April 2025

In March 2025, Nastrova Capital Management executed a full exit from key U.S. equity indices, including the S&P 500, NASDAQ, Dow Jones Industrial Average, and Russell 2000. This decision, finalized between March 5 and March 19, was based on internal signals indicating structural weakness, elevated concentration risk, and deteriorating liquidity beneath headline strength.

Our conviction was not only to de-risk but to reposition. In parallel with our exit, we initiated short tactical exposures aimed at capturing downside asymmetry across multiple indices. This short strategy, maintained for a 16-day window, produced a net return of 102%, outperforming benchmark hedges and confirming the validity of our systemic risk models.

This move underscores Nastrova Capital’s operating philosophy: protection through precision, conviction over consensus. We do not react to markets—we act ahead of them. The firm will continue to maintain high readiness and adaptive flexibility as we monitor ongoing macro pressures, policy shifts, and volatility regimes.