Introduction

This is the first performance review of The Crown Macro Letter, covering the period from inception on December 22, 2025 through June 26, 2026. The next review will cover the second half of 2026.

The Crown Macro Letter is published by Nicholas Crown Enterprises LLC. This review presents hypothetical model results derived from ideas published in the letter.

Results

Over the review period:

• Non-options ideas produced a modeled compounded return of +37.7% across 20 closed trades. Win rate was 68%.
• Options ideas produced a modeled compounded return of +47.4% across 15 closed trades. Win rate was 67%.
• Average holding period across all closed trades was 12 days.

Computation methodology

Performance is tracked on the trade ideas published in The Crown Macro Letter and resolved during the review period. A trade is counted as closed when the letter has published an exit, a stop level has been hit, or the position has otherwise been called done in the letter. Positions still open as of June 26, 2026 are not included in this review and will be reported in the next review when they resolve.

Ideas that did not carry an unambiguous published entry and exit are excluded, even when the resulting move was favorable.

Each idea is weighted by a risk-size assigned at the time of publication, on a discrete grid of 0.25, 0.5, 0.75, or 1.0. A full-risk-size position is counted in full, and smaller positions are scaled down in proportion. Risk-size reflects conviction, relative volatility, capital constraints, and the prevailing risk environment at the time of the call. Because available capital and risk appetite differ from one reader to the next, another participant sizing the same idea would arrive at different outcomes.

Positions entered or exited in tranches are recorded as a single trade with a blended profit and loss, weighted by the size of each tranche. The entry date is the date of the first entry and the exit date is the date of the final exit. Risk-size is set at the time of the first entry and is not adjusted for subsequent scaling.

Non-options and options are reported separately because option returns move in multiples and would distort the non-options figure if combined. Non-options covers equities, ETFs, futures, foreign exchange, and relative-value pairs. Results are compounded within each column across the period, sequenced by exit date. We do not publish a blended figure because the appropriate weighting between the two columns depends on each reader's capital, risk tolerance, and use of options.

Non-options trades compound sequentially at full stake, meaning each trade's return is applied to the running equity from prior trades. Options compound on a 15% premium fraction per trade. This is a risk management constraint. We cap each options idea at 15% of the running equity to avoid over-committing capital to any single premium-at-risk position, consistent with how an institutional book would size a directional options sleeve. A full -100% on the position therefore costs 15% of the line, not the entire line, and gains scale on the same fraction. For defined-risk short premium structures such as credit spreads, the 15% fraction is applied to the structure's maximum loss rather than the premium received.

Entry and exit levels are reported as close to actual fills as possible using mid-market at the time of publication. For options, achievable fills can differ materially from mid-market depending on strike, liquidity, and timing, and realized results will be lower than the modeled figures shown here. Exits include stops hit, targets reached, and discretionary closes called in the letter.

Average holding period figures reflect a simple mean across closed trades, unweighted by risk-size.

The complete trade ledger follows and lists every closed trade and the resulting return.