Caleb & Brown Asset Management

Welcome to your crypto asset fund

The Caleb & Brown Flagship Fund is a high-conviction investment strategy designed to offer investors broad-based exposure to crypto assets. It implements a long-term investment approach, complemented by active portfolio management and underpinned by a robust risk management framework.

Positions

Inception Date

Cumulative returns since inception:
Flagship Fund

Cumulative returns since inception:
Flagship Fund Plus

* Past performance is not indicative of future results. Data as at September 2025.

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Investment Strategy
Investment Process
Portfolio
Key Facts
Performance
Invest Now

Investment Strategy
Investment Process
Portfolio
Key Facts
Performance
Invest Now

Investment Strategy

Fund Objective

To achieve long-term capital growth through an actively managed portfolio of crypto assets.

Fund Description

The Caleb & Brown Flagship Fund is a high-conviction investment strategy designed to offer investors broad-based exposure to crypto assets. The strategy is offered to investors in a choice of two distinct investment options, each carefully designed to cater to diverse preferences and risk profiles.

The Caleb & Brown Flagship Fund

A professionally managed portfolio comprising up to 25 of the world's most promising crypto assets.

The Caleb & Brown Flagship Fund Plus

A professionally managed portfolio comprising up to 25 of the world's most promising crypto assets and complemented by a hedging strategy that protects against extreme market conditions.

Key Features

Active Management: Leverages professional expertise and strategic decision-making to actively navigate the crypto market and capitalise on investment opportunities.
Long-term Approach: The strategy embraces a patient and visionary stance, harnessing the enduring potential of crypto assets.
Bottom-up Crypto Selection: Implements a rigorous research process to identify crypto assets with sustainable token economics, strong competitive moats, and significant growth potential.
Best Ideas Only: A high conviction strategy that prioritises quality over quantity, investing only in the most compelling market opportunities.
Robust Risk Management: Implements comprehensive safeguards and proactive strategies to protect investor capital and mitigate potential risks in the crypto market.

Bitcoin, undeniably transformative in the world of crypto, represents just one piece of a much larger puzzle. The Flagship Fund also explores untapped horizons, relentlessly pursuing the boundless opportunities that lie in the crypto market.

Tommy Rogulj, CFA, CAIA

Crypto Portfolio Manager

Investment Process

Portfolio

The Caleb & Brown Flagship Fund is carefully constructed to include up to 25 positions across a wide variety of sectors. This selection we deem sufficient to achieve diversification and provide investors with a comprehensive exposure to crypto assets.

