CONVEQUITY
Convequity All Path AI Future Fund I
Investor Presentation Materials
May 31, 2026
Data through May 31, 2026
For Professional Institutional Investors Only
Investment Team
Mads Christiansen
Chief Investment Officer
Visionary top-down tech investor with deep expertise in identifying secular technology trends before institutional consensus. 8+ years in fund management with a proven track record in consumer technology, fintech, healthcare technology, and e-commerce disruptors.
Jordan Lambert, CFA
Portfolio Manager
Co-founder of Convequity Research
Valuation & risk specialist combining rigorous financial analysis with systematic portfolio construction methodologies. 25 years in finance, seasoned risk administrator proficient in FX/stock hedging, specializing in enterprise technology, cybersecurity, and semiconductors.
Simon He
Director of Research
Co-founder of Convequity Research
Technology generalist with deep architectural insight across the AI value chain. Simon bridges engineering and investing, translating complex system design and product dynamics into high-conviction equity research. 6 years in investment analysis specializing in fundamental research and DCF models.
Combined Team Expertise
50+
Years Combined Experience
30+
Top Hedge Fund Clients
$100M+
Assets Under Management
Fund Overview
Core Strategy
This product incorporates fundamental analysis, Rule of X valuation, and dynamic volatility-based position sizing to achieve over 50% excess returns relative to the Nasdaq index and average-weighted Nasdaq 50%. The strategy reduces high-risk exposure and increases GARP factors to achieve lower drawdowns while maintaining strong upside capture.
Investment Strategy
Core focus on selecting low-valuation high-growth small-cap stocks to capture excess returns versus the Nasdaq while avoiding heavy dependence on large-cap tech stocks. A portion of positions are anchored in ultra-undervalued value tech stocks to achieve risk balance and drawdown control.
Historical Performance
January 2024 - May 2026 Cumulative Returns Comparison
Convequity Strategy
+171.65%
51.21% CAGR (2.4 years)
Through May 31, 2026
Nasdaq 100 (NDX)
+79.68%
27.44% CAGR (2.4 years)
S&P 500 (SPX)
+60.07%
21.49% CAGR (2.4 years)
Nasdaq 100 Equal Weighted (QQQE)
+52.73%
19.15% CAGR (2.4 years)
* 2026 Convequity Strategy data points represent monthly returns through May 2026. Benchmark data through May 2026.
Monthly Return Details
| Fund/Index | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year Total |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | |||||||||||||
| Convequity Strategy | 10.01% | -4.67% | -13.37% | 4.84% | 14.74% | 10.82% | 3.17% | 2.40% | 14.38% | 2.81% | -6.05% | 2.51% | +35.96% |
| NDX | 2.61% | -0.72% | -8.17% | 1.61% | 9.40% | 7.19% | 2.91% | 1.09% | 5.57% | 6.01% | -2.47% | 1.35% | +26.33% |
| SPX | 2.64% | -1.54% | -5.90% | -0.76% | 5.80% | 4.76% | 2.13% | 1.89% | 3.81% | 4.02% | 0.16% | 0.39% | +18.44% |
| QQQE | 4.42% | -1.32% | -5.92% | 0.50% | 5.65% | 4.66% | 0.05% | -0.31% | 3.76% | 2.05% | -1.59% | 0.36% | +12.66% |
| 2024 | |||||||||||||
| Convequity Strategy | -3.82% | 10.24% | 2.41% | -4.53% | 2.73% | 4.58% | 0.26% | 2.43% | 6.47% | 3.78% | 18.07% | -8.12% | +37.50% |
| NDX | 1.78% | 5.36% | 1.22% | -4.46% | 6.35% | 6.23% | -1.61% | 1.08% | 2.59% | -0.79% | 5.23% | 0.51% | +24.03% |
| SPX | 1.59% | 5.17% | 3.10% | -4.16% | 4.80% | 3.47% | 1.13% | 2.28% | 2.02% | -0.99% | 5.73% | -2.50% | +23.31% |
| QQQE | 0.40% | 5.27% | 2.96% | -5.36% | 4.65% | 0.53% | 3.52% | 0.18% | 2.07% | -1.95% | 5.14% | 0.09% | +17.65% |
| 2026 | |||||||||||||
| Convequity Strategy | +1.53% | -4.58% | -3.32% | +25.33% | +16.48% | — | +36.73% | ||||||
| NDX | +3.33% | -3.22% | 0.00% | +8.33% | +3.08% | — | +11.67% | ||||||
| SPX | +1.37% | -0.87% | -5.10% | +10.42% | +4.32% | — | +9.85% | ||||||
| QQQE | +1.52% | +0.11% | -5.09% | +11.11% | +7.17% | — | +14.86% | ||||||
* Convequity Strategy data through May 2026.
