Epoch 25- intersectoral rotation impacts strategy

Epoch card

Operator desk note

During the week of September 28 to October 4, the market continued to experience a significant intersectoral rotation, a trend that has been prevalent throughout 2026. NASDAQ leaders, particularly Nvidia and semiconductor stocks, saw gains, while the banking and financial sectors declined. Cryptocurrencies remained stagnant or experienced slight declines. AI memory stocks, which had rebounded since mid-summer, also lost ground.

As a result, the S&P 500 remained relatively flat, hovering around the same price levels as mid-August. This market environment makes it challenging to identify a strong trend for portfolio positioning. The situation is further complicated by increasing stress related to rising interest rates. Major financial market players, such as large pension funds and insurance companies, might opt to shift towards bonds offering substantial annual coupons, potentially at the expense of equities. This could exert downward pressure on indices like the S&P 500 and NASDAQ.

While rising interest rates may not significantly harm tech giants, they could have a more pronounced impact on small and mid-cap stocks. In this context, Volta's portfolio strategy will remain balanced. However, if interest rate stress intensifies in the coming trading sessions, we will reduce exposure to small-cap stocks and focus on major players. We plan to streamline the portfolio by concentrating more on semiconductors and cryptocurrencies.

We are also closely monitoring the biotech sector, which could continue to benefit from advancements in AI. However, it remains vulnerable to significant interest rate hikes. Our approach will be cautious, ensuring we adapt to market conditions while seeking opportunities in promising sectors.

Performance

Over 2026-09-28 → 2026-10-05, net share price printed low 1.037442 and high 1.054453. The largest drawdown from a running intra-week high landed at 1.33%. That is the clearest stress point on the path. The low-to-high band was ~1.63% off week open, a normal swing week, not a flat line. Open → close net PPS rose ≈ +0.58%, so the week skews modestly bullish despite any mid-week give-back. 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 HYPE +$31 and most against USAR −$37.

Allocation by asset class & gross exposure

The clearest sleeve move vs week open is Cash −0.4 pp; other rows sit within roughly ±0.4 pp. Gross exposure (deployed notional / NAV) moved from 52.1% to 52.5% of NAV. (+0.5 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
2026-09-29 10:14:22	Arbitrum	Open Long	1672.4000	0.2093	USDC 0.1575	-
2026-09-30 20:20:56	ONDO	Open Long	806.0000	0.4957	USDC 0.1798	-
2026-10-01 13:13:35	ONDO	Close Long	402.0000	0.4955	USDC 0.0896	-0.0511
2026-10-02 18:39:33	ONDO	Close Long	404.0000	0.4760	USDC 0.0865	-7.9455
2026-10-02 19:09:02	Arbitrum	Close Long	1672.4000	0.1907	USDC 0.1435	-31.1066

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

• Arbitrum −$31, about -9.75% vs the dollar size of that trade (size × price)
• ONDO −$8, about -2.04% vs the dollar size of that trade (size × price) (2 closes)

Total from these closes: about −$39, or about -0.21% 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)