October Letter: “New Highs, Hidden Risks”

October reminded investors that markets can look resilient on the surface while fragility builds underneath. Central banks kept liquidity flowing, the Federal Reserve delivered a second consecutive rate cut while Bank Indonesia paused at 4.75%, yet conviction remained elusive. Easy money supported prices but did not erase uncertainty.

Across Aknia’s strategies, dispersion defined the month:

• Nusantara Opportunity Fund benefited from domestic flows despite continued foreign outflows, as Indonesia’s market posted a fourth monthly gain. We remain constructive on energy and infrastructure but alert to rupiah pressure and capital-flight risks.

• Frontier Founders Fund gained alongside U.S. equities hitting record highs. Earnings were strong, but valuations stretched and market breadth narrowed, reinforcing our disciplined, selective approach.

• Chain Catalyst Fund faced volatility when a geopolitical headline triggered US$19 bn in crypto liquidations. Exchange fragilities resurfaced, highlighting the importance of managing leverage and focusing on networks with real adoption.

  
  

These cross-currents underline a central theme: liquidity may support markets, but not every rally is built on durable footing. Heading into November, our focus remains on Indonesian exporters poised to benefit from a softer rupiah, U.S. innovators translating AI productivity into earnings, and digital assets supported by genuine on-chain activity.

You can read the full commentary and detailed performance breakdown in the Aknia October 2025 Investor Letter.

For investors wishing to learn more about Aknia’s strategies or explore fund subscriptions, further information is available at www.akniaim.com or by contacting yosua@akniaim.com or kevin@akniaim.com