Most Diversified Portfolio SICAV - Tobam Global Blockchain Equity Fund Capitalisation -UCITS ETF- · EURONEXT:BBLOK
Most Diversified Portfolio SICAV - Tobam Global Blockchain Equity Fund Capitalisation -UCITS ETF- — Tobam — TOBAM Webinar: Explore the new chapter in Bitcoin investing with TOBAM (July 2025)
47 slides from Most Diversified Portfolio SICAV - Tobam Global Blockchain Equity Fund Capitalisation -UCITS ETF-'s conference presentation, Jul 10, 2025
Slide 1: Explore the new chapter in Bitcoin investing with TOBAM
For institutional investors only TOBAM WEBINAR Explore the new chapter in Bitcoin investing with TOBAM “Exposures not yet offered by reference players." This presentation is marketing material and is not intended as a recommendation to buy or sell any particular asset class, security or strategy. Th
Slide 2: Intro to TOBAM & ₿TOBAM
For institutional investors only 1. Intro to TOBAM & ₿TOBAM 2. Traditional and better ways for accessing the Bitcoin opportunity 3. ConclusionS 2
Slide 3: The Company, Research Driven Asset Manager
For institutional investors only THE COMPANY, RESEARCH DRIVEN ASSET MANAGER Independent and employee-owned • Created in 2005 • Part of CalPERS’ EMD program (2011 – 2021) SHAREHOLDERS STRUCTURE • 31 financial professionals, 11 nationalities • Regulated in France and SEC-registered • Paris • Dublin •
Slide 4: Migrating TOBAM from a mono-core to multi-core
For institutional investors only MIGRATING TOBAM FROM A MONO-CORE … …. To Multi-Core “Exposures not yet offered by reference players." 2012-TOBAM Solutions® 2025-? 2013-₿TOBAM 2005-Maximum 2022-LBRTY® Diversification® 4
Slide 5: Awards
For institutional investors only AWARDS 2023 - 2024 • “Best Fund Manager for Digital Assets” The Digital Banker, Oct 2024, Singapore Other Awards • “Equities Manager of the year” Wealth & AM Awards, May 2024, London • “Most Sustainable Company in the Investment Industry” • Multi Asset Portfolio Awar
Slide 6: TOBAM's Journey into Crypto
institutional investors For institutional investorsonly only TOBAM’S JOURNEY INTO CRYPTO First DeFi Our bet: ”1 day or another the largest AM Mandate will propose BTC invested funds” Launch of the + first white- + Zero First BTC Launch of Launch of the first Bitcoin- labelled Investment by the "Cryp
Slide 7: Example of recent research, March 2025: Accounting for the performance of (Micro)Strategy
For institutional investors only EXAMPLE OF RECENT RESEACH, MARCH 2025: ACCOUNTING FOR THE PERFORMANCE OF (MICRO)STRATEGY 3rd most downloaded article in 60 days … after only 30 days … 7
Slide 8: Ex. of recent research, March 2025: Accounting for the performance of (Micro)Strategy
For institutional investors only EX. OF RECENT RESEACH, MARCH 2025: ACCOUNTING FOR THE PERFORMANCE OF (MICRO)STRATEGY (Micro)Strategy outperforms Bitcoin Despite a decreasing premium and an extremly low leverage… 8
Slide 9: Traditional and better ways for accessing the Bitcoin opportunity
For institutional investors only 1. Intro to TOBAM & ₿TOBAM 2. TRADITIONAL AND BETTER WAYS FOR ACCESSING THE BITCOIN OPPORTUNITY 3. Conclusion 9
Slide 10: Important Disclosure
