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Caerwyn
Outlast & Outperform
notcaerwynscioyet.com

www.notcaerwynscioyet.com

Year one.

  • Full IPS diagnostic — financial + psychological
  • Balance-sheet forensics — every entity, every sub-account
  • Fee audit — find the leaks
  • Cash in one view — OE loans, outflows, buffer
  • Liabilities & hedging review — notes, swaps, unfunded commitments
  • Defensive perimeter — umbrella insurance, insurance, CPA/QSBS, estate, security & privacy
  • Reporting platform picked
The perimeter

Family office services.

The capital.

Caerwyn · Capital map Consolidated · daily
Total AUM
$0.00B
OE facility drawn
$0M
coverage 3.2×
Liquidity floor
$0M
Unfunded
$0M
Asset classValue% of AUMWhere held
Public equities$540M31.6%GS + ICONIQ
  S&P 500 core · TLH$285M16.7%GS only — wash-sale control
  Long/short A$130M7.6%GS
  Long/short B$125M7.3%ICONIQ
Structured notes & overlay$170M9.9%GS + ICONIQ
  Buffered notes$112M6.6%GS
  Structured notes$58M3.4%ICONIQ
Put writing SMAunfunded—GS · overlay · ~$65M notional
Private credit$124M7.3%ICONIQ + Arch
  Credit co-invests$82M4.8%ICONIQ
  NAV lending$42M2.5%Arch
Municipal bonds$105M6.1%GS + ICONIQ
Direct & co-invest$264M15.4%Arch / iCapital
PE fund commitments$86M5.0%Arch
Real assets$85M5.0%Direct
Treasury & liquidity$237M13.9%GS + ICONIQ + OpCo draw
  Gov MMFs$162M9.5%Split GS / ICONIQ
  UST bill ladder$55M3.2%GS
  OE operating cash$20M1.2%Taliesin draw account
→ Put writing SMA — unfunded overlay at GS, sized at ~10% of GS managed portfolio (~$65M notional). Systematic covered/uncovered puts on concentrated equity + index. Premium income, no capital deployed.
→ Structured notes — 18-month maximum tenor, by policy. Short-dated only; we harvest the payoff without locking up capital. Never illiquid for long.
→ OE facility — $58M drawn against $185M committed. Serviced by credit cashflows + treasury. Coverage never drops below 3×.
→ Private-asset commitment planner. Pace commitments so the book self-funds — distributions fund new calls — and the steady-state allocation holds without over- or under-committing.
Portfolio J-curve · net cashflow by program year
Private book by sub-asset class · commitment vs. target
Fund-by-fund · pacing, structure & fees
→ Self-funded target: once distributions ≥ capital calls (est. year 6–7), the private book compounds without fresh cash from the balance sheet. Until then, the treasury sleeve pre-funds the net call.
Return basis
Illiquid privates
Period
Investment results · year to date
Time-weighted returns · vs policy benchmark
Deposits & withdrawals · year to date
→ External cash into and out of the portfolio — separate from investment gain. This is what the office actually costs and what funds it.
Risk profile
Annual inflow into portfolio$10M
occasional OE distributions · asset sales · other
Annual outflow$25M
family office salaries & costs · OE facility service · lifestyle · taxes
→ Illustrative compound model. Conservative 6% net · Moderate 9% · Aggressive 12%. Net annual cashflow = inflow − outflow, applied each year. Base is a net-outflow office funded by portfolio growth.

Cash is king.

Caerwyn · Liquidity forecastAuto-synced to portfolio yield
→ Dividends & muni coupons reinvest inside the sleeves; cash yield (MMF + T-bills + credit distributions) is swept to fund OE, the facility, and family costs. Reinvest toggle below.
Add a line
Illustrative · net position = starting cash + portfolio cash yield + inflows − outflows − facility service · the floor is $170M
Infrastructure

One screen, every entity, every morning.

As of 47 days ago · page 3 of 61
Caerwyn · ConsolidatedDaily reconciliation · 06:00 PT
Total net worth
$0.00B
+0.4% MTD · +9.2% YTD net
Facility coverage
0.0×
liquid / drawn
Unfunded commitments
$0M
12m calls: $46M
Cash & dry powder
$0M
$13M above floor
T+0 – T+7
11%
T+30
17%
T+90
29%
1yr+ notice
12%
Illiquid / committed
31%
→ The facility never forces a sale. Dislocations = entry points.
Sleeve / managerAllocMTDYTDNote
S&P 500 core · direct-indexed$340M+1.1%+12.3%$9.4M losses banked YTD
Long/short A$130M+0.8%+10.6%concentrated · 18 names
Long/short B$125M−0.3%+8.2%overlap flag ▲
Private credit$150M+0.7%+8.9%duration-matched
Muni ladder$105M+0.3%+3.8%tax-equiv ≈ 6.4%
Liquid alts overlay$170M+0.4%+6.2%premium harvesting
Direct book · 12 pos.$425Mn/a1.31× TVPIquarterly marks
Equity beta
0.31
Credit spread
0.22
Rates duration
1.8y
L/S overlap · A×B
high
Stress · '22 redux
−11.2%
Stress · GFC redux
−15.7%
→ Both stress runs land inside −18% with the floor intact. Solved for, not lucky.
▲
Long/short B — name overlap with A crossed threshold. Review sizing this week.
●
Harvest window open — 14 lots in the S&P core · est. $2.1M banked by close · wash-sale clean.
●
Capital call $6.2M — T+9 · pre-funded from the T-bill ladder.
●
Buffered note rolls T+21 — three term sheets already priced.
Illustrative · Addepar / Allvue-class · multi-entity · attribution net of every fee · built once, compounds for a hundred years
Dealflow

A deal book with a memory.

Click around.

SCOUT network · MGR co-invest rights · NTWK principal, president & CIO relationships · every pass keeps its reasoning forever
Beyond the mandate

Upwards.

Click any programme to open the full build-out.

Maurice P. Adaime