Key Performance Highlights
- Excess Returns: Convequity Strategy achieved 171.65% cumulative returns from inception (Jan 2024) through May 31, 2026, significantly outperforming the Nasdaq 100 by approximately 92 percentage points
- Consistency: 18 positive months out of 24 recorded in 2024-2025 (75% win rate); 7 positive quarters out of 10 since inception (70% win rate)
- 2024 Performance: 37.50% annual return based on quarterly data
- 2025 Performance: 35.96% annual return based on quarterly data
- 2026 YTD (through May): 36.73% return, driven by strong Apr-May recovery (+34.59%) following Q1 drawdown (-6.34%)
- Risk Management: Maximum quarterly drawdown of -12.25% (Q1 2025), with strong recovery in subsequent quarters
Fund Characteristics
Asset Class
90%+ NYSE & Nasdaq listed stocks
<10% European & Asian exchange listed stocks
<10% European & Asian exchange listed stocks
Position Count
<65 carefully selected stocks
Investment Style
Growth Technology / AI Focus
Fund Turnover
<30%
Core Investment Themes
Focused on transformative consumer technology, enterprise software, AI infrastructure, and semiconductor themes across the entire AI value chain.
Investment Categories
Semiconductors & Equipment
Large Tech & AI
Cybersecurity
Fintech & Digital Finance
E-commerce & Online Retail
Software & SaaS
Electric Vehicles & Mobility
Space & Aerospace
Cryptocurrency & Blockchain
Energy & Materials
Health Tech & Biotechnology
Consumer & Media Platforms
Network & Infrastructure
Diversification
Sector Breakdown
Electronic Technology
36.80%
Technology Services
17.79%
Producer Manufacturing
12.63%
Retail Trade
8.93%
Finance
7.86%
Health Services
4.09%
Consumer Durables
3.22%
Transportation
2.02%
Process Industries
1.67%
Cash
1.66%
Industrial Services
1.30%
Non-Energy Minerals
1.27%
Energy Minerals
0.79%
Health Technology
0.54%
Exchange Breakdown
Nasdaq
64.66%
NYSE
25.19%
Euronext Amsterdam
4.65%
Euronext Paris
2.37%
Frankfurt (FRA)
2.04%
Country Breakdown
United States
66.72%
Israel
7.48%
Netherlands
4.65%
Singapore
4.27%
Australia
2.89%
France
2.37%
Germany
2.04%
Uruguay
1.73%
Taiwan
1.66%
Canada
1.48%
Brazil
1.21%
China
1.19%
Ireland
0.68%
Switzerland
0.54%
Key Risk Metrics
Beta
?
1.06
1.06
0
0.8
1.2
2.0
Sharpe Ratio
?
1.26
1.26
0
0.5
1.2
2.2
Sortino Ratio
?
2.83
2.83
0
1
2
3.3
Jensen's Alpha
?
24.06
24.06
-20
0
22.5
25
Omega Ratio
?
2.15
2.15
0
1
1.5
3.3
Treynor Ratio
?
2.84
2.84
0
0.75
1.25
3.3
Information Ratio
?
0.88
0.88
0
0.3
0.6
1.1
Calmar Ratio
?