For institutional investors only Important Disclosure • TOBAM and various entities of the TOBAM group of companies • Yves Choueifaty and various employees of TOBAM. • Various strategies of the TOBAM Range Are shareholders of some of the strategies* and companies mentioned in this presentation! *Ex:
Slide 11: Warning: Bad news, Bitcoin is a very very very risky asset
For institutional investors only WARNING: BAD NEWS, BITCOIN IS A VERY VERY VERY RISKY ASSET • Rolling 3 month volatilities Source: TOBAM, FRED. 3-month volatility calculated on daily returns from, 29/03/2013 to 31/12/2024. Past performance, risk and behaviour are not indicative of future performance
Slide 12: Good news: investors are risk takers
For institutional investors only GOOD NEWS: INVESTORS ARE RISK TAKERS Theorem: Risk is not relevant to the Investment case. Risk should only determine the Investment size. US$ 1 million at 10% volatility is far riskier than US$ 25 000 at 80% volatility % volatility is not relevant, what is relevant
Slide 13: What is the Bitcoin? The simplest financial asset in the world
For institutional investors only WHAT IS THE BITCOIN? THE SIMPLEST FINANCIAL ASSET IN THE WORLD! Hint: nobody needs to explain thermodynamics in order to define a car! The ₿itcoin value proposal: 1. Digital (like $ €) 2. Solid, unforgeable (like $ €) 3. Peer to peer (like $ €) 4. Decentralized Gover
Slide 14: TOBAM Bitcoin Enhanced Fund, first open-ended Bitcoin fund: the longest track record
Sources: TOBAM, Bloomberg. Returns reflect live data from November 20, 2017 to June 30, 2025. Warning: Past performance is not an indicator or a guarantee of future performance. The value of your investment and income received from it can go down as well as up and you may not get back the full amoun
Slide 15: 2021: TOBAM BTC Equity Funds
For institutional investors only 2021 : TOBAM BTC EQUITY FUNDS • Portfolio Construction : The TOBAM Global Blockchain Equity portfolio is defined as the portfolio comprised of eligible stocks that minimize the tracking error to Bitcoin while: - limiting turnover/market impact and constraining trades
Slide 16: Performance in USD (as of 30/06/2025)
For institutional investors only PERFORMANCE IN USD (AS OF 30/06/2025) Source: TOBAM, Bloomberg. Returns reflect live data from Sept 23 to date. Warning: Past performance is not an indicator or a guarantee of future performance. The value of your investment and income received from it can go down as
Slide 17: TOBAM Global Blockchain Equity Strategy simulated + live results
For institutional investors only TOBAM GLOBAL BLOCKCHAIN EQUITY STRATEGY SIMULATED + LIVE RESULTS (31/12/2019 – 30/06/2025) TOBAM Global Period : World market cap Blockchain Equity BTC 31/12/19 to 30/06/25 benchmark Strategy Annualized Gross 36.5% 11.9% 63.6% Returns Volatility 40.9% 18.4% 60.9% Ins
Slide 18: TOBAM Global Blockchain Equity Strategy: correlation to BTC
For institutional investors only TOBAM GLOBAL BLOCKCHAIN EQUITY STRATEGY SIMULATED + LIVE RESULTS - (31/12/2019 – 31/12/2024) CORRELATION TO BTC TOBAM Global World market cap Period Blockchain Equity benchmark Strategy 2020 52.1% 40.7% 2021 69.6% 20.1% 2022 69.2% 36.5% 2023 60.9% 4.6% 2024 62.6% 13.
