Investment Committee Newsletters - October 2025-February 2026

Rei · March 11, 2026, 5:42pm

Investment Committee Newsletter - October 2025 to February 2026

The Investment Committee is catching up on a backlog of monthly newsletters, covering October 2025 through February 2026. The individual monthly reports are posted as replies to this thread. We intend to return to a regular monthly cadence from here.

Summary of the period

The Capital Pool opened October 2025 at 49.5k ETH and closed February 2026 at 49.1k ETH. Beneath this broadly stable headline, a number of notable developments took place across the five months.

stETH and rETH divestments

Three divestments were executed during the period pursuant to the Divestment
Framework:

October 2025: 2,000 WETH of stETH sold on 22 October
November 2025: 1,083 WETH of rETH sold across three fills on 24–26 November
December 2025: 917 WETH of rETH sold on 1 December

Approximately 4,000 WETH was raised across these transactions in total.

Morpho Steakhouse allocation

In December, idle WETH within the Enzyme vault was deployed to the Morpho Steakhouse ETH Vault. The impact is visible in the Enzyme vault returns from December onwards: APY improved from 1.08% in November to 2.35% in December and 2.32% in January, before falling back to 1.49% in February.

RAMM outflows

RAMM net redemptions ran at 2.7k ETH in October and 1.2k ETH in November, then fell sharply to below 1,000 ETH/month from December onwards: 144 ETH in December, 821 ETH in January, and 479 ETH in February. The reduction in outflows was a key driver of the Capital Pool recovering to 49.1k ETH by the end of February.

ETH/NXM book value

ETH/NXM book value increased from 0.023885 at the start of October to 0.026459 at the end of February, a gain of approximately 10.8% over the five-month period. The primary driver across most months was the positive FX impact of falling ETH/USD prices on stablecoin and Cover Re holdings, with investment returns, cover fees and RAMM value capture contributing steadily throughout.

Rei · March 11, 2026, 5:46pm

Investment Committee Newsletter - October 2025

The Investment Committee team presents its October 2025 newsletter, where we share insights surrounding the Capital Pool and Nexus Mutual’s investments. The goal is to make key data transparent and easily accessible to everyone.

State of the Capital Pool

Monthly Change - ETH value

The Capital Pool decreased by 4.61% in ETH terms this month, from 49.5k to 47.3k ETH. Withdrawals through the RAMM, which totaled 2.7k ETH in redemptions, were the primary factor in this decline. A positive stablecoin FX impact, Cover Fee income, and Investment returns all contributed positively.

The various impacts on the capital pool are summarised in the waterfall chart below.

The cover fee income is net of distribution commissions and excludes covers paid for in NXM. In such a case, the cover fee gets burned and there is no change in the Capital Pool.

Monthly Change in NXM Book Value

The Capital Pool’s ETH/NXM value rose from 0.023885 to 0.024108, representing an 11.2% annualized increase for the month. This growth was primarily driven by the positive stablecoin FX impact, with additional contributions from RAMM activity and investment returns.

The various impacts on the capital pool are summarised in the waterfall chart below.

→ Members can track protocol’s revenue on the Financials Dune Dashboard
→ Members can track in/outflows on the Ratcheting AMM Dune Dashboard
→ Members can track the cover income on the Covers Dune Dashboard

End of Month Pool Split

The split of the Capital Pool at the end of Oct '25 in ETH terms is as follows.

→ Members can find the updated split at any time on the Capital Pool and Ownership Dune Dashboard

State of the Investments

In the last month, the Mutual earned 73.9 ETH on its investments, overall, as broken down below.

stETH Monthly Return: 30.286
stETH Monthly APY: 2.834%

rETH Monthly Return: 24.387
rETH Monthly APY: 2.583%

Enzyme Vault Monthly Return: 19.265
Enzyme Vault Monthly APY: 1.539%
Enzyme Vault includes EtherFi investments

Total ETH Earned: 73.939
Total Monthly APY: 1.848%
Based on average Capital Pool amount over the monthly period

All returns after fees

During the month, 2,001 WETH of stETH was sold via CoW Swap on 22 October, in line with the Divestment Framework. The returns figures above reflect performance net of this divestment.

Active staking investments yielded between 1.5% and 2.8% APY this month, reflecting healthy ETH staking returns. Overall, based on the average Capital Pool value for the month, investments returned 1.8% APY.

Rei · March 11, 2026, 5:49pm

Investment Committee Newsletter - November 2025

The Investment Committee team presents its November 2025 newsletter, where we share insights surrounding the Capital Pool and Nexus Mutual’s investments. The goal is to make key data transparent and easily accessible to everyone.

State of the Capital Pool

Monthly Change - ETH value

The Capital Pool decreased by 0.19% in ETH terms this month, from 47.3k to 47.2k ETH. Withdrawals through the RAMM, which totaled 1,236 net redemptions, were the primary factor in this decline. However, a significant positive stablecoin FX impact of 978 ETH partially offset this, while Cover Fees (+111 ETH) and Investment returns (+59 ETH) also contributed positively.

