Epoch 24- divergence in asset classes

Epoch card

Operator desk note

The week of September 21 to 27 saw increasing divergences among different asset classes. Bond markets continued to experience tension, with a significant drop in bond prices corresponding to a sharp rise in interest rates. Benchmark bond yields, such as the 10-year and 30-year U.S. Treasuries, reached levels not seen in two decades. Despite high-profile meetings at the UN and discussions between Donald Trump and Xi Jinping, there was little change in the global geopolitical situation over the week.

This environment has fostered a risk-off sentiment, particularly affecting assets sensitive to high interest rates and geopolitical uncertainty, such as small caps and precious metals. Strategically, it may be prudent to reduce exposure to these assets and focus on larger companies or index ETFs like the NASDAQ, which are less likely to be stressed by high rates. Surprisingly, cryptocurrencies, especially altcoins, have performed well despite the challenging environment. However, as we approach the last quarter of 2026, caution is advised to anticipate any potential intermediate corrections in this market.

In response to these conditions, Volta's portfolio allocation remains balanced, allowing flexibility to act based on evolving scenarios. We have begun to increase our exposure to the cryptocurrency market, maintaining room to buy more if a correction occurs. Our exposure to precious metals is currently light, with plans to strengthen it when gold and silver prices return to their 2026 lows.

Our equity exposure is primarily concentrated on the NASDAQ and semiconductor sectors, which are currently benefiting from profits related to artificial intelligence. These sectors are well-positioned to withstand further macroeconomic and interest rate challenges in the coming weeks. We are also closely monitoring the biotech sector to potentially reduce our exposure if it becomes more sensitive to rising interest rates.

Performance

Over 2026-09-21 → 2026-09-28, net share price printed low 1.042491 and high 1.072259. The largest drawdown from a running intra-week high landed at 2.78%. That is the clearest stress point on the path. Volatility showed up in the band: low to high spanned ~2.80% versus week-open net PPS. Into the last tick, PPS sat meaningfully below week open (≈ -2.09%), 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 +$35 and most against CRCL −$80. Other listed names on the same basis moved: USAR −$37, ETH −$18, COPPER −$17, LITE −$14, XBI −$8, XYZ100 +$6, NBIS −$5, IONQ −$4, and ARM +$4.

Allocation by asset class & gross exposure

The clearest sleeve moves vs week open are Cash +2.3 pp, Equities −1.6 pp, and Metals & Commodities −0.6 pp. Gross exposure (deployed notional / NAV) moved from 54.4% to 52.1% of NAV. (-2.3 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
2026-09-21 15:06:31	LITE	Close Long	0.0510	972.5100	USDC 0.0045	11.5021
2026-09-21 15:06:49	XYZ100	Close Long	0.0024	30269.0000	USDC 0.0065	3.3903
2026-09-21 15:07:51	NBIS	Close Long	0.3300	231.2500	USDC 0.0069	9.1157
2026-09-21 15:08:28	ETH	Close Long	0.0236	2749.9000	USDC 0.0292	4.8923
2026-09-21 15:09:14	IBM	Close Long	0.5000	229.5000	USDC 0.0099	-35.6900
2026-09-21 15:09:28	COPPER	Close Long	14.7400	6.7811	USDC 0.0086	10.3033
2026-09-22 14:23:26	Arbitrum	Open Long	1865.4000	0.2145	USDC 0.1801	-
2026-09-22 14:24:18	Arbitrum	Close Long	1865.4000	0.2148	USDC 0.1803	0.4498
2026-09-22 14:24:54	Arbitrum	Open Long	1861.9000	0.2147	USDC 0.1799	-
2026-09-22 21:10:25	IONQ	Open Long	5.6300	44.7141	USDC 0.0227	-
2026-09-22 21:13:00	ARM	Close Long	0.8700	331.3300	USDC 0.0259	33.5590
2026-09-22 23:45:45	Arbitrum	Close Long	63.9000	0.2349	USDC 0.0023	1.2876
2026-09-22 23:45:47	Arbitrum	Close Long	802.6000	0.2349	USDC 0.0283	16.1724
2026-09-23 16:46:27	XBI	Open Long	0.7600	155.5030	USDC 0.0106	-
2026-09-23 16:47:41	USAR	Open Long	6.2200	16.0729	USDC 0.0090	-
2026-09-24 14:46:37	NBIS	Close Long	0.3200	243.7500	USDC 0.0070	12.8395
2026-09-24 14:48:14	Arbitrum	Open Long	848.1000	0.2167	USDC 0.0827	-

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

• IBM −$36, about -31.10% vs the dollar size of that trade (size × price)
• ARM +$34, about +11.64% vs the dollar size of that trade (size × price)
• NBIS +$22, about +14.23% vs the dollar size of that trade (size × price) (2 closes)
• Arbitrum +$18, about +2.96% vs the dollar size of that trade (size × price) (3 closes)
• LITE +$12, about +23.19% vs the dollar size of that trade (size × price)
• COPPER +$10, about +10.31% vs the dollar size of that trade (size × price)
• ETH +$5, about +7.54% vs the dollar size of that trade (size × price)
• XYZ100 +$3, about +4.67% vs the dollar size of that trade (size × price)

Total from these closes: about +$68, or about +0.36% of the vault’s opening NAV for the week. Trading fees on those fills are not subtracted here.

GET http://127.0.0.1:3000/oracle/VLT90/epochs
GET http://127.0.0.1:3000/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)