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Monthly report: November 2025

1 December 2025 · By Evgenii Voronchikhin

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 30 November 2025.
Cumulative return since 1 January 2024, gross of fees, as of 30 November 2025. Logarithmic scale.

November was a falling month for crypto assets. Bitcoin returned −17.55%, Classic Stable returned +5.17%, and Classic Diversified returned −3.54%.

Performance

November 2025 and year to date
NovemberYear to date
GrossNet 25%GrossNet 25%
Classic Diversified −3.54%−3.54%+42.04%+19.75%
Classic Stable +5.17%+5.17%+43.29%+26.77%
Longer periods
12 monthsSince 1 January 2024
GrossNet 25%Gross
Classic Diversified +38.49%+16.76%+467%
Classic Stable +44.07%+27.46%+332%
Returns to 30 November 2025.

Portfolio manager’s comment

Bitcoin returned −17.55% in November, and Ether fell by more. Classic Stable returned +5.17% in the same month, because the algorithms can earn on falling prices as well as rising ones.

Classic Diversified returned −3.54%. The loss came mainly from the fall in the bitcoin held in its collateral. It was a fraction of the fall in Bitcoin itself.

Two collateral types, one signal

Both strategies run the same long-short signal, so the difference between them comes from collateral. When bitcoin rises, Classic Diversified gains from its bitcoin holding. When bitcoin falls, as in November, it bears part of the decline.

The results over different periods show that difference. Over 12 months, Classic Stable returned +44.07% and Classic Diversified +38.49%. Since 1 January 2024, Classic Diversified has returned +467% and Classic Stable +332%, with reinvestment and before performance fees.

Bitcoin returned +105% over the same period since 1 January 2024. A single month is a short segment of that record, and the strategies are better judged over longer periods than over one month.

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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.

See the full due-diligence FAQ for 50+ additional questions.
Algotoria Limited is a BVI-regulated Approved Investment Manager under the Securities and Investment Business Act, 2010. The content on this page is informational and does not constitute an offer to sell securities or investment advice. Services are available to qualified investors only. Past performance is not indicative of future results.