Key Takeaways
- • Edgehill Investment Group's Hades strategy won The Hedge Fund Journal's 2026 Digital Currency Award for best performing fund in 2025 in the Short Only category, after generating triple-digit returns in 2025 with some leverage.
- • Hades reportedly has a hit rate approaching 75% and a win/loss ratio around 3:1, with a Sortino ratio above 12 based on Preqin data, versus 5.74 for the firm's Prometheus Cryptocurrency strategy.
- • Shorts have contributed about 80% of Hades' profits, with the remainder from relative value trades such as ETH/BTC, ETH/SOL and BTC/USDT.
- • Assets under management were USD 43 million as of June 2026 across managed accounts and the fund, against a stated strategy capacity of USD 500-600 million.
- • Minimum SMA funding is typically USD 250,000 or USD 500,000, with the Cayman fund launched in October 2025 carrying a USD 250,000 minimum.
Summary
Edgehill Investment Group's Hades strategy has won The Hedge Fund Journal's 2026 Digital Currency Award for best performing fund in 2025 in the Short Only category, according to the publication's profile in Issue 180. The strategy generated triple-digit returns in 2025 with some leverage. Portfolio manager and EIG founder Kennedy Mitchell describes Hades as a tactical, short-biased digital currency strategy that differs from inverse or leveraged crypto ETFs: it varies both the level of short exposure and the coins traded, can shift to a relative value stance, or can hold no position when signals warrant.
Mitchell, who previously worked as an FX and macro portfolio manager at several large hedge funds, says he holds no fundamental view on any digital currency and trades model signals driven by proprietary technical patterns combined with traditional technical analysis. Hades launched in March 2024 as an SMA, following Prometheus, the firm's Cryptocurrency long/short strategy launched in October 2020. According to Preqin data cited by the publication, Hades has delivered a Sortino ratio above 12, while Prometheus has annualized at about 160% since inception with worst drawdowns of about 27% and a Sortino of 5.74. Shorts account for about 80% of Hades' profits.
The strategy reports a hit rate approaching 75% and a win/loss ratio around 3:1, with positions typically set at a risk/reward ratio of at least 2.5 to 1. Trade timeframes range from two hours to a few days, with weekly turnover of 4-5 times and 0 to 7 trades per day. The strategy is usually exposed to about three markets at any time and can be flat for a week or more. Its universe has expanded from 10 to 25 coins, though 80% of profits have come from the top five. Only delta 1 instruments are currently used.
As of June 2026, assets under management were USD 43 million across managed accounts and the fund, and Mitchell envisages strategy capacity of USD 500-600 million. SMA minimums are usually USD 250,000 (for maximum notional of USD 1.25-2.5 million) or USD 500,000 (for USD 2.5-5 million notional), with typical funding around 20% of notional. SMA owners choose exchanges, including OKX and Binance, while the fund uses Phemex. The Cayman fund launched in October 2025 with a USD 250,000 minimum investment. Fund administrators include NAV Consulting and GlobeOp.
Mitchell, who previously worked as an FX and macro portfolio manager at several large hedge funds, says he holds no fundamental view on any digital currency and trades model signals driven by proprietary technical patterns combined with traditional technical analysis. Hades launched in March 2024 as an SMA, following Prometheus, the firm's Cryptocurrency long/short strategy launched in October 2020. According to Preqin data cited by the publication, Hades has delivered a Sortino ratio above 12, while Prometheus has annualized at about 160% since inception with worst drawdowns of about 27% and a Sortino of 5.74. Shorts account for about 80% of Hades' profits.
The strategy reports a hit rate approaching 75% and a win/loss ratio around 3:1, with positions typically set at a risk/reward ratio of at least 2.5 to 1. Trade timeframes range from two hours to a few days, with weekly turnover of 4-5 times and 0 to 7 trades per day. The strategy is usually exposed to about three markets at any time and can be flat for a week or more. Its universe has expanded from 10 to 25 coins, though 80% of profits have come from the top five. Only delta 1 instruments are currently used.
As of June 2026, assets under management were USD 43 million across managed accounts and the fund, and Mitchell envisages strategy capacity of USD 500-600 million. SMA minimums are usually USD 250,000 (for maximum notional of USD 1.25-2.5 million) or USD 500,000 (for USD 2.5-5 million notional), with typical funding around 20% of notional. SMA owners choose exchanges, including OKX and Binance, while the fund uses Phemex. The Cayman fund launched in October 2025 with a USD 250,000 minimum investment. Fund administrators include NAV Consulting and GlobeOp.
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