2.5
2.5
0
0.3
0.6
3.3
Metrics Details
Quarterly Performance & Risk Analytics (through May 31, 2026)
📈 Quarterly Returns Comparison
📊 Risk-Adjusted Performance (Sharpe)
| Metric | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26* |
|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio Return | ||||||||||
| Quarterly | 8.61% | 2.30% | 9.87% | 12.64% | -9.19% | 33.05% | 18.95% | -5.40% | -6.34% | 34.59% |
| Annualized | 39.13% | 9.53% | 45.72% | 60.98% | -31.98% | 213.34% | 100.19% | -19.92% | -23.05% | 228.13% |
| Portfolio Standard Deviation | ||||||||||
| Quarterly | 13.47% | 10.19% | 14.76% | 13.58% | 19.48% | 23.65% | 12.26% | 17.59% | 18.91% | 17.97% |
| Annualized | 26.94% | 20.39% | 29.52% | 27.15% | 38.96% | 47.30% | 24.53% | 35.19% | 37.82% | 35.94% |
| Risk Free Rate | ||||||||||
| Quarterly | 1.03% | 1.07% | 1.11% | 1.06% | 1.03% | 1.07% | 1.02% | 1.02% | 1.05% | 1.09% |
| Annualized | 4.20% | 4.35% | 4.50% | 4.30% | 4.20% | 4.35% | 4.15% | 4.15% | 4.25% | 4.45% |
| Sharpe Ratio | ||||||||||
| Quarterly | 0.56 | 0.12 | 0.59 | 0.85 | -0.52 | 1.35 | 1.46 | -0.37 | -0.44 | 1.86 |
| Annualized | 1.30 | 0.25 | 1.40 | 2.09 | -0.93 | 4.42 | 3.92 | -0.68 | -0.80 | 6.22 |
| Upside / Downside Vol Ratio | ||||||||||
| Ratio | 1.09 | 0.98 | 0.93 | 1.09 | 0.78 | 1.38 | 1.54 | 0.80 | 0.96 | 1.55 |
* 2Q26 data is through May 31, 2026 and subject to quarter-end revision.
Portfolio Risk Characteristics
🎯 Diversification Ratio
🔗 Average Portfolio Correlation
| Risk Metric | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26* |
|---|---|---|---|---|---|---|---|---|---|---|
| Avg Weighted Stock Std Dev (Ann.) | 49.36% | 46.81% | 52.24% | 51.67% | 64.16% | 54.00% | 52.67% | 48.35% | 55.81% | 58.86% |
| Diversification Ratio | 1.83 | 2.30 | 1.77 | 1.90 | 1.65 | 1.14 | 2.15 | 1.37 | 1.48 | 1.64 |
| Average Portfolio Correlation | 0.21 | 0.19 | 0.31 | 0.21 | 0.37 | 0.47 | 0.16 | 0.34 | 0.24 | — |
Factor Sensitivity Analysis
📅 Last 100 Trading Days
Overall Tech
Significant
Growth
Significant
Large Cap
Non-Significant
Small Cap
Significant
Value
Non-Significant
📆 Last 250 Trading Days
Overall Tech
Significant
Growth
Significant
Large Cap
Non-Significant
Small Cap
Significant
Value
Significant
📈 Since Inception
Overall Tech
Significant
Growth
Significant
Large Cap
Non-Significant
Small Cap
Significant
Value
Significant
Key Metrics Insights
- Exceptional Q2 2025 & Q2 2026: Q2 2025 delivered 33.05% with annualized Sharpe of 4.42; Q2 2026 (through May) delivered 34.59% with annualized Sharpe of 6.22
- Strong Downside Protection: Sortino/Sharpe ratio consistently above 1.0 (except Q1 2025 at 1.45 and Q1 2026 at 1.40), indicating effective downside risk management
- Diversification Benefits: Average portfolio correlation typically below 0.35, with diversification ratio ranging 1.14-2.30
- Factor Exposure: Significant exposure to Overall Tech, Growth, Small Cap, and Value (over longer horizons) factors. Large Cap exposure remains non-significant, highlighting the fund's focus on agile, high-growth opportunities outside mega-cap tech.
- Volatility Management: Annualized standard deviation ranged 20-47%, with Q3 2025 showing improved risk profile at 24.53%
- Recovery Pattern: Q1 2026 drawdown (-6.34%) was followed by strong Q2 2026 recovery (+34.59%), demonstrating the strategy's resilience
Investment Requirements
Qualified Investor Eligibility
- Individual Investors: Annual income exceeding USD 100,000 (or equivalent foreign currency), or financial assets exceeding USD 300,000 (or equivalent foreign currency), with appropriate risk identification and tolerance capabilities
- Institutional Investors: Legal entities with net assets not less than USD 1 million (or equivalent foreign currency) or regulated investment institutions
- Professional Investors: Individuals or institutions holding professional investor certificates issued by financial regulators
- Over 2 years of investment experience, familiar with hedge fund operations and risk characteristics
Investor Class Comparison
🌟
Seed Investors receive Founders Class benefits
Early seed investors who participate during the fund's initial capital raise will be automatically enrolled in the Founders Class, receiving preferential fee structures and enhanced investor rights.
