Stable Alpha Fund | Hepworth Iron Capital

Fund Strategy

The Hepworth Stable Alpha Fund is a stablecoin fund designed to generate uncorrelated, consistent, and low-volatility risk-adjusted returns independent of crypto market direction or broader market conditions.

The fund leverages a diverse set of USD denominated market-neutral strategies, utilising derivatives and decentralised finance protocols to extract alpha from market inefficiencies while exposing investors to minimal drawdown.

Lending Basis Trading Incentive Farming Relative Value & Special Situations

Target Net Return

10–20%

Annualised · Absolute Return · USD Denominated

Key Fund Facts

Fund Type	BVI Incubator Fund
Fund Domicile	British Virgin Islands
Base Currency	USD (USDC/USDT)
Benchmark	Absolute Return
Portfolio Manager	Charles Booth
NAV Pricing	Monthly

Service Providers

Custodian	ForDeFi MPC Solution
BVI Authorised Representative	To be appointed
MLRO	To be appointed

Fund Terms

Risk Profile	Medium
Volatility	Low
Investment Style	Opportunistic, Data-Driven, Active
Investors	Sophisticated Private Investors
Minimum Investment	$100,000
Subscriptions / Redemptions	Monthly (1 month redemption notice)
Management Fee	2%
Performance Fee	20% with HWM*
Withdrawal Fee	1% (0% after 12 months)
Withdrawal Limits	None, 100% anytime
Reporting	Via dashboard

*High Water Mark: Performance fees are only charged on new profits exceeding the previous highest NAV.

Investment Approach

Lending: Deploying stablecoin funding to carefully vetted, overcollateralised decentralised lending protocols to earn the lending interest rate.

Basis Trading: Placing delta-neutral carry trades to capture the funding rate premium between perpetual futures and spot markets.

Incentive Farming: Providing stablecoin liquidity to carefully vetted protocols in order to capture token emissions and rewards via incentive and airdrop campaigns. The fund utilises private deals and fixed-yield trading markets to maximise realised yield from incentive farming.

Relative Value & Special Situations: Exploiting pricing inefficiencies across venues, stablecoin depegs, and other market dislocations through opportunistic, risk-managed positions with asymmetric return profiles.

Risk Factors

Smart Contract — Exposure to potential vulnerabilities in DeFi protocol code

Counterparty — Risk of centralised platform or protocol failure

Stablecoin Depeg — Potential for stablecoin assets to deviate from USD peg

Liquidity — Risk of reduced market liquidity affecting position exits

Regulatory — Evolving legal frameworks across jurisdictions

Operational — Execution and infrastructure risks

Important Notice: This document is intended for sophisticated private investors only and does not constitute an offer or solicitation for investment. The Hepworth Stable Alpha Fund is a BVI Incubator Fund not subject to supervision by the BVI Financial Services Commission. Requirements considered necessary for the protection of investors that apply to public funds do not apply to an incubator fund. An investor is solely responsible for determining whether the fund is suitable for their investment needs. Investment in an incubator fund may present a greater risk than investment in a public fund. Past performance is not indicative of future results. The target return is not guaranteed. Cryptocurrency and decentralised finance investments carry substantial risk including the possibility of total capital loss. The information contained herein may be subject to change without notice. Prospective investors should consult their own legal, tax, and financial advisors before investing. This fund is not available to U.S. persons or residents of jurisdictions where such an offering would be prohibited.