version:
- For tax reasons. For investors, a documented transaction history would provide additional documentation of taxable events if this is demanded by the tax office (which they might because Invictus is located in the Caymans and even there, not regulated by the Mutual funds law (source: https://invictus.zendesk.com/hc/en-us/articles/360015124352-Is-Invictus-Capital-regulated-)
- Precisely because Invictus is not regulated, this would give additional security that the assets under management are used as intended. This is not meant as a vote of no confidence towards Invictus, but rather coming from a "trust is good, control is better" angle. Especially for the C10 token with its proprietary model parameters, it is hard to tell if fiduciary obligations towards the investors are met if no regulatory agency does that for us. The C10 fund for example gets rebalanced once a week. Theoretically Invictus can rebalance at other time intervals and book gains/losses to their own benefit and the disadvantage of investor's money.
Summing up the management fees from the Q1 2021 quarterly report (source: https://cdn.invictuscapital.com/reports/2021_QR1.pdf) the quarterly earnings from fees sum up to roughly $310k a month. How do you even pay your 46 person staff (source: https://invictuscapital.com/en/about) with $100k a month? Keep in mind we are in a bull market so returns might even be lower in other quarters.
I know I might be missing stuff here, please again, no vote of no confidence intended. But from the information provided, I would feel more comfortable if Invictus provided more information regarding their transaction history.
Since Invictus must be logging this data anyway already in order to backtest their models and optimize performance, this shouldn't be too much of a hassle....easy to say, I know;) But the data should be there. If the transactions are only published with a one-year delay, reverse engineering of the model parameters and thus endangering Invictus' IP should also be of no concern.
Thanks alot if you read until here!:)
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