How is performance measured? Why does my exchange dashboard show a different number?

Daily time-weighted returns (TWR) with compounding, computed from the unrealised margin balance of each strategy's reference portfolio, denominated in USDT and rebased to 0.00% on 1 January 2024 for the public chart. TWR is the industry-standard methodology that eliminates the distortive effect of capital movements (deposits and withdrawals) on the percentage return. Exchange dashboards (OKX, Binance, Bybit) use simplified estimation methods that do not properly handle transfers, so their headline percentage will differ. The absolute dollar-denominated P&L on the exchange dashboard remains correct; only the percentage is affected.

What is the fee structure, and how does the high-water mark work?

Zero management fee, zero entry fee. A quarterly performance fee of 25–30% (tiered by allocation size) on Net Trading Profits above a rolling high-water mark. Formula: P = E − MAX(B, HW) − I, where E is the ending balance, B is the starting balance, HW is the rolling high-water mark, and I is net inflows/outflows. If the account falls below the HWM, no fees are levied until the deficit is fully recovered through trading gains. Clawbacks are explicitly not applied. Classic Diversified and Classic Stable both use the NAV-based variant (AMA §1.1.18(a)); the Isolated USDT variant (§1.1.18(b)) applies only to Custom-Collateral accounts. Fee tiering is documented in Exhibit 1 of the Asset Management Agreement.

How can I independently verify the live track record?

Via TradeLink Passport, which streams each strategy's reference portfolio through a read-only exchange API. Links to the Classic Diversified and Classic Stable portfolios are on the Classic Diversified and Classic Stable pages. On request, Algotoria will additionally provision read-only API keys to your designated auditor or verification platform, giving direct access to the full trade history and daily return series on the underlying exchange accounts — so you can reconstruct and verify every published metric without relying on firm-generated reports.

What drawdowns should I realistically expect?

Typical annual drawdowns of 20–25% on Algotoria Classic Stable, 15–30% on Algotoria Classic Diversified. Historical back-tests reached 30%. Drawdowns beyond these ranges trigger a formal Investment Committee review. All drawdown figures quoted on this site — and the agreed drawdown budget selected during onboarding — are measured on the gross trading-account return curve, before deduction of Algotoria's quarterly performance fee. Net-of-fee drawdowns experienced by the investor are larger by construction. Worked example: for Algotoria Classic Stable over 2024-01-01 → 2026-09-30, the adjusted maximum drawdown is −24.7% gross, −30.2% net of a 25% fee, and −31.3% net of a 30% fee.

Monthly report: December 2025 and full year

Line chart of cumulative return since 1 January 2024 for Classic Diversified and Classic Stable against Bitcoin, BITA Crypto 10, the S&P 500 and gold, as of 31 December 2025. — Cumulative return since 1 January 2024, gross of fees, as of 31 December 2025. Logarithmic scale.

December was a losing month for both Classic strategies. Classic Diversified returned −15.64% and Classic Stable −14.88%. Both still closed 2025 with a gain: +19.82% and +21.96%.

Performance

December 2025 and year to date

	December		Year to date
	Gross	Net 25%	Gross	Net 25%
Classic Diversified	−15.64%	−15.64%	+19.82%	+1.02%
Classic Stable	−14.88%	−14.88%	+21.96%	+7.90%

Longer periods

	12 months		Since 1 January 2024
	Gross	Net 25%	Gross
Classic Diversified	+19.82%	+1.02%	+378%
Classic Stable	+21.96%	+7.90%	+268%

Returns to 31 December 2025.

Portfolio manager’s comment

The loss in December came from a narrow sideways range across most crypto-assets. Trend-following algorithms work less well when there are no directional moves, and December offered almost none. A pause of this kind is a normal phase for trend-following systems.

The fourth quarter

The fourth quarter of 2025 was a hard test for any strategy. Bitcoin reached an all-time high in October, then corrected deeply and moved sideways. Over the quarter Bitcoin returned −23.15%, and the BITA Crypto 10 index returned −29.10%. Classic Diversified returned −7.33% and Classic Stable +2.53%.

In October the algorithms profited from the crash, when forced liquidations across the market reached about $20 billion. Classic Diversified returned +13.90% and Classic Stable +14.53% while Bitcoin returned −3.89%. The strategies can earn on a falling market as well as a rising one.

In November Bitcoin returned −17.55%. Classic Stable returned +5.17%. Classic Diversified, which holds part of its collateral in bitcoin, returned −3.54%.

The full year and the horizon

In 2025 Classic Diversified returned +19.82% and Classic Stable +21.96%, while Bitcoin returned −6.35% and the BITA Crypto 10 index −14.03%. The year offered few trends and a high share of sideways trading.

Since 1 January 2024 Classic Diversified has returned +378% and Classic Stable +268%, with reinvestment and before performance fees. Results of this kind form over a long distance, not over single months. For this reason Algotoria treats the strategies as investments with a horizon of two to three years or more. Short-term corrections are part of the path to the long-term result.

Outlook and development

Trend-following strategies need volatility. Factors that could raise it in 2026 include a correction in the Nasdaq and a compression of valuations in the artificial-intelligence sector, which could amplify moves in global markets and in crypto-assets alike. This is a description of the conditions in which the strategies work best, not a forecast of returns.

The investment team continues to diversify its approaches. Neural-network models, counter-trend algorithms, arbitrage and market-making are in testing. The aim is to make the results less dependent on high volatility.