A Year of Progress
Our first annual report to you: transparent performance, meaningful improvements, and our commitment to your success.
Dear Valued Investor,
As we close out 2025, I want to share a transparent look at where we stand, what we've built, and where we're heading. This is our first formal annual update, and I believe you deserve a clear picture of your investment.
2025 brought continued volatility across global markets, with central bank policy shifts and geopolitical developments creating both challenges and opportunities. Against this backdrop, we focused on what we can control: disciplined execution, improved client experience, and steady progress across all three services.
In the sections below, you'll find our performance numbers broken down by method and category, a summary of the platform improvements we've made to serve you better, and a brief look at what's ahead.
2025 Performance
Your investment performance broken down by fund, method, and category.
Measures investment performance independent of deposits and withdrawals. This shows how well the strategy itself performed.
TWR is the industry standard for comparing investment manager performance, as it isolates the returns generated by the investment decisions alone.
Performance Summary
| Fund | Balance | Gross Gain (Open) | Gross Gain (Closed) |
|---|---|---|---|
| Securities | $1.04M | +$139,003 | +$19,870 |
| Fixed Income | $265.3K | +$4,681 | +$5,709 |
| Trading | $485.4K | - | -$122,450 |
| Total | $1.79M | +$143,684 | -$96,872 |
- Balance - Current fund balance as of December 31, 2025 (includes unrealized gains).
- Gross Gain (Open) - Unrealized floating gains from positions still open at year end.
- Gross Gain (Closed) - Gross dividends/coupons received during 2025 (before fees). For Trading, this shows realized trading gains.
Trading Fund Breakdown
| Method | Balance | Gross Gain | PS (%) |
|---|---|---|---|
| Flagship | $230.4K | +$19,818 | 40% |
| Loki | $195.7K | +$39,137 | 37% |
| Athena | $28.9K | +$7,649 | 25% |
| Vidar (Discontinued) | $0 | -$149,055 | 37% |
| Tyr (Inactive) | $138.2K | $0 | 37% |
| Total | $593.2K | -$122,450 | - |
- Balance - Current allocation to each trading method.
- Gross Gain - Total gains from closed trades before profit share deduction.
- PS (%) - Profit share percentage applied to gains above your All-Time High (High-Watermark Policy).
- Vidar (Discontinued): Strategy was liquidated during the October 2025 crypto market event.
- Tyr (Inactive): Strategy is currently inactive and not accepting new allocations.
Securities Fund Breakdown
| Category | Balance | Gross Gain (Open) | Gross Gain (Closed) | Dividends ($) |
|---|---|---|---|---|
| US Equities | $628.0K | +$108,074 | +$18,107 | $2,985 |
| EU Equities | $71.8K | +$15,494 | -$567 | $631 |
| Developed Markets | $77.2K | +$4,764 | +$208 | $2,093 |
| Developing Markets | $73.8K | +$6,636 | +$314 | $1,242 |
| Commodities | $50.8K | +$4,255 | +$442 | $499 |
| Crypto | $131.3K | -$219 | +$1,365 | -$49 |
| Total | $1.04M | +$139,003 | +$19,870 | $7,402 |
- Balance - Current value of holdings in each category as of December 31, 2025.
- Gross Gain (Open) - Unrealized floating gains from positions still open at year end.
- Gross Gain (Closed) - Realized gains from positions sold during 2025.
- Dividends - Dividend payouts received during 2025 (after withholding tax by custodian).
Fixed Income Fund Breakdown
| Asset Type | Balance | Gross Gain (Open) | Gross Gain (Closed) | Yield |
|---|---|---|---|---|
| Bond | $18.8K | -$187 | +$1,065 | $1,065 |
| Cash | $253.1K | +$4,859 | +$4,504 | $4,504 |
| ETF | $1.9K | +$9 | +$140 | $140 |
| Total | $265.3K | +$4,681 | +$5,709 | $5,709 |
- Balance - Current value of holdings in each asset type as of December 31, 2025.
- Gross Gain (Open) - Unrealized gains from positions with market value above purchase price.
- Gross Gain (Closed) - Realized gains from positions sold or matured during 2025.
- Yield - Gross interest and coupon payments received during 2025 (after applicable deductions).
