CHC — First Issue
Dec 2019 – Dec 2020
Track Record
Five years. Ten reports. Every drawdown on the record.
White Whale Fund carries forward both the live track record of JARE and the institutional track record of its CIO across CHC and DHC. Bull markets, bear markets, and every regime shift in between.
02 // Reporting
Radical transparency.
Most crypto managers report performance selectively. We report in full — every month, every drawdown, every regime shift. Below is the CIO's 2025 track record, migrated from JARE Investments into this fund's opening history.
WWF_ANNUAL_REPORT_2025.PDF
Strategy performance
2025 Strategy Performance.
Objective: asymmetric outperformance of the Bitcoin benchmark via volatility suppression.
Strategy
+34.53%
Bitcoin
-10.43%
+34.53%
Net return (USD)
+40.73%
BTC purchasing power
Monthly attribution gridSource: JARE Annual Report 2025
JAN
+3.6%
FEB
-1.9%
MAR
+1.4%
APR
+4.5%
MAY
+1.5%
JUN
+0.8%
JUL
-2.1%
AUG
+5.6%
SEP
+1.3%
OCT
+19.5%
NOV
-6.0%
DEC
+3.8%
Migrated track record · CIO mandatePage 1 of 12
Seven-year composite
CIO mandate vs selectable benchmarks
Year-end cumulative equity from documented reports (CHC 2020, DHC 2021, DHC Certus 2023, JARE 2025). 2022 and 2024 are carried flat — no full-year mandate in market.
Baseline = 0% at year-end 2019. Benchmark returns are public annual totals for BTC, ETH, Nasdaq Composite and S&P 500.
CIO track record
Five years, ten mandates — reported in full.
Below is the historical track record of the fund's CIO across CHC, DHC and JARE. Presented as personal CIO track record rather than direct fund history — including the bull markets where trend-capping strategies underperformed buy-and-hold BTC. Transparency is the point.
| Fund | Product | Period | Net return | BTC benchmark | Alpha vs BTC |
|---|---|---|---|---|---|
| CHC | First Issue | Dec 2019 – Dec 2020 | +39.20% | +153.00% | -113.80% |
| CHC | Issue II | Jan 2021 – Sep 2022 | +16.04% | -66.93% | +82.97% |
| CHC | Issue III | Jan 2021 – Apr 2023 | +16.12% | -54.24% | +70.36% |
| CHC | Issue IV | Jan 2021 – Apr 2023 | +31.43% | -50.03% | +81.46% |
| DHC | Certus 2023 | Jan – Dec 2023 | +29.77% | +146.14% | -116.37% |
| DHC | Libra 2023 | Jan – Dec 2023 | +20.91% | +146.14% | -125.23% |
| DHC | Audentis 2023 | Jan – Dec 2023 | +5.49% | +146.14% | -140.65% |
| DHC | 2021 | Jan – Dec 2021 | +81.71% | +59.79% | +21.92% |
| DHC | 2020 | Jan – Dec 2020 | +65.93% | +306.90% | -240.97% |
| JARE | 2025 | Jan – Dec 2025 | +34.53% | -10.43% | +44.96% |
CHC and DHC results correspond to mandates where the CIO held operating or managing partner roles. JARE 2025 is presented as direct track record migrating into White Whale Fund.
Historical reports
Download the full PDF archive.
Each report contains monthly attribution, drawdown detail and benchmark comparison — same format every time. New reports are added as they are published.
- Download
- Download
CHC — Issue II
Jan 2021 – Sep 2022
- Download
CHC — Issue III
Jan 2021 – Apr 2023
- Download
CHC — Issue IV
Jan 2021 – Apr 2023
- Download
DHC — Certus 2023
Jan – Dec 2023
- Download
DHC — Libra 2023
Jan – Dec 2023
- Download
DHC — Audentis 2023
Jan – Dec 2023
- Download
DHC — Annual
Jan – Dec 2021
- Download
DHC — Annual
Jan – Dec 2020
- Download
JARE — Annual
Jan – Dec 2025
Reports are migrated into the investor portal as they are released. Missing entries are available on request.