According to Michaël van de Poppe, MN Fund returned +9.82% in December 2025 and +10.13% since inception in July 2025, highlighting resilient performance during a difficult quarter (source: Michaël van de Poppe on X, Jan 5, 2026; MN Fund performance update cited in the thread). Over the same period, Bitcoin corrected by roughly 18%, resulting in a +34.49% return versus BTC for the fund in 2025, indicating strong benchmark outperformance (source: Michaël van de Poppe on X, Jan 5, 2026; MN Fund performance update). Q4 2025 acted as a stress test with thinning liquidity and elevated volatility, yet the fund continued to generate returns while many assets revisited October lows (source: Michaël van de Poppe on X, Jan 5, 2026; MN Fund performance update). A flash crash on October 10 marked the fund’s largest positive trading day, underscoring the robustness of its disciplined volatility strategy (source: Michaël van de Poppe on X, Jan 5, 2026; MN Fund performance update). Looking to 2026, the fund stated that macro headwinds turning into tailwinds and rising market volatility and volume could support continued outperformance versus BTC (source: Michaël van de Poppe on X, Jan 5, 2026; MN Fund performance update).