Currency
29.41%
Currency
Portfolio weight
29.41%
Allowable range
15% - 50%
Sector Description
Currency sector refers to any non-pegged crypto asset acting exclusively as a medium of exchange and unit of account, running on a blockchain network with the ability to complete cross-border transactions without restriction. Crypto assets in the Currency sector serve the narrow purpose of being transacted on a network and tend not to have additional utility.
- Portfolio Weight
- BaaS0.0%
- Private0.0%
- Transparent29.41%
Smart Contract Platform
41.69%
Smart Contract Platform
Portfolio weight
41.69%
Allowable range
25% - 50%
Sector Description
Smart contracts are computerised blockchain protocols that execute terms of a contract. Smart Contracts represent computer code that ensures when the terms of the contract are met by both parties, it executes automatically, allowing for peer-to-peer trustless transactions. Smart contract platforms are designed for the building of decentralised applications, layer 2 scaling solutions, DAO’s, and custom protocols. Each platform has a unique open-source user and miner incentive structure and utilises BFT consensus mechanism. Each platform utilises a native token for the payment towards building on the platform, providing liquidity, and allowing interoperability between the native token and newly created tokens built on the platform.
- Portfolio Weight
- Layer 00.0%
- Layer 141.69%
- Layer 20.0%
Decentralised Finance
28.91%
Decentralised Finance
Portfolio weight
28.91%
Allowable range
0% - 40%
Sector Description
Decentralised Finance (DeFi) refers to digital assets that support financial products and services that are not facilitated or controlled by any central entity. These financial products and services are accessible without any barrier to entry or identification requirements. All DeFi tokens must be created on smart contract platforms and offer open-sourced liquidity with the ability for token holders to reserve governance rights.
- Portfolio Weight
- Asset Management0.0%
- Atomic Swaps0.0%
- Credit Platform12.03%
- DAO0.0%
- Derivatives2.55%
- Exchanges14.33%
- Yield0.0%
Computing
0.00%
Computing
Portfolio weight
0.00%
Allowable range
0% - 15%
Sector Description
The Computing sector consists of projects that aim to decentralise the sharing, storing, and transmission of data by removing intermediaries and ensuring privacy for all users. All projects that aim to gather, transmit, store, and share data and web services in a decentralised manner play a key factor in building the infrastructure of Web 3.0. This includes on-chain and off-chain data transmission, social data platforms, peer-to-peer secure data transactions, open networks, free market private computation, and decentralised file storage and file sharing.
- Portfolio Weight
- IoT0.0%
- Oracle0.0%
- Private Computing0.0%
- Shared Network0.0%
- Shared Storage0.0%
Digitalisation
0.00%
Digitalisation
Portfolio weight
0.00%
Allowable range
0% - 10%
Sector Description
Digitisation refers to the process by which real world documents, contracts, public names, etc. are uploaded to a blockchain for the purpose of transparency, publicly verifiable ownership, and immutability. Proof of ownership, identity, and authenticity are both valuable traits that are made possible by blockchain technology.
- Portfolio Weight
- Digitalisation0.0%
Culture & Entertainment
0.00%
Culture & Entertainment
Portfolio weight
0.00%
Allowable range
0% - 10%
Sector Description
Culture & Entertainment includes all projects that aim to decentralise social media platforms, create decentralised gaming worlds, and increase direct peer-to-peer interaction between content creators and their audience, while at the same time maintain user privacy, security, and ownership of data and digital assets.
- Portfolio Weight
- Art0.0%
- Media0.0%
- Metaverse0.0%
Stablecoin/Cash
0.00%
Stablecoin/Cash
Portfolio weight
0.00%
Allowable range
0% - 22%
Sector Description
Stablecoins are a set of protocols whose native token is pegged to a fiat currency, most commonly the US dollar. Stablecoin issuers may use one of several methods to maintain their peg such as 1:1 dollar-backed reserves, multi-asset treasuries, collateralized lending, or mint-and-burn mechanisms, etc. Stablecoins allow for frictionless transfer and exchange of fiat-pegged assets on the blockchain.
- Portfolio Weight
- Algorithmic Stablecoin0.0%
- Crypto-Backed Stablecoin0.0%
- Fiat-Backed Stablecoin0.0%
- Cash0.0%

Key Facts

Trustee:

Non Correlated Capital Pty Ltd

Investment Manager:

Caleb and Brown Asset Management Pty Ltd

Portfolio Manager:

Tommy Rogulj, CFA, CAIA

Inception Date:

June 2023

Holdings:

Cash Distributions:

All distributions are reinvested

Base Currency:

Australian Dollar

Recommended Investment Period:

At least 5 years

Performance

Growth of AUD $10,000

Flagship Fund
Flagship Fund Plus

% Growth since June 2023

	1M	3M	6M	1Y	Since inception
Flagship Fund	-2.96 %	19.1 %	70.0 %	45.76 %	90.86 %
Flagship Fund Plus	-3.66 %	17.1 %	62.3 %	45.24 %	81.73 %

Flagship Fund

1M-2.96 %
3M19.1 %
6M70.0 %
1Y45.76 %
Since inception90.86 %

Flagship Fund Plus

1M-3.66 %
3M17.1 %
6M62.3 %
1Y45.24 %
Since inception81.73 %

* Past performance is not indicative of future results. Data as at September 2025.

Invest Now in the Future of Finance

Caleb & Brown's Flagship Fund and Flagship Fund Plus are available to Australian tax residents who qualify as wholesale investors.

Flagship Fund

Welcome to your crypto asset fund

Investment Strategy

Fund Objective

Fund Description

The Caleb & Brown Flagship Fund

The Caleb & Brown Flagship Fund Plus

Key Features

Investment Process

Portfolio

Sector Description

Sector Description

Sector Description

Sector Description

Sector Description

Sector Description

Sector Description

Key Facts

Performance

Growth of AUD $10,000

% Growth since June 2023

Invest Now in the Future of Finance

Downloadable resources