The various impacts on the capital pool are summarised in the waterfall chart below.

The cover fee income is net of distribution commissions and excludes covers paid for in NXM. In such a case, the cover fee gets burned and there is no change in the Capital Pool.

Monthly Change in NXM Book Value

The Capital Pool’s ETH/NXM book value rose from 0.024153 to 0.024736. This growth was primarily driven by the significant positive FX impact from stablecoin holdings, with additional contributions from Cover Fees, Investment Returns, and value added through the RAMM.

The various impacts on the capital pool are summarised in the waterfall chart below.

→ Members can track protocol’s revenue on the Financials Dune Dashboard
→ Members can track in/outflows on the Ratcheting AMM Dune Dashboard
→ Members can track the cover income on the Covers Dune Dashboard

End of Month Pool Split

The split of the Capital Pool at the end of Nov '25 in ETH terms is as follows.

→ Members can find the updated split at any time on the Capital Pool and Ownership Dune Dashboard

State of the Investments

In the last month, the Mutual earned 58.8 ETH on its investments, overall, as broken down below.

stETH Monthly Return: 25.337
stETH Monthly APY: 2.654%

rETH Monthly Return: 19.314
rETH Monthly APY: 2.076%

Enzyme Vault Monthly Return: 14.107
Enzyme Vault Monthly APY: 1.082%
Enzyme Vault includes EtherFi investments

Total ETH Earned: 58.758
Total Monthly APY: 1.502%
Based on average Capital Pool amount over the monthly period

All returns after fees

During the month, 1,083 WETH of rETH was sold via CoW Swap over 24–26 November (three fills: 151 WETH, 855 WETH, and 78 WETH), in line with the Divestment Framework. The returns figures above reflect performance net of these divestments.

Active staking investments yielded between 1.1% and 2.7% APY, with stETH delivering the strongest return at 2.654% APY, followed by rETH at 2.076% APY, and the Enzyme Vault (EtherFi investments) at 1.082% APY. Overall, based on the average Capital Pool value for the month, investments returned 1.502% APY.

Rei · March 11, 2026, 5:52pm

Investment Committee Newsletter - December 2025

The Investment Committee team presents its December 2025 newsletter, where we share insights surrounding the Capital Pool and Nexus Mutual’s investments. The goal is to make key data transparent and easily accessible to everyone.

State of the Capital Pool

Monthly Change - ETH value

The Capital Pool increased by 0.18% in ETH terms this month, from 47.2k to 47.3k ETH. Cover fee income (95 ETH), investment returns (69 ETH), and a positive stablecoin FX impact (64 ETH) all contributed to the increase. Notably, RAMM net redemptions were significantly below recent months at just 144 ETH, allowing the three positive drivers to outweigh outflows.

The various impacts on the capital pool are summarised in the waterfall chart below.

The cover fee income is net of distribution commissions and excludes covers paid for in NXM. In such a case, the cover fee gets burned and there is no change in the Capital Pool.

Monthly Change in NXM Book Value

The Capital Pool’s ETH/NXM book value rose from 0.024742 to 0.024838, representing a 4.65% annualised increase for the month. Investment returns (0.036), stablecoin FX impact (0.034), and cover fee income (0.025) all contributed to the gain.

The various impacts on the capital pool are summarised in the waterfall chart below.

→ Members can track protocol’s revenue on the Financials Dune Dashboard
→ Members can track in/outflows on the Ratcheting AMM Dune Dashboard
→ Members can track the cover income on the Covers Dune Dashboard

End of Month Pool Split

The split of the Capital Pool at the end of Dec '25 in ETH terms is as follows.

→ Members can find the updated split at any time on the Capital Pool and Ownership Dune Dashboard

State of the Investments

In the last month, the Mutual earned 69.3 ETH on its investments, overall, as broken down below.

stETH Monthly Return: 25.207
stETH Monthly APY: 2.635%

rETH Monthly Return: 15.662
rETH Monthly APY: 1.990%

Enzyme Vault Monthly Return: 28.48
Enzyme Vault Monthly APY: 2.349%
Enzyme Vault includes EtherFi and Morpho Steakhouse Vault investments

Total ETH Earned: 69.349
Total Monthly APY: 1.775%
Based on average Capital Pool amount over the monthly period

All returns after fees

During the month, 917 WETH of rETH was sold via CoW Swap on 1 December, in line with the Divestment Framework. The returns figures above reflect performance net of this divestment. Idle WETH within the Enzyme vault was also allocated to the Morpho Steakhouse ETH Vault during the month, which should contribute to a slightly higher Enzyme return going forward.

Active investments yielded between 1.99% and 2.64% APY, reflecting steady ETH returns across all positions. The Enzyme vault, which includes EtherFi and Morpho Steakhouse Vault investments, returned 2.35% APY. Overall, based on the average Capital Pool value for the month, investments returned 1.78% APY.

