Epoch 11— AI pullback week, staged dip adds

Epoch card

Executive summary

• Vault headline assets fell about $209.40 (−1.90% vs opening NAV). Share price moved −1.90% on the published epoch accounting.
• Oracle sleeve move (perps: Δ unrealised P&L; spot: notional; cash excluded): IBM +$12 vs USAR −$36.
• Net flows this week: +$3,979.54 (deposits vs withdrawals).
• Liquidity / wallets: routine multisig → Hyperliquid buffer cadence; merged ledger shows no extra wallet hop worth calling out beyond the standard rails (see appendix).

Operator desk note

The week of 22–28 June saw profit-taking on leading tech and AI names, pulling the NASDAQ down roughly 4% over the week. That tape hit Volta's near-term performance given our offensively tilted allocation.

This scenario was anticipated: valuations on AI leaders had run high, which is why the strategy still held over 60% in cash.

Volta's strategy metrics point to a possible broader sector rotation this summer. Financials and health care may benefit short term as capital rotates away from AI semiconductors during profit-taking. That rotation may only be brief.

We will tilt the book toward those lagging sectors at the start of H2 2026, but current platform limits mean we cannot get clean exposure to health and finance sleeves. Allocation to those themes will stay modest, and a meaningful cash share will remain into early July 2026.

Longer term, these mid-cycle corrections do not change the bullish AI trend. We keep prior AI-linked positions and will add on dips.

This week we already made small adds to NASDAQ (XYZ100), gold, and a DRAM ETF tied to AI memory. We remain on the sidelines for crypto; we expect another leg lower before levels look attractive enough to deploy.

Performance

Over 2026-06-22 → 2026-06-29, net share price printed low 1.003962 and high 1.039047. The largest drawdown from a running intra-week high landed at 3.38%. That is the clearest stress point on the path. Volatility showed up in the band: low to high spanned ~3.39% versus week-open net PPS. Into the last tick, PPS sat meaningfully below week open (≈ -1.92%), a soft weekly finish. Open Performance in the app for the same net PPS basis with full zoom.

What drove the week

From week-open to week-end oracle snaps (cash sleeves excluded; perps: Δ unrealised P&L; spot: notional), sleeve-level marks moved most in favour of IBM +$12 and most against USAR −$36. Other listed names on the same basis moved: URNM −$16, SMH −$15, CRCL −$13, GOLD −$9, HYPE −$8, HOOD −$8, Nasdaq 100 −$7, QNT +$6, NBIS +$5, COPPER −$4, and DRAM −$1.

Allocation by asset class & gross exposure

The clearest sleeve moves vs week open are Cash −10.9 pp, Indices & ETFs +7.2 pp, and Equities +2.0 pp. Gross exposure (deployed notional / NAV) moved from 23.6% to 34.5% of NAV. (+10.9 pp on gross exposure vs prior week-end). Same asset-class bands as Allocations (History tab); figures are % of vault NAV.

Listed clips: Hyperliquid

Time (UTC)	Instrument	Side	Size	Price	Fee	Realised close P&L
2026-06-22 12:38:18	HL spot / stable basket	Sell	1565.9100	1.0000	USDC 0.2105	-
2026-06-22 12:41:57	SMH	Open Long	0.3040	669.6700	USDC 0.0176	-
2026-06-22 12:44:57	URNM	Open Long	4.0300	57.1400	USDC 0.0199	-
2026-06-22 17:13:20	HOOD	Open Long	1.4000	107.0800	USDC 0.0130	-
2026-06-23 00:00:00	HL spot / stable basket	Spot Dust Conversion	0.0025	1.0000	USDC 0.0000	-
2026-06-23 14:36:30	DRAM	Open Long	2.7000	71.7040	USDC 0.0167	-
2026-06-23 14:38:03	QNT	Close Long	0.4000	79.6160	USDC 0.0028	10.8649
2026-06-24 03:09:59	HYPE	Open Long	1.2200	61.1000	USDC 0.0107	-
2026-06-25 08:44:55	USAR	Open Long	2.7100	22.0890	USDC 0.0052	-
2026-06-25 08:45:43	CRCL	Open Long	0.6890	72.5150	USDC 0.0043	-
2026-06-25 08:46:26	COPPER	Open Long	13.1200	6.0964	USDC 0.0069	-
2026-06-25 18:11:27	Nasdaq 100	Open Long	0.0016	29500.0000	USDC 0.0041	-
2026-06-26 14:19:42	HOOD	Open Long	0.6990	95.8830	USDC 0.0058	-
2026-06-26 15:50:26	NBIS	Open Long	0.6200	240.6800	USDC 0.0129	-
2026-06-26 15:50:52	GOLD	Open Long	0.0122	4096.2000	USDC 0.0432	-
2026-06-29 07:16:47	HL spot / stable basket	Sell	99.9700	1.0000	USDC 0.0140	-0.0240

Realised P&L on closes (what Hyperliquid books when a position is closed):

• QNT +$11, about +34.12% vs the dollar size of that trade (size × price)
• HL spot / stable basket −$0, about -0.02% vs the dollar size of that trade (size × price)

Total from these closes: about +$11, or about +0.10% of the vault’s opening NAV for the week. Trading fees on those fills are not subtracted here.

GET https://api.volta90.trade/transactions/VLT90/epoch/11/timeline?full=true
GET https://api.volta90.trade/oracle/VLT90/epochs
GET https://api.volta90.trade/oracle/VLT90/snapshots?sort=asc&limit=1000&from=[epoch-open]&to=[epoch-close]
POST GraphQL PeriodSummary (vault week anchor; indexer endpoint in volta ops docs)