Libra

Our Strategy

One portfolio. Two complementary investment components.

Libra combines a long-term public-market portfolio with active, rules-based futures strategies. The allocation between these components is determined by each mandate’s objectives, risk profile, liquidity needs and investment constraints.

Strategic Public-Market Portfolio

A long-term foundation built with liquid U.S. investments.

The portfolio’s long-term foundation
The strategic component is built primarily with U.S.-listed ETFs and selected U.S. equities. It is designed to provide long-term market exposure, liquidity and a diversified foundation.
How investments are selected
Investment selection may be informed by fundamental research, market conditions and publicly disclosed holdings of experienced investment managers. Libra evaluates each position independently based on its expected portfolio role, liquidity, cost and contribution to overall risk.
What the portfolio may include
Depending on the mandate, the portfolio may also hold fixed-income instruments and cash.
Long-term orientation
Designed to participate in the long-term growth of public markets while maintaining a disciplined portfolio structure.
Liquid investments
Built primarily with exchange-traded ETFs, selected U.S. equities and other liquid instruments.
Independent selection
Every position is evaluated by Libra and must serve a defined purpose within the overall portfolio.

Systematic Futures Strategies

An active, quantitative component governed by predefined rules.

Where the strategies invest
Libra’s systematic strategies use highly liquid, exchange-traded futures focused primarily on U.S. equity indices, U.S. Treasury and interest-rate markets and selected currencies.
How decisions are made
Quantitative models determine when to enter or exit a position, how much capital to allocate and when exposure should be reduced.
How risk and exposure are managed
Strategies may hold long or short positions, subject to documented controls for leverage, concentration, margin, liquidity and drawdown.
The objective
The objective is not to predict every market movement. It is to apply a consistent and measurable decision process across changing market conditions.
Rules-based decisions
Entries, exits and position sizes are determined through predefined quantitative rules.
Highly liquid markets
The strategies focus on exchange-traded futures with substantial market liquidity.
Dynamic exposure
Positioning may increase, decrease or move between long, short and reduced exposure as market conditions change.

How the Components Work Together

A Coordinated Approach to Capital and Risk

A long-term foundation

The strategic public-market portfolio provides the portfolio’s long-term foundation through diversified exposure to liquid investments.

A more responsive component

The systematic futures component adds an active source of exposure that can respond to changes in market behavior.

Managed as one portfolio

Both components are coordinated within one portfolio and one aggregate risk framework.

Flexible implementation

The portfolio can be implemented through the account or investment-note structure applicable to the client.

Investment Process

Technology-Supported. Research-Driven. Continuously Monitored.

1

Research

Evaluate market data, investment opportunities and potential sources of risk and return.

2

Validation

Test strategies and portfolio decisions for robustness, consistency and sensitivity to changing market conditions.

3

Portfolio Construction

Define exposures, position sizes, liquidity requirements and aggregate risk limits.

4

Implementation

Execute the approved portfolio through the applicable managed-account or investment-note structure.

5

Monitoring

Continuously monitor positions, exposure, margin, liquidity, drawdown, data quality and operational exceptions.

Long-Term Performance: Backtest & Live Record

Envision vs. SPY Total Return | January 2002 – August 2026

Historical Performance Since January 2002

Total Return | Initial NAV = 100 | Monthly observations | Fixed-stake additive, non-compounded

Envision 1,319 SPY 377.7
Historical Performance Since January 2002Envision and SPY NAV index from2002-01-01to2026-08-21. Linear scale. Returns are accumulated on a fixed initial stake and are not compounded.05001,0002002200620102014201820222026NAV INDEXBACKTESTLIVE

Linear scale. Returns are accumulated on a fixed initial stake and are not compounded.

Backtest: 1 Jan 2002 to 31 Dec 2024 | Live strategy record: 1 Jan 2025 to 21 Aug 2026.

Conservative modeling haircut applied. Fixed-stake additive, non-compounded returns; 2.00% annual management fee charged monthly and 20.00% performance fee, subject to a High-Water Mark and crystallized quarterly.

Backtested results are hypothetical and do not represent Note performance. The live strategy record predates Series LS182. Past performance does not guarantee future results.