In the first half of August, the market continued with its bull run and gained 22.9% in the first 17 days of the month. This was followed by a sharp correction as the market shed 15.2% of its value over the next 10 days. In the last days of the month, the market rebounded and ended with a positive return of 14%.
In total, 22 of the 25 assets by market cap recorded a positive performance in August. DeFi is clearly entering the main stage, as the top three performers were yearn.finance (+711% – not a typo), UMA (+424%), and NEM (170%). Altcoins continues to strongly outperform Bitcoin, which gained 3.2% in August.
In response to the growth of the DeFi market, the Investment Committee decided to include several DeFi focused assets to the portfolio, namely Balancer (BAL), Kava (KAVA), Aave (LEND), Synthetix (SNX), Republic Protocol (REN), Elrond (ERD), Band Protocol (BAND), Ocean Protocol (OCEAN), THORChain (RUNE), Melon (MLN), Akropolis (AKRO), COTI (COTI), AirSwap (AST), and Polkadot (DOT). The Solidum Actio portfolio now consists of 22 assets in total.
The Solidum Actio portfolio recorded a positive monthly performance of 31.95%, strongly outperforming the market performance of +14.01% in the previous month. Lastly, by the end of July, the five highest weighted holdings in the portfolio were Bitcoin, Ethereum, Chainlink, Binance Coin and Cardano.