Background
Anthropic posts an operating profit, but loses $80 billion on paper.
The latest quarter, the $80 billion loss and the price at listing, recalculated from the IPO prospectus of the maker of Claude.
7 min read
Analyses & market view
Understanding where return comes from.
Some things you will not learn from a spreadsheet. Why a family business looks at its wealth differently than an entrepreneur after an exit. How a manager deals with a year in which he was wrong. Where the idea of diversification comes from historically, and why it goes wrong so often in practice.
Background pieces sit between the news and the research: deeper than the week, lighter than a report, and without a single formula.
The front page
Five kinds of pieces, one series.
Anyone who enters a fund is really buying a method.
That is why every piece states its kind at the top: an explainer of a concept, background to the work, an investment insight or a macro insight.
Browse by kind
Investment insight
Quarterly update Q3 2026: rates are back
After two moves by the ECB, the Federal Reserve raised rates too, for the first time since 2023, and oil cost well over 100 dollars again. What that meant for Protector I, Builder II and Visionary III, plus the midterms, box 3 and the outlook for the fourth quarter.
21 min read
Macro insight
You are buying SpaceX. Whether you want to or not.
SpaceX is going public and will sit in your index fund within weeks, whether you want it or not. About the quiet rule change at the index providers and a valuation of 94 times revenue.
6 min
Explainer
What is in a fund prospectus and why should you read it?
A fund prospectus holds all the essential information about an investment fund: strategy, risks and costs. Here is how to read the document efficiently without a legal background.
5 min
Investment insight
How does the core-satellite strategy work in practice?
The core-satellite strategy splits your portfolio into a stable core (70-80%) and flexible satellites (20-30%). That way you spread risk while still using market opportunities.
6 min
Everything in one list
Every piece with its kind.
12 pieces in 5 kinds. Pick a kind above or read from top to bottom.
Explainer
The concept itself, from fund of funds to prospectus.
3 pieces-
What is in a fund prospectus and why should you read it?
A fund prospectus holds all the essential information about an investment fund: strategy, risks and costs. Here is how to read the document efficiently without a legal background.
5 min
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What is a multi-asset portfolio?
A multi-asset portfolio spreads capital across equities, bonds, commodities, real estate and alternative investments. Why diversification works and how to set the right allocation.
6 min
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What is a fund of funds?
A fund of funds invests in other investment funds instead of directly in equities or bonds. About how it works, the advantages, the costs and who the approach suits.
6 min
Background
What the work and the supervision look like from the inside.
3 pieces-
Anthropic posts an operating profit, but loses $80 billion on paper.
The latest quarter, the $80 billion loss and the price at listing, recalculated from the IPO prospectus of the maker of Claude.
7 min
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How does a fund manager work?
What does a fund manager actually do? About fund selection, risk management, the difference with an asset manager and the qualifications professional fund management requires.
5 min
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What is the difference between a UCITS fund and an AIF?
UCITS funds and AIFs differ in regulation, liquidity and investment freedom. Which one fits your objectives and risk profile?
6 min
Investment insight
Choices inside a portfolio, with the downside included.
4 pieces-
Quarterly update Q3 2026: rates are back
After two moves by the ECB, the Federal Reserve raised rates too, for the first time since 2023, and oil cost well over 100 dollars again. What that meant for Protector I, Builder II and Visionary III, plus the midterms, box 3 and the outlook for the fourth quarter.
21 min
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How does the core-satellite strategy work in practice?
The core-satellite strategy splits your portfolio into a stable core (70-80%) and flexible satellites (20-30%). That way you spread risk while still using market opportunities.
6 min
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What is an absolute return strategy and when does it work?
An absolute return strategy aims for a positive return in every market environment, not for beating a benchmark. How it works, who it suits and which risks come with it.
6 min
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When is a fund of funds smarter than individual funds?
Select individual funds yourself or choose a fund of funds? The best choice depends on your experience, time and capital. A weighing of costs, diversification and professional management.
6 min
Macro insight
What is shifting in the market itself, and what that means.
1 pieceIn the press
Interviews and articles by newspapers and media about BOTS Capital.
1 pieceThe core idea of the series
“Buying ten funds is simple. Finding ten independent sources of return is not.”
Want to talk through the insights?
We are happy to talk it through. Max Joosten, Jos Hoogewerf, Urga Bonsel Muller and Jesse Baas will walk you through the pieces calmly and explain what they mean for your situation.