Securities Holdings: Best & Worst Performers
| Security | Return |
|---|---|
| Robinhood (HOOD) | +765.04% |
| Palantir (PLTR) | +691.44% |
| Interactive Brokers (IBKR) | +694.79% |
| Sequans (SQNZ.XC) | +356.16% |
| Meta Platforms (META) | +333.23% |
| Security | Return |
|---|---|
| Beyond Meat (BYND) | -97.79% |
| Lufax Holding (LU.US) | -89.97% |
| Beyond Meat (BYND) | -85.73% |
| Snap Inc (SNAP) | -85.11% |
| Hims & Hers (HIMZ) | -66.31% |
| Security | Return |
|---|---|
| Robinhood (HOOD) | +915.19% |
| CoreWeave (CRWV) | +315.00% |
| Opendoor (OPEN) | +249.12% |
| Roblox (RBLX) | +236.84% |
| Reddit (RDDT) | +201.7% |
| Security | Return |
|---|---|
| Unity Software (U) | -79.33% |
| Lyft (LYFT) | -63.15% |
| AMD (AMD) | -38.82% |
| Goldman Sachs BDC (GSBD) | -37.10% |
| Novo Nordisk (NVO) | -37.05% |
2026 Outlook & Fund Commentary
Our positioning and perspective heading into the new year.
Trading Outlook
Flagship (Macro)
Based on 4+ years of performance data, we expect Flagship to continue targeting closer to its historic 40% per annum averages. The macro strategy remains well-positioned to capitalize on central bank divergence and cross-asset volatility in 2026.
Loki (Algorithmic) Research Phase
Following the recent drawdown, we've identified structural market shifts and initiated a dedicated research phase to optimize the algorithm.
View Algorithm Updates
- Market composition shift identified (October onwards)
- Trading paused for proper assessment and data collection
- Evaluating algorithm adaptation vs. retraining for new regime
- Positive signal: First position completed with take-profit (~3230 to ~2874)
- Expected return to production pending data validation triggers
The team continues to actively extract market data, test hypotheses, and validate multiple ideas in parallel. This is a temporary adjustment and a necessary step toward the next ATH.
Athena (EUR/USD Grid)
With 3+ years of proven stability despite its relatively simple grid trading logic, Athena may receive a higher allocation in 2026. The maximum allocation will not exceed 7.5% of funds under management, maintaining prudent risk parameters.
Tyr (Crypto) In Development
Tyr and other crypto-related trading methods remain in the pipeline and may receive allocations throughout 2026 as market conditions and strategy validation permit.
Fixed Income Outlook
Fed Rate Trajectory
The US appears on path to reduce the fed funds rate further below the current 3.75-4.50% range. Markets are pricing in continued cuts through 2026, though the pace remains data-dependent. We'll monitor Treasury yields and adjust duration positioning accordingly.
Global Central Banks
Central bank divergence continues: while the Fed cuts, some central banks (particularly in emerging markets) remain hawkish or are actively hiking rates. The ECB and BoE appear near terminal levels. This divergence creates both risks and opportunities in global bond markets.
Exploring New Strategies
We're evaluating opportunities in private credit and dividend-yielding equities as complements to traditional fixed income. These areas may offer attractive risk-adjusted returns in the current yield environment.
Securities Outlook
Global equity markets delivered strong performance in 2025. Looking ahead, we're monitoring regional opportunities across developed and emerging markets, commodities, and digital assets.
S&P 500 gained +17.5% YTD with targets near 7,800 for 2026. AI momentum continues driving mega-cap tech. We're watching for market breadth improvement as smaller caps and cyclicals potentially catch up. Concentration risk in tech remains a key consideration.
The 2025 paradigm shift confirms our thesis: AI has evolved from "chatbots" to "reasoning engines" rewiring the real economy. Key developments include the move from imitation to reasoning via RLVR (test-time compute scaling), the rise of vertical LLM apps (Cursor, Claude Code) capturing value in the application layer, and "vibe coding" democratizing software development. With less than 10% of LLM potential realized, we remain focused on infrastructure and application layers as AI becomes the primary operating system of the global economy.
Hang Seng surged +30% with analyst targets of 27,500-30,000. Policy stimulus showing effects, with earnings growth expected around 6-8%. Property sector headwinds moderating. Gradual exit from deflation supports the recovery thesis.
Europe offers diversification vs. concentrated US market. Germany's fiscal expansion (€500B infrastructure) and Spain/Italy's strong performance stand out. Japan's corporate reforms unlocking shareholder value. More attractive valuations than US peers.
