Charlie daily

CMFDH II — spot-long BTC + 1/2 short-future hedge + premium capture (Deribit)

Position snapshot · 2026-05-07Brief refreshed 2026-05-14

Current AUM

$1.14M

CMFDH II · as of 2026-05-05

Net delta (Deribit)

−7.58 BTC

in decision zone (amber)

Theta / day

+$125

~$6.25k over 50 days

Days to expiry

~50

Jun 26 expiry

Recent activity

Position analysis published — income enhancement options A–E mapped action menu

2026-05-07 · spot $81,013 · book P&L −$33,820

Aneep meeting — staging env + openclaw box confirmed; nothing actionable for Charlie

2026-05-08 · websocket schema still pending

Miklos (Dubai) — sub agreement close-letter sent (now Fred's lane) sent

2026-05-13 · executed sub pending close

Agent brief rebuilt — fundraising carved out to Fred (effective 2026-05-25)

2026-05-14 · Charlie now owns fund performance only

Queue / next

Capture total off-Deribit BTC exposure blocker

Required before sizing any hedge

Tail caps (Option A) — 2× 95k C + 1× 100k C

~$2,153 for $30k tail protection

Watch spot vs $84k — roll-up (Option B) trigger

Decide within 2 weeks

Friday status file → Oskar

Weekly · by 07:00 local

Decisions needed

Off-Deribit BTC exposure: what's the total long-spot quantity? Every hedge sizing is guessing without this number.
Tail caps execution: green-light Option A — bounded loss above $95k for ~$2.1k cost (0.19% of AUM)?
Live-AUM display on levenstein.net: compliance review of real-time fund-balance on the public page still pending.
Q2 quarterly letter: drawdown (~22% from Q3 2025 peak) needs honest, calm framing — confirm voice and timing.

Performance context: Q4 2025 −14.8% · Q1 2026 −9.6% post-fee · drawdown ~22% from Q3 2025 peak. Combined synthetic CMFDH I+II track record (hypothetical $1M at 2019-07-01 inception, no contributions/withdrawals): ~$8.9M after fees (~38.2% annualized net) as of 2026-03-31 — use for marketing only, always label as hypothetical.

Hard rule: Current-quarter short future is the standing hedge. Never close on mark-to-market reasoning. Only swap intra-quarter for higher yield.