Satoshi Fund provides on their site a daily updated google spreadsheet showing Satoshi Pie’s portfolio composition from the first day they started (9 May 2016) until today (13 July 2017). Based on this I reviewed the profits (and losses) made on each asset. In below table you can see that the big profits in absolute USD terms were made on BAT, Ether and Bitcoin. The latter 2 obviously because of their high exposure. BAT was a quick 4x profit cashed directly after the ICO. Bancor is the biggest USD loss to date.
However, rather than using USD as a base, I am more interested to see how the investments did versus Ether, i.e. did they outperform Ether during the same period. Below table shows on the bottom the total ETH Profit and ETH Invested amount. The 98,929 ETH (USD 20,5 Mln) difference between these 2 numbers is the market value (Funds under Management) of the Satoshi Fund (matching with amount on their homepage). I also added the BTC Profit for comparison.
Below table includes an ROI proxy showing the performance of the asset relative to the max amount invested.
SPIE has made a number of ICO investments in recent months:
In general it will be challenging for the fund to keep its performance up. Whether the participation in a fairly large number of ICOs will produce another BAT-type-profit remains to be seen. Some will certainly not.
Please note that none of these observations have been checked with the Satoshi Fund and the analysis can contain errors. Therefore all comments and suggestions to improve are much appreciated.
Definitions:
“Current” = 13 July 2017
“Current Profit” = “Current Invested” + “Current Market Value”
“Current Invested” = Net cumulative amount for an asset of (i) purchases/ costs (as negatives) and (ii) sales/ revenues (as positives)
“Current Market Value” = Current Balance of an asset multiplied by Current Price of same asset
ROI = (“Current Profit”) / ( “Max Invested”) of an asset
“Max Invested” = Lowest Invested amount (i.e. when most was invested, because investments are shown as negative numbers) into an asset
“Max exposure” =Maximum share of portfolio value on any day in which balance of an asset was increased by more than 1% (i.e. a significant amount of assets were bought).
[1] The following article suggests the profit was created through a sale of the Steem tokens to the new Satoshi-Steem fund because SPIE couldn’t liquidate the Steem holdings when on 14 July 2016 SPIE exceeded the self-imposed 15% cap on illiquid assets.