Vietnam's FTSE emerging market upgrade is a major 2026 catalyst. India positioned for recovery after weaker 2025. Latin America benefits from commodity tailwinds and nearshoring trends. Lower local rates and higher growth potential across the board.
Copper is the "top pick for 2026" driven by energy transition and AI infrastructure demand. Gold and silver momentum continues with central bank buying. Uranium benefits from nuclear renaissance. Lithium faces near-term oversupply but long-term demand intact.
Bitcoin reached ATH >$126K with 2026 range estimates of $70K-$170K. Institutional adoption deepening via ETFs. ETH breakout above $5,200 would signal bull run. Stablecoin yields and tokenized securities (Circle) present emerging opportunities.
2025 Platform Improvements
A year of meaningful upgrades to how you track and manage your investments.
Flagship Trading Unification
Previously, your returns in Flagship could vary depending on which broker your capital happened to be allocated to. With the 2025 Trading Unification update, all broker accounts under Flagship are now pooled together. Every Flagship investor now benefits from the same blended performance, regardless of broker allocation.
Fund-Level Performance Tracking
Your Account Area now shows a detailed breakdown of your investment performance at every level: Fund Level, Method Level (Trading, Tyr), Category Level (Fixed Income, Securities), and Asset Level (individual holdings). We now use both TWR (Time-Weighted Return) and MWR (Money-Weighted Return) to give you the complete picture.
See it in action
Interactive fund-level performance breakdown in your Account Area
Periodic Performance Tracking
New periodic performance views let you analyze returns across custom time periods. Whether you want to see monthly, quarterly, or yearly breakdowns, the data is now at your fingertips.
See it in action
Monthly, quarterly, and yearly performance views
Reliability & Accuracy Improvements
Throughout 2025, we made dozens of improvements to ensure your data is accurate and your experience is smooth. From calculation accuracy to graph visualizations, we've refined the details that matter.
See it in action
Accurate TWR and MWR calculations for performance tracking
Download Full Trading History
You can now download your full trading history across individual funds. Perfect for record-keeping, tax reporting, or your own analysis.
See it in action
Full activity history with download options
Monthly Performance Email Reports
Receive a monthly email overview of your portfolio performance. No login required. Stay informed with key metrics delivered directly to your inbox.
See it in action
Monthly performance overview delivered to your inbox
Technical Improvements Completed
- Fixed calculation accuracy for profit share, yield, and fee displays
- Improved handling of partial position closures
- Enhanced transaction display to show only approved transactions
- Corrected graph visualizations and color coding
- Resolved display issues across Fixed Income and Securities tabs
- Updated SSL security certificate
- Fixed TWR/MWR calculations for deposits and withdrawals
- Improved activity table formatting and colors
What's Ahead in 2026
A preview of what we're working on to improve your investment experience.
Product Updates
- → New Trading Method - Additional strategy to complement existing offerings
- → Simplified Allocations - Streamlined Securities and Fixed Income allocation process
- → Dynamic Reallocations - Automated portfolio rebalancing based on market conditions
- → Cost Reductions - Lower fees through operational efficiencies
Technology Updates
- → Enhanced Reporting - More detailed analytics and customizable reports
- → Major UX/UI Improvements - Redesigned interface for better usability
- → Mobile Application - Native iOS and Android apps for on-the-go access
- → AI-Powered Features - Intelligent insights and automated assistance
Operations & Compliance
- → Hedge Fund License - Regulatory licensing for expanded capabilities
- → Wire Transfers - Direct bank wire deposit and withdrawal support
- → Credit Card Payments - Card-based funding options
- → Additional Payment Methods - More ways to move money in and out
These initiatives are in various stages of development. We'll keep you informed as each becomes available. Your feedback continues to shape our priorities.
Looking Ahead
I don't pretend to know where markets are heading in 2026. What I can promise is this: we'll continue to focus on disciplined execution, transparent communication, and continuous improvement in how we serve you.
We're entering the new year with a balanced positioning across our three services. Our priority remains protecting your capital while seeking opportunities that match your risk tolerance and goals.
If you have questions about anything in this update, I'm available to discuss. Your trust is the foundation of everything we do.
With appreciation,
Elite CurrenSea
Have Questions?
I'm available to discuss any aspect of this update or your investment. Schedule a call or reach out directly.
Contact Us
