Current Positions:​

• Deutsche Bank Long position

• LVMH Long Position

 

Outlook:
The current focus lies on capturing short-term downside movements and reducing long exposure to protect realized gains after a strong upward phase.
Capital rotation is being prepared for selective re-entry opportunities once volatility compresses and EMA signals confirm new setups.

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Performance Update (as of March 11, 2026):

• Total Portfolio Value (including open positions): 289.242,70 €

• Realized Profit: 201.217,70 €

• Cumulative Performance since April 22, 2025: +189,24%

 

All trades follow the 1:1 replication framework of the planned MILF Fund, maintaining systematic risk limits (max. 15 % realized profit risk) and adaptive exposure control based on EMA and ATR signals.

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Drawdown Metrics – MILF Capital

MILF Capital employs a rigorous, multi-dimensional approach to risk disclosure, fully aligned with institutional best practices observed among leading quantitative and discretionary hedge funds.

To provide investors with complete transparency into downside exposure, we present drawdown through two complementary lenses:

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1. Classic Drawdown (Maximum peak-to-trough decline of the total equity curve)

This is the conventional drawdown metric reported by the majority of hedge funds, CTAs, and systematic programs worldwide. It measures the largest percentage decline from the highest net asset value (NAV) ever attained, calculated on a mark-to-market basis (realized profits + unrealized/open positions).

• Captures the full path-dependent volatility and the maximum interim drawdown an investor would observe on account statements.

• Current (as of 11 March 2026): –0.00 %

• Historical maximum: –12.31 %

 

2. Conservative Drawdown (Realized-Profit Reference) (Drawdown relative to the highest level of crystallized profits)

This more stringent measure — widely used by professional traders and risk-focused allocators — evaluates the current total portfolio value against the highest profit level that has already been realized (i.e., booked and removed from market risk). Unrealized gains do not reset or increase the high-water mark for this calculation.

• When the current NAV exceeds the highest realized profit level, drawdown is 0 % (no drawdown).

• Only declines below the realized high-water mark generate a negative value.

• Provides a conservative, “locked-in capital protection” perspective that many sophisticated investors monitor internally.

• Current (as of 11 March 2026): –5.95 %

• Historical maximum: –19.66 %

 

Rationale for dual disclosure

The classic drawdown offers direct comparability with hedge-fund benchmarks, peer-group databases (BarclayHedge, IASG, Preqin, Eurekahedge, etc.) and regulatory reporting standards.

The conservative drawdown addresses a key question frequently posed by institutional and high-net-worth investors: “How much of the profits I have already secured have been given back?”

By presenting both metrics we aim to deliver full transparency and enable each investor to evaluate risk through the framework most aligned with their own objectives — whether mark-to-market volatility or protection of crystallized gains.

All drawdown figures are computed daily using closing prices and are accessible in real time via the investor portal. Detailed historical series, monthly attribution, and scenario analysis are available upon request.

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Important note on drawdown tolerance In certain market scenarios, it is possible for drawdowns to temporarily exceed our typical risk thresholds, provided that individual trade setups continue to develop as expected or demonstrate a strong tendency toward a turnaround. This disciplined flexibility is an integral part of our strategy and is continuously monitored.

 

MILF Capital Systematic Alpha — Institutional Risk Discipline milfcapital.de