Epoch 7 - rotation into software and photonics

Epoch card

Executive summary

• Vault headline assets rose about $14.92 (+0.20% vs opening NAV). Share price moved +0.20% on the published epoch accounting.
• Oracle sleeve move (perps: Δ unrealised P&L; spot: notional; cash excluded): HYPE +$17 vs BTC −$9.
• Net flows this week: +$2,000.00 (deposits vs withdrawals).
• Liquidity / wallets: routine multisig → Hyperliquid buffer cadence; merged ledger shows no extra wallet hop worth calling out beyond the standard rails (see appendix).

Operator desk note

This week (25–31 May) the book saw a few operations meant to reflect two things at once: the continuation of the bullish tape that again seems to be building on US tech, and the potential sector rotations we could see across US equities.

Crypto, ONDO exited. The ONDO clip that had been added to the book was closed at a small loss, as its price dynamics no longer met the strategy's criteria for staying in the crypto sleeve. More broadly, crypto is not benefiting from current market optimism, which stays concentrated on US tech and, in particular, on names tied closely or loosely to artificial intelligence and to datacenter compute. Bitcoin keeps clearly underperforming the Nasdaq.

Photonics, Lumentum (LITE) added. To diversify the book across more sub-sectors of this AI-driven tech cycle, we introduced a new name this week, Lumentum (LITE), to play the fiber-optics angle linked to datacenter equipment. The line was added after a pullback of about 20% from its highs, and is the first brick of Volta's new photonics sleeve.

Rotations ahead: robotics, space and software. Over the coming weeks we expect capital rotations away from the names that have carried the rally (notably memory and semiconductor producers) toward other areas such as robotics and space. We also think software, which suffered early in the year on AI-disruption fears, could rebound, as the sell-off looks somewhat overdone.

Acting on it: ROBOT reinforced (+50%), Microsoft (MSFT) added. To express these two convictions, we increased the ROBOT ETF exposure by 50% and introduced Microsoft (MSFT) for fresh software exposure, playing a future capital rotation into that sector; a rotation that, in fact, already began over the week just ended.

Rest of the book, unchanged. All other positions are left unchanged. We are not adding to them: we see the market as fairly expensive for now, with no corrections deep enough to justify new entries. But we are not selling either, as there is no specific signal at this stage pointing to a sharp market reversal.

Performance

Over 2026-05-25 → 2026-06-01, net share price printed low 1.029334 and high 1.047127. The largest drawdown from a running intra-week high landed at 1.46%. That is the clearest stress point on the path. The low-to-high band was ~1.70% off week open, a normal swing week, not a flat line. Open → close net PPS rose ≈ +0.14%, so the week skews modestly bullish despite any mid-week give-back. Open Performance in the app for the same net PPS basis with full zoom.

What drove the week

From week-open to week-end oracle snaps (cash sleeves excluded; perps: Δ unrealised P&L; spot: notional), sleeve-level marks moved most in favour of HYPE +$17 and most against BTC −$9. Other listed names on the same basis moved: MSFT +$8, ONDO −$7, LITE −$3, NUCLEAR −$3, ROBOT −$1, and XYZ100 −$1.

Allocation by asset class & gross exposure

The clearest sleeve moves vs week open are Cash −3.0 pp, Equities +2.8 pp, and Indices & ETFs +1.6 pp. Gross exposure (deployed notional / NAV) moved from 22.4% to 25.4% of NAV. (+1.4 pp on gross exposure vs prior week-end). Same asset-class bands as Allocations (History tab); figures are % of vault NAV.

Listed clips: Hyperliquid

Time (UTC)	Instrument	Side	Size	Price	Fee	Realised close P&L
2026-05-26 21:30:08	NUCLEAR	Open Long	0.6500	134.7700	USDH 0.0076	-
2026-05-26 21:32:44	XYZ100	Close Long	0.0006	29977.0000	USDC 0.0016	3.0588
2026-05-28 19:25:42	ONDO	Close Long	250.0000	0.3728	USDC 0.0403	-8.4525
2026-05-28 19:26:35	ROBOT	Open Long	1.2600	40.4330	USDH 0.0044	-
2026-05-28 19:28:21	LITE	Open Long	0.1170	861.0000	USDC 0.0087	-
2026-05-28 21:08:17	MSFT	Open Long	0.2350	428.4200	USDC 0.0087	-

Realised P&L on closes (what Hyperliquid books when a position is closed):

• ONDO −$8, about -9.07% vs the dollar size of that trade (size × price)
• XYZ100 +$3, about +17.01% vs the dollar size of that trade (size × price)

Total from these closes: about −$5, or about -0.07% of the vault’s opening NAV for the week. Trading fees on those fills are not subtracted here.

GET https://api.volta90.trade/transactions/VLT90/epoch/7/timeline?full=true
GET https://api.volta90.trade/oracle/VLT90/epochs
GET https://api.volta90.trade/oracle/VLT90/snapshots?sort=asc&limit=1000&from=[epoch-open]&to=[epoch-close]
POST GraphQL PeriodSummary (vault week anchor; indexer endpoint in volta ops docs)