Nicholas Levenstein & Company
We produce quarterly
income for our clients.
Nicholas Levenstein & Company (NLC) has been managing a successful hedge fund for over five years, delivering exceptional, risk-managed returns. We realize profits by quarter-end, minimize downside risk, and offer investors liquidity with exits available at the end of each quarter, upon providing at least two weeks’ prior notice. The Exit Amount (initial investment plus yield, subject to market conditions) will be paid within seven days of the request.
View Quarterly Report
Q3 2025 Report: Crypto Money Fund Dollar Hedge II
IRR: 61% | Sharpe Ratio: 1.5
Quarterly Return: 6.08% gross ($77,669) — 4.56% net ($58,252) after fees, including the 0.25% Management Fee and any applicable Success Fee.
The fund closed Q3 2025 with solid results, continuing its strong multi-year trend. Amid tightening spreads as major Wall Street players enter the crypto derivatives market, our strategy evolved from selling overpriced options to using AI-driven deep analysis tools. These provide superior performance over prior automated algorithms and allow dynamic, adaptive position management.
Our long-term commitment remains unchanged. In 2022, we returned investor capital even with a 13% gain, upholding our high standards (Bitcoin fell 66% that year). In 2023, we delivered over 100% returns, proving our resilience. Our positions remain fully collateralized — meaning zero liquidation risk — offering investors unmatched stability in a volatile market.
Investors may exit the Fund at the end of each quarter by providing at least 2 weeks' prior notice to the Fund Manager.
Looking ahead, we maintain a focus on steady growth while being prepared to capitalize on any market dislocation similar to 2022’s event, where our structure allowed superior performance. The fund’s balance of discipline and flexibility keeps us positioned to perform even through global shifts.
Our Crypto Strategy
Invest In Crypto
With Lower Volatility
Check Our Performance
Proven Track Record
Our original fund, CMFDH, survived the 2022 market downturn when Bitcoin fell -75% with a 13% profit for the year, during which all of our CMFDH I investors’ money was returned. Our compounded annual returns over both funds were 65%.
Furthermore, a formal analysis of our combined performance from 2019 to 2025 reveals an annualized Sharpe Ratio of 1.83. This key metric, which measures risk-adjusted return, places our strategy in the "Very Good" category, confirming its effectiveness at generating superior returns relative to the risk undertaken. For additional risk details, see our Risk Factors page. See the full Sharpe Ratio study here.
Combined Performance Of CMFDH I And CMFDH II
Benefits of investing with us:
Diversify Your Portfolio & Earn Quarterly Income
Quarterly Returns
Our market-neutral crypto strategy delivers reliable income generation regardless of market conditions.
Downside Protection
Our hedging techniques preserved capital with 13% profit in 2022 while Bitcoin fell 75%.
Audited Performance
Since 2019, investing in our consecutive funds would have yielded a 65% annual compounded return over nearly 6 years.
Market-Neutral Strategy
Sophisticated derivatives trading combining carry trades and innovative strategies for consistent profits.
Expert Team
Leadership with proven financial expertise ensures professional management of your investments.
Liquidity Access
Exit the Fund at quarter-end with 2 weeks' notice; receive your Exit Amount within 7 days. Yields for incomplete quarters are prorated. The Fund remains fully collateralized for stability.
Testimonials
What Our Clients Say
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Book A 30 Minute Session To Review How We Do It!
Fully Audited Results
The Numbers That Matter
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
 |
103% | 69% | 13% | 125% | 80% |
 Bitcoin |
302% | 56% | -64% | 155% | 109% |
 S&P 500 |
16% | 20% | -20% | 24% | 26% |
*Notes: Past performance does not guarantee future results.
View detailed Risk Factors
for comprehensive details on potential events affecting the Fund.
All #s are approximate, Please note that Bitcoin is a single asset, while our funds invest in multiple assets.
All investments are subject to the terms in the Membership Subscription Agreement, including fees, liquidity, risks, and jurisdiction.
The Fund is not regulated; review the agreement for details on exits, withdrawals, and Georgian legal framework.
What We Do
Nicholas Levenstein & Co. has been managing funds for over five years. Its founder, Nicholas Levenstein, has been trading crypto derivatives for over 7 years.
- Impressive track record of 65% IRR in the first 5 ½ years since the inception of the CMFDH fund.
- NLC has successfully mitigated risks while outperforming markets.
- Strategy employed by NLC leads to consistent profits for its investors.
Fee Structure
The Fund charges a Management Fee of 0.25% of the accumulated funds, payable quarterly regardless of performance results.
This covers ongoing management and administration. The Success Fee is 20% of the profit generated by the Fund in each quarter,
applied anytime the Fund generates positive returns, independent of any high watermark or specific KPI.
Regulatory and Legal Information
The Fund Manager is an entity organized under the laws of Georgia and operates in accordance with Georgian Securities Law.
The Fund is not regulated by the National Bank of Georgia (NBG) or any securities authority.
All agreements are governed by Georgian law, with exclusive jurisdiction in Georgian courts.
Investors must qualify as Sophisticated Investors under Georgian definitions.
