According to @CryptoMichNL, Bitcoin BTC returned -17.86% in November while MN Fund posted -5.93%, indicating a materially smaller drawdown for the fund during the month, source: @CryptoMichNL on X, Dec 3, 2025. According to @CryptoMichNL, since July 1 Bitcoin is -15.67% while MN Fund is +0.29%, showing positive performance versus BTC over the same period, source: @CryptoMichNL on X, Dec 3, 2025. According to @CryptoMichNL, recent strategy emphasized damage control and risk management over chasing high returns, source: @CryptoMichNL on X, Dec 3, 2025. According to @CryptoMichNL, a hybrid trading approach delivered these results in real time, source: @CryptoMichNL on X, Dec 3, 2025. According to @CryptoMichNL, there is approximately 30% in unrealized profits in current trading positions that may be realized in the coming months, source: @CryptoMichNL on X, Dec 3, 2025. According to @CryptoMichNL, he remains positive and expects to continue outperforming Bitcoin, source: @CryptoMichNL on X, Dec 3, 2025.

According to Michaël van de Poppe, MNFund returned +10% since Nov 1, 2025, lifting year-to-date performance from Jul 1, 2025 to 17.27%, while Bitcoin BTC delivered -0.46% over the same span, source: @CryptoMichNL on X, Nov 12, 2025. This represents roughly 17.7 percentage points of excess return versus BTC since Jul 1, highlighting reported alpha during a challenging past 1.5 months, source: @CryptoMichNL on X, Nov 12, 2025. For traders, the relative strength versus BTC during a weak or range-bound tape suggests active strategies may outperform based on the reported figures, source: @CryptoMichNL on X, Nov 12, 2025. For more details, the team directed readers to mnfund.nl, source: @CryptoMichNL on X, Nov 12, 2025; mnfund.nl.