Rei · March 11, 2026, 5:56pm

Investment Committee Newsletter - January 2026

The Investment Committee team presents its January 2026 newsletter, where we share insights surrounding the Capital Pool and Nexus Mutual’s investments. The goal is to make key data transparent and easily accessible to everyone.

State of the Capital Pool

Monthly Change - ETH value

The Capital Pool increased by 0.23% in ETH terms this month, from 47.3k to 47.4k ETH. A sharp drop in the ETH price from $2,977 to $2,578 created a significant positive FX impact of 735 ETH from stablecoin and Cover Re holdings. This was largely offset by RAMM net redemptions of 821 ETH, with investment returns (74 ETH) and cover fee income (120 ETH) also contributing positively.

The various impacts on the capital pool are summarised in the waterfall chart below.

The cover fee income is net of distribution commissions and excludes covers paid for in NXM. In such a case, the cover fee gets burned and there is no change in the Capital Pool.

Monthly Change in NXM Book Value

The Capital Pool’s ETH/NXM book value rose from 0.024841 to 0.025312, representing a 22.8% annualised increase for the month. The dominant driver was the positive FX impact from the fall in ETH price, which contributed 0.39 ETH per 1000 NXM — 83% of the total 0.47 gain. Investment returns and cover fees contributed a further 0.07, with the RAMM adding 0.02.

The various impacts on the capital pool are summarised in the waterfall chart below.

→ Members can track protocol’s revenue on the Financials Dune Dashboard
→ Members can track in/outflows on the Ratcheting AMM Dune Dashboard
→ Members can track the cover income on the Covers Dune Dashboard

End of Month Pool Split

The split of the Capital Pool at the end of Jan '26 in ETH terms is as follows.

→ Members can find the updated split at any time on the Capital Pool and Ownership Dune Dashboard

State of the Investments

In the last month, the Mutual earned 73.7 ETH on its investments, overall, as broken down below.

stETH Monthly Return: 24.217
stETH Monthly APY: 2.525%

rETH Monthly Return: 21.221
rETH Monthly APY: 2.709%

Enzyme Vault Monthly Return: 28.257
Enzyme Vault Monthly APY: 2.324%
Enzyme Vault includes EtherFi and Morpho Steakhouse Vault investments

Total ETH Earned: 73.695
Total Monthly APY: 1.883%
Based on average Capital Pool amount over the monthly period

All returns after fees

Active investments yielded between 2.32% and 2.71% APY, with all positions delivering consistent ETH returns. Overall, based on the average Capital Pool value for the month, investments returned 1.88% APY.

Rei · March 11, 2026, 5:59pm

Investment Committee Newsletter - February 2026

The Investment Committee team presents its February 2026 newsletter, where we share insights surrounding the Capital Pool and Nexus Mutual’s investments. The goal is to make key data transparent and easily accessible to everyone.

State of the Capital Pool

Monthly Change - ETH value

The Capital Pool increased by 3.52% in ETH terms this month, from 47.4k to 49.1k ETH. The dominant driver was a positive FX impact of +1,962 ETH from stablecoin and Cover Re holdings: ETH/USD fell from $2,578 to $1,909 during February, causing USD-denominated assets to be worth more ETH. Cover fee income (+131 ETH) and investment returns (+57 ETH) also contributed positively. RAMM net redemptions of -479 ETH were the main offsetting factor.

The various impacts on the capital pool are summarised in the waterfall chart below.

The cover fee income is net of distribution commissions and excludes covers paid for in NXM. In such a case, the cover fee gets burned and there is no change in the Capital Pool.

Monthly Change in NXM Book Value

The Capital Pool’s ETH/NXM book value rose from 0.025342 to 0.026459, a 4.41% increase for the month. The stablecoin FX impact was again the dominant driver, accounting for 1.05 of the 1.12 ETH/1000 NXM total gain — approximately 94% of the increase. Cover fee income and investment returns contributed the remainder, while the value add from RAMM was minimal.

The various impacts on the capital pool are summarised in the waterfall chart below.

→ Members can track protocol’s revenue on the Financials Dune Dashboard
→ Members can track in/outflows on the Ratcheting AMM Dune Dashboard
→ Members can track the cover income on the Covers Dune Dashboard

End of Month Pool Split

The split of the Capital Pool at the end of Feb '26 in ETH terms is as follows.

→ Members can find the updated split at any time on the Capital Pool and Ownership Dune Dashboard

State of the Investments

In the last month, the Mutual earned 57.2 ETH on its investments, overall, as broken down below.

stETH Monthly Return: 22.084
stETH Monthly APY: 2.295%

rETH Monthly Return: 16.208
rETH Monthly APY: 2.058%

Enzyme Vault Monthly Return: 18.868
Enzyme Vault Monthly APY: 1.493%
Enzyme Vault includes EtherFi investments

Total ETH Earned: 57.16
Total Monthly APY: 1.430%
Based on average Capital Pool amount over the monthly period

All returns after fees

Active investments yielded between 1.5% and 2.3% APY. Overall, based on the average Capital Pool value for the month, investments returned 1.43% APY.