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_Subscript

November 21, 2025

Perfect 10 Investor Letter for October

October performance +1.43% driven by US Dollar Index, Chinese equities and commodities

Digest

Key points for October

The fund returned +1.43% in October
Key events included the Fed meeting and the Trump–Xi summit
Top contributors were positions in the US dollar, Chinese equities and commodities

See the investor letter for more details.

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