PANews reported on November 22 that according to Bloomberg, the Alpha Long Biased strategy of investment management company Pythagoras Investment Management has been launched for nearly a year. Except for two months, the fund has outperformed Bitcoin every month. The increase so far this year is about 230%, and 206% after deducting fees.

Pythagoras’ Bitcoin-beating fund, which holds about $5 million in assets, is the smallest of the four strategies Mitchell Dong runs among the roughly $130 million his firm manages. The other three funds haven’t delivered similarly stunning returns: They’ve gained between 13% and 34% so far this year.

The Alpha Long Biased strategy consists of several components. First, one-third of the core position is Bitcoin itself. Another third uses a trend-following strategy, going long with 2x leverage when the cryptocurrency market rises and vice versa when the market falls. The rest uses a long-short strategy that remains market neutral, beta neutral, and dollar neutral.