INVESTOR RELATIONS
A term. And a named successor.
Quarterly ledgers and annual reports travel through the registered holder channel. This website publishes summaries; it has no login and accepts no subscriptions.
2151-06-30
Performance overview
318.62 bn CU
214 active obligations
3.1% 2150 net return
Fund I has distributed CU 39.1 billion in total: 3.4× net return and approximately 2.5% annualised across fifty years. Amounts are in CU, the Xigang League clearing unit. Past performance does not assure future results.
Fund vintages
| Fund | Start / end | Commitment (bn CU) | NAV (bn CU) | Obligations total / active | Largest bloc | Status |
|---|---|---|---|---|---|---|
| Fund I | 2101 / 2151 | 12.6 | 3.82 | 37 / 6 | 0% | Winding down |
| Fund II | 2111 / 2161 | 28.8 | 51.20 | 51 / 48 | 4.1% | Operating |
| Fund III | 2121 / 2171 | 41 | 68.80 | 57 / 55 | 8.7% | Operating |
| Fund IV | 2131 / 2181 | 55.2 | 74.10 | 47 / 47 | 11.2% | Operating |
| Fund V | 2141 / 2191 | 76 | 81.20 | 44 / 44 | 14.9% | Investing |
| Fund VI | 2151 / 2201 | 90 target / 61.2 committed | 39.50 | 14 / 14 | 14.8% | Raising |
Fund VI targets CU 90 billion. Its first close was in June 2151; its second on 2151-09-12. CU 61.2 billion is committed.
Fund I expiry
- Final quarterly valuation · completed
- Holder meeting
- Fund I expires · founders’ letter opens
- Scheduled final distribution and ledger closure
Of 37 obligations, 31 have transferred, five are transferring to Fund VI or the Maintenance Guild, and one seeks a successor: OB-2104-03. The board proposes CU 3.69 billion cash distribution from NAV of CU 3.82 billion, retaining the balance for the staircase until a named successor takes over.
2101 → 2152
The founders’ letter
Fund I has matured. The founders’ letter is now open.
Sealed in 2101. Opened on the day the term expires.
—
To the holders of 2151:
This spring, as we write, the city has just signed an accord. Ten blocs spent ten years in Coastal City discussing a century ahead. We dare to discuss only fifty years.
We tend the locks, repair the pipes and look after the housing wells. We have seen a floor grow in a quarter, and nobody willing to repair it ten years later. This money is not meant to make somebody rich. It is meant to ensure that, fifty years from now, people who repair things are still paid.
If some of this money remains when it reaches you, give it to the next person willing to mend things. If the old staircase from Well 14 to the terrace is still there, please do not let it be locked. We promised the children in the well that they would always be able to see the sky from the terrace.
Some promises take fifty years to mean something. When that time comes, please remember.
Port Authority Staff Pension Pool · Maintenance Guild · Well Council
April 2101
2151 holder meeting
2151-11-18 · Hall, 41st floor, Port Authority Building; relayed through the holder channel
- Final-distribution proposal for Fund I
- Transfer of Fund I’s six remaining obligations
- Proposal, co-signed by two Fund VI holders, to raise the single-bloc contribution ceiling from 15% to 20%. The board advises against it: more money for new rings would come at the price of League neutrality
- Election of three Supervisory Committee seats
2150 annual-report summary
Net return 3.1%; 22 new maintenance obligations; 99.2% on-time completion. Three late items: Ring Line segment 9 twice and the Algae Fields light array once. Delays remain in the ledger alongside asset performance.
Holder composition · all vintages combined
- Port Authority Staff Pension Pool
- 18%
- Xigang City Council public reserve
- 15%
- Digital Residents’ Union · copy-continuation trust
- 12%
- Maintenance Guild mutual fund
- 9%
- Well Council public reserve
- 7%
- Algae Cooperative member annuities
- 6%
- Homecoming Society member savings pool
- 3%
- Sanatorium Ring patient mutual-aid society
- 2%
- Other League free-port pensions and reserves
- 17%
- Signatory bloc sovereign reserves, combined (unnamed)
- 11%
Risk factors
Orbital berths
Fund V housing modules depend on berth scheduling at Huantian Public Port. Rising bloc demand may defer access and the start of leases.
Discharge-allowance review
Article Three allocation was unresolved at the 2150 first review, with talks to resume after ten years. A population-based transition could reduce cooling-asset maintenance-fee income.
Bloc concentration
The largest contributions to Funds V and VI are close to the ceiling. A higher limit would affect our neutrality within the League.
Non-revenue obligations
The old staircase and shoreline wall generate no income. Their costs are borne pro rata by fund holders.
Confidential projects
OB-2118-01 does not disclose its name or counterparty. Holders may inspect it through the Supervisory Committee.
Term
No redemption during the fifty-year term. Units may transfer only to other eligible holders during the annual window.
Venture allocation
The 2143 board resolution caps venture investments without maintenance obligations at 1% of the five funds combined. Current exposure is through MageFund III and IV.
Governance & holder rights
Seven board seats: one for each of the three founding bodies, three elected by holders, one independent. The Supervisory Committee has five seats. Transfers of obligations and changes to terms or contribution ceilings require a two-thirds vote.
- Information: quarterly ledgers and annual reports; confidential projects through the Supervisory Committee.
- Voting: transfers of named obligations, terms and ceilings.
- Terms: funds and obligations have endpoints; responsibility cannot become unnamed at expiry.
Holder access
Ledgers and reports are sent through the registered holder channel. There is no website login. If you have not received your quarterly ledger, write to Investor Relations with your vintage. Email is not a subscription or payment channel.
Investor Relations contact
Idris Halloran · Head of Investor Relations
morrowaccord@gmail.comWe never ask anyone to pay by email. Ignore such requests and notify us.