September Letter: “The Second Derivative”

September 2025 was a month of contradictions. Liquidity was abundant as central banks cut rates and governments rolled out stimulus, yet conviction was scarce. Markets reached new highs even as investors remained cautious, optimism and hesitation coexisted.

At Aknia, this environment reinforced the value of cross-market diversification. Our three strategies moved differently but with a common theme: resilience built through balance.

• Nusantara Opportunity Fund gained +14.65%, led by Indika Energy (+79%) and Darma Henwa (+25%), as Indonesia’s rate cut and pro-growth cabinet reshuffle spurred a record rally.

• Frontier Founders Fund advanced +1.59%, driven by CrowdStrike (+18%) and Palantir (+16%), though Constellation Software (−17%) weighed on returns.

• Chain Catalyst Fund rose +5.08%, outperforming the broader crypto index as institutional inflows supported Bitcoin and Solana, offsetting Ethereum weakness.

  
  

Together, these results highlight the importance of structural diversification: when one market pauses, another leads. Heading into Q4, our focus remains on Indonesian cyclicals with catalysts, high-quality U.S. growth names, and digital assets backed by real-world adoption.

You can read the full commentary and detailed performance breakdown in the Aknia September 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