Slide 19: TOBAM Global Blockchain Equity Strategy description
For institutional investors only TOBAM GLOBAL BLOCKCHAIN EQUITY STRATEGY DESCRIPTION The idea: take advantage of the adoption of Bitcoin and Blockchain via listed equities: • Eligible UCITS financial instruments • With sufficient liquidity • Highly correlated to the price of Bitcoin The solution: •
Slide 20: TOBAM Global Blockchain Equity Strategy peer group comparison
For institutional investors only TOBAM GLOBAL BLOCKCHAIN EQUITY STRATEGY PEER GROUP COMPARISON • TOBAM GLOBAL BLOCKCHAIN stands out as it has always been focused on Bitcoin ! Source: TOBAM and Bloomberg. Live data from 21/09/2023 to 30/06/2025. Warning: Past performance is not an indicator or a guar
Slide 21: Traditional and better ways for accessing the Bitcoin opportunity
For institutional investors only 1. Intro to TOBAM & ₿TOBAM 2. TRADITIONAL AND BETTER WAYS FOR ACCESSING THE BITCOIN OPPORTUNITY 3. ConclusionS 21
Slide 22: (Micro)Strategy: urban legends and facts
For institutional investors only (Micro)Strategy : Urban legends: Facts: As at May 5th 2025 22
Slide 23: March 2025: Accounting for the performance of (Micro)Strategy
For institutional investors only MARCH 2025: ACCOUNTING FOR THE PERFORMANCE OF (MICRO)STRATEGY 3rd most downloaded article in 60 days … after only 30 days … 23
Slide 24: Bitcoin Treasury Companies
For institutional investors only BITCOIN TREASURY COMPANIES • MSTR is a Software & Services company that has been acquiring aggressively bitcoin since March 2021. Today it holds over 2.5% of all bitcoins. • Bitcoins in MSTR count for more than 90% of the assets of the company with a core business es
Slide 25: Why would there be a Bitcoin yield?
For institutional investors only WHY WOULD THERE BE A BITCOIN YIELD? BITCOIN TREASURY COMPANIES → In the four years to 2024, MSTR outperformed Bitcoin by around 400%, with the Bitcoin Yield created by monetizing it premium contributing more than 100% to it. → Also, MSTR realized exposure (Beta) of 1
Slide 26: Why would there be a Bitcoin yield?
For institutional investors only WHY WOULD THERE BE A BITCOIN YIELD? BITCOIN TREASURY COMPANIES ▪ An investment case can be made for investing in MicroStrategy as an alternative to Bitcoin, considering the following decomposition of the return of its shares: Bitcoin Bitcoin Bitcoin Price Yield Expos
Slide 27: Bitcoin Treasury Companies universe
For institutional investors only BITCOIN TREASURY COMPANIES ▪ We currently monitor 60 companies holding BTC on their Balance sheet* ▪ In this universe only a few names are fully dedicated to the Bitcoin Yield Strategy: many miners, payment services or software companies are included ▪ (Micro)Strateg
Slide 28: Bitcoin Treasury Companies: Strategy and Metaplanet vs Bitcoin
For institutional investors only BITCOIN TREASURY COMPANIES Over the last 2 years, new Bitcoin Treasury Companies emerged as an efficient alternative to create Bitcoin exposure Strategy and Metaplanet total return compared to Bitcoin from June 2023 to June 2025 Past performance are not indicative of
Slide 29: There is an advantage to emerging BTC treasury companies
For institutional investors only BITCOIN TREASURY COMPANIES There is an advantage to emerging BTC treasury companies The Blockchain Group (ticker ALTBG), which became a bitcoin treasury company more recently than Metaplanet, outperformed (especially in terms of Sharpe Ratio) Metaplanet. Source: Goog
Slide 30: Bitcoin Treasury Strategy risks and filters
For institutional investors only BITCOIN TREASURY COMPANIES The Bitcoin Treasury Strategy is predicated on a credible commitment to accumulate Bitcoin over time ▪ Business risk: ▪ When companies are backed by a business operations – weak operational profitability can weaken the Bitcoin Treasury accu
Slide 31: How to pick the right Bitcoin Treasury Companies?