| Feature | Standard Class Future Investors | Founders Class Seed Investors |
|---|---|---|
| Minimum Investment | $200,000+ | $2 Million+ |
| Management Fee | 2.0% |
1.0%
(waived for first three years)
|
| Performance Fee | 20% | 12.5% |
| Lock-up Period | 1 Year Hard Lock | 1 Year Soft Lock (3% penalty) |
| Revenue Share | None | Optional (for massive check size) |
| Capacity Rights | None | Guaranteed up to $250M |
Redemption Terms
Quarterly redemptions
(30-day written notice required)
(30-day written notice required)
Counterparty Risk & Internal Control
Legal Structure
The fund operates in a typical hedge fund setup as a Cayman Master Fund with a BVI Approved Investment Manager. This structure is widely recognized in the institutional investment community and provides regulatory clarity, tax efficiency, and operational flexibility.
Internal Control Framework
Fund Administration & Oversight
Independent Fund Administration
Fund administration is handled by an independent third-party fund administration provider, ensuring separation of duties and unbiased oversight of fund operations.
Annual Third-Party Audit
The fund is audited annually by an independent third-party auditor, providing investors with verified financial statements and assurance of proper accounting practices.
Fund Administrator Responsibilities
🔍
KYC/AML
Know Your Customer & Anti-Money Laundering
📋
Investor Onboarding
Subscription & Documentation
🏦
Treasury
Cash Management
⚖️
Compliance
Regulatory Adherence
📊
Accounting
NAV Calculation & Reporting
📈
Data Reporting
Investor Statements & Reports
Fund Flow & Banking Controls
👤
Investor
→
🏦
Fund Bank Account
→
📊
Interactive Brokers
🔒 Dual Authorization Control
All investor funds are wired directly to the fund's bank account and then transferred to the prime broker, Interactive Brokers. All fund flow and bank account actions are initiated by the fund administrator and require approval by the investment manager, ensuring proper segregation of duties and reducing operational risk.
⚠️ Important Disclaimer and Risk Warnings
1. Nature of Document: This material is for reference by qualified and professional investors only and does not constitute any investment advice, offer, or solicitation. This material may not be distributed or disseminated to the public.
2. Investment Risks: Investing in this fund involves significant risks, including but not limited to market risk, liquidity risk, credit risk, operational risk, and the possibility of losing all or part of the principal. Past performance of the fund does not represent future performance, and historical return data does not constitute a promise or guarantee of future earnings.
3. Accuracy of Information: The information in this material is based on publicly available data believed reliable by the fund manager, but the fund manager makes no guarantee of its accuracy, completeness, or timeliness. All data, charts, and forecasts in this material are for reference only.
4. Forward-Looking Statements: This material may contain forward-looking statements regarding future events, trends, or results. Such statements inherently involve uncertainty, and actual results may differ materially from expectations.
5. Regulatory Compliance: This fund is subject to the laws and regulations of relevant jurisdictions. Investors should fully understand and comply with the laws and regulations regarding hedge fund investments in their country/region.
6. Tax Implications: Investors should consult professional tax advisors regarding potential tax consequences of investing in this fund. The fund manager assumes no responsibility for investors' tax treatments.
7. Conflicts of Interest: The fund manager and its affiliates may hold positions in the securities invested in by this fund or manage similar strategies for other clients, which may create potential conflicts of interest.
8. Professional Consultation: Investors should carefully read the fund charter, subscription agreement, and other legal documents before making investment decisions, and consult independent legal, financial, and tax advisors.
9. Confidentiality of Information: This material contains confidential information for designated recipients only and may not be copied, distributed, or disclosed to any third parties without the written consent of the fund manager.
10. Disclaimer: The fund manager, its directors, managers, employees, and other affiliates assume no responsibility for any direct or indirect losses arising from the use of this material. Investors must bear full responsibility for their investment decisions.
Investment involves risk, and entry requires caution. Please make prudent investment decisions after fully understanding the fund's characteristics and related risks.
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Convequity All Path AI Future Fund I
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