This is a quarterly performance summary of the Charm managed vaults on Katana from 10th July to 10th October 2025. It's the actual performance after incentives for test deposits from charmmanager.eth, after accounting for capital losses and management fees.
The deposits was placed at the inception of the vault, and the incentives include KAT, SUSHI, ETH, and USDC. The performances and incentives can be independently verified on charm's web app, and at Merkl.
*After capital loss, impermanent loss, and management fees
Performance Commentary
The vaults' strong performance were driven by their disciplined and transparent approach to earn swap fees, collect incentives, and reduce capital loss. For all vaults, a tight range strategy was used to used to earn fees and collect rewords, and a swapless rebalancing strategy to avoid price impact and paying swap fees. New positions are chosen between 6 hours and 24 hours, so that the vaults can earn yields when the price changes. The variation in performance was due to the amount of incentives offered to the pool by Katana, the price volatility in the underlying assets being managed, and the amount of liquidity created by the vault.
