OTHERS has mostly retraced its pump from last week. We were constructive before and during this initial bit of outperformance but are closing out this view now--OTHERS has held in better than BTC, ETH, and SOL during this timeframe. Unfortunately, we added the bulk of our alts exposure around OTHERS 240-250bn, and only hedged ~30% with ETH and SOL. While we held some idio outperformers (ZEC, XMR, TAO, POPCAT), we weren’t able to rotate out of these on the pumps they experienced. This mini altszn has been interesting as narratives ran up together and locally topped in succession--privacy, dinos, newer dinos (antiques?), etc, which requires much more active management around taking these off and replacing with fresh “unpumped” alts. Would have likely saved 50+bps were it possible to trade OTHERS/TOTAL3 directly instead of actively managing the basket ourselves. Ended up dripping 100bps of NAV on this idea. Onto the next.