March was a calm month after the sharp declines of January and February, and a hard one for trend-following algorithms. Classic Diversified returned −4.45% and Classic Stable −5.53%. Bitcoin returned +1.95% over the same month.
Performance
| March | Year to date | |||
|---|---|---|---|---|
| Gross | Net 25% | Gross | Net 25% | |
| Classic Diversified | −4.45% | −4.45% | +22.29% | +22.29% |
| Classic Stable | −5.53% | −5.53% | +40.88% | +40.19% |
| 12 months | Since 1 January 2024 | ||
|---|---|---|---|
| Gross | Net 25% | Gross | |
| Classic Diversified | +56.85% | +47.59% | +485% |
| Classic Stable | +69.77% | +61.91% | +418% |
Portfolio manager’s comment
Most large crypto-assets traded sideways in March. Bitcoin returned +1.95% and the BITA Crypto 10 index +1.48%. A market without direction is difficult for trend-following algorithms, and both strategies lost ground in the month. The new trade filters introduced recently limited the loss.
The first quarter
The first quarter of 2026 was a period of heavy stress for the crypto market. Over the quarter Bitcoin returned −22.09% and the BITA Crypto 10 index returned −25.76%. Classic Diversified returned +22.29% and Classic Stable +40.88%.
The strategies are built to capture strong directional moves. When the market stays in a narrow range, as it did in March, they can give back part of an earlier gain. The result for the quarter shows why the strategies should be judged over a horizon of two to three years or more, not by a single month.
The second quarter
The algorithms need volatility, and March offered little of it. A break from the sideways range would give them the directional moves they are designed to trade. This is a description of the conditions the strategies need, not a forecast of returns.