What a portfolio holds, and what it has made or lost.

Pearlixa Positions reads every leg a fund holds, spot or perpetual, long or short, with its quantity, entry, mark, leverage and venue. Legs of one asset on one venue are netted as the venue holds them, and each position shows how far it sits from its estimated liquidation price, now and a day, a week and a month before.

Crypto ETFs and ETPs are held as shares and read through to the assets they hold, so every risk figure counts them as those assets. Beside them sits what the wrapper adds: its price against an estimated net asset value, the move while its exchange is closed, the fee taken this year, and the issuers and custodians behind it.

P&L is marked on daily closes and split into price, funding and borrow, by asset and by day or month. Funding is counted payment by payment, from the quantity held and that payment's rate, and an exchange statement replaces the estimate wherever the fund uploads one.

Returns are time-weighted and money-weighted, so deposits and withdrawals stay apart from the manager's result, and today's holdings can be set beside bitcoin or the fund's own benchmark over the past year. The same figures go into the quarterly client statement.

Behind the statements sit the fund's records. Each period is closed with its figures kept and any later restatement explained, cash and assets are reconciled against what the custodians report, and the investor register holds each investor's dealing, share class and the fees accruing to it. Statements can be issued in euros, pounds or Swiss francs at the European Central Bank's rates, and any statement can be read as the fund knew it on a past date.