Probation Period Review — Fund Operations Foundation (2025 H2)
Overview
Probation period report covering September 19 to December 19, 2025 — establishing the foundational fund operations infrastructure for TradeMaster Global Investment Fund I (TGIF I).
Scope of Work
1. Fund Operations
- Track daily fund performance and produce the daily fund performance report
- Prepare and update monthly NAV-related reports and working papers
- Serve as the fund's external communication window for operations-related matters
2. Client Account Opening (Type 1 License)
- Assist clients with account opening documentation, document collection, and gap tracking
- Develop familiarity with documentation requirements and common issues
3. Investment Research & Options Learning
- Establish daily market monitoring and stock tracking habits
- Build foundational options concepts and decision-making framework through fund manager guidance and self-study
Key Deliverables
Daily Fund Performance Report
Built and maintained the portfolio monitoring daily report, integrating holdings market value, cash, NAV, cumulative/period returns, and current P&L into a single consolidated view.
Key features:
- Holdings and options position summary
- Options notional amount/exposure and Greeks (Delta, Theta, etc.)
- Correlation matrix, VaR/Beta risk indicators
- Multiple underlying worksheets linked for calculation and cross-checking
Impact: Provides the fund manager with a daily report for quick assessment of portfolio status, P&L sources, and key risks. Consolidates previously scattered information onto a single page, reducing manual compilation time and risk of omissions. Report framework is extensible and forms a reusable daily report template.
Monthly NAV Calculation & Tracking
Built the fund's NAV calculation working papers, with calculations aligned to the fund administrator's methodology. Uses consistent logic to decompose assets/liabilities, fees, interest, cash, and position changes. Designed as a daily-updatable NAV tracking sheet for continuous monitoring throughout the month.
Impact: Provides intra-month NAV monitoring and pre-reconciliation capability — enabling proactive identification of NAV trends and variance sources before the fund admin's monthly report arrives. Creates reusable working papers improving NAV calculation consistency.
Investor Net Value Reports
Built the investor report calculation working papers, consolidating NAV, position, exposure, and contribution data to generate Class B and Class C monthly reports.
Impact: Stable monthly investor report production with consistent exposure/contribution calculations.
Client Account Opening
Processed multiple account opening cases, developing the ability to quickly identify missing client documentation and common issues.
Investment Research & Options
Maintained daily market tracking. Options understanding progressively built through practical application of Greeks (especially Delta/Theta) to fund positions, quantifying options exposure via delta-equivalent methodology. Began exploring premium selling strategies — evaluating implied volatility, option return rates, and annualized comparisons across different underlyings and tenors.
Skills Development
- Fund operations perspective: Evolved from primarily number verification and result confirmation (prior EY experience) to building a complete fund operations perspective — understanding NAV formation drivers (positions, market value, cash, fees/interest, options exposure) and implementing them into daily-updatable working papers and reporting workflows
- Investment research & options: Established daily monitoring habits, progressively built options understanding and began combining fundamentals, technicals, and flow analysis for stock selection
- Operational efficiency: Continuously updated reusable working papers, improved account opening processes
Challenges & Improvements
| Challenge | Actions Taken | Next Steps | |-----------|---------------|------------| | NAV estimates may diverge from fund admin calculations — requiring repeated verification and working paper updates | Monthly comparison with fund admin NAV Pack, item-by-item reconciliation of assets/liabilities, fees, interest, cash. Continuously updated calculation logic and data sources | Continue improving estimation accuracy and speed. Treat each NAV Pack comparison as a calibration opportunity | | Account opening documentation gaps affecting processing efficiency | Developed faster gap identification through case experience | Create standardized checklist for document completeness verification | | Options strategy and market understanding requires accumulated experience | Applied Greeks practically through daily report working papers. Began focusing on premium selling — evaluating premium, implied volatility, option return rates for cross-comparison | Formalize entry/exit/holding/risk management rules. Combine stock selection + options analysis with fundamental + technical/flow analysis |
Next Phase Plan
Near-term (1-3 months)
- Maintain stable daily report output, continue refinement per fund manager requirements
- Improve NAV estimation accuracy and month-end reconciliation speed
- Enhance account opening and trading support efficiency
- IPO order support capability (computer setup completed)
Medium-term (3-12 months)
- Deepen stock selection and options analysis — build trading strategy framework combining fundamentals (Tier 1/2/3 concept), technicals/flow as supporting signals
- CFA Level I preparation (registered)
Report Date: January 30, 2026