For institutional investors only BITCOIN TREASURY COMPANIES How to pick the right Bitcoin Treasury Companies ? ▪ Unaltered and credible Bitcoin strategy ▪ Solid operations is not enough – marginal to no impact is better (ex. TSLA, MercadoLibre) ▪ Legal / requalification risk – we need some operation
Slide 32: Going further: CME futures premium
For institutional investors only ….GOING FURTHER • Apart from the obvious averaging possibility • CME Futures have historically traded at an annualized premium of ~8% since their creation Data: TOBAM - as of March 25 • Short term downside IBIT implied volatilities can be three times higher than at t
Slide 33: Implementation: a fund of fund strategy
For institutional investors only IMPLEMENTATION A fund of fund strategy in a highly regulated country combining the different value sources… Arbitrage,Leverage, Option BitcoinTreasury Companies Direct BTC exposure… …available since May 2025 33
Slide 34: Example of portfolio proposal as at April 2025
For institutional investors only EXAMPLE OF PORTFOLIO PROPOSAL AS AT APRIL 2025 Available strategies: ▪ Allocation to BTC ▪ Portfolio of BTC Treasury Companies ▪ BTC Pure arbitrage enhancement ▪ Stock picking companies (emerging BTC Treasury companies) ▪ Stock picking issues not only issuers E
Slide 35: Example of portfolio proposal as at April 2025
For institutional investors only EXAMPLE OF PORTFOLIO PROPOSAL AS AT APRIL 2025 250% Stock Picking 200% Alternate Portfolio 2 Expected Return 150% Alternate Portfolio 1 100% BTC Treasury Companies Proposed Portfolio 50% BTC Issue Picking Pure Arb 0% 0% 20% 40% 60% 80% 100% 120% 140% 160% Expected Vo
Slide 36: Update on performance (3M and ITD) as of 30/06/2025
For institutional investors only UPDATE ON PERFORMANCE (3M AND ITD) AS OF 30/06/2025 Past performance … is not indicative of future performance… Source: TOBAM 36
Slide 37: Going further: CME futures premium
For institutional investors only ….GOING FURTHER • Apart from the obvious averaging possibility • CME Futures have historically traded at an annualized premium of ~8% since their creation Data: TOBAM - as of March 25 • Short term downside IBIT implied volatilities can be three times higher than at t
Slide 38: The carry opportunity in crypto
For institutional investors only INVESTMENT RATIONALE THE CARRY OPPORTUNITY IN CRYPTO HOW DOES IT WORK? • When Futures > Spot (positive basis) AND Sell Bitcoin Futures position Buy Bitcoin via ETF Profit (Contango) • Basis trade has historically offered an annualized premium of ~8%.* EXAMPLE BTC spo
Slide 39: Conclusions
For institutional investors only 1. Intro to TOBAM & ₿TOBAM 2. Traditional and better ways for accessing the Bitcoin opportunity 3. CONCLUSIONS 39
Slide 40: The future of money… a possible scenario
For institutional investors only THE FUTURE OF MONEY… A POSSIBLE SCENARIO 1694 1800 1976-English 1971 2015-French 40
Slide 41: Accounting for the performance of MicroStrategy: Part II, risks characterization
For institutional investors only ACCOUNTING FOR THE PERFORMANCE OF MICROSTRATEGY “PART II : RISKS CHARACTERIZATION” 41
Slide 42: Imagine they discover oil in Abu Dhabi…
For institutional investors only IMAGINE THEY DISCOVER OIL IN ABU DHABI… 42
Slide 43: How to trade our products
For institutional investors only HOW TO TRADE OUR PRODUCTS 2.50% 43
Slide 44: Fees for our professional funds (FPS)
For institutional investors only FEES FOR OUR PROFESSIONAL FUNDS (FPS) 44
Slide 45: Disclaimer
For institutional investors only DISCLAIMER Some of the risks: Risk of capital loss: the strategy does not benefit from any guarantee or capital protection. There is a risk that investors will not get back the full amount or any of the capital originally invested. Liquidity Risk: the investment stra
Slide 46: Disclaimer
For institutional investors only DISCLAIMER This document is confidential and is intended only for the recipient. It is For institutional investors only. This report will not replace or supersede a Custodian’s official records. This document is not an offer for sale of funds to US persons or anybody
Slide 47: About TOBAM
For institutional investors only ABOUT TOBAM TOBAM is an asset management company offering innovative capabilities designed to maximize the benefits of scientific research to build efficient investment exposures. TOBAM’s expertise relies on 3 core pillars: - TOBAM’s Maximum Diversification® approach
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