Challenging markets, solid results
September brought intense volatility, geopolitical tensions, and a relentless rise in gold prices.
In this environment, Income Capital Management’s strategies demonstrated resilience and consistency, remaining aligned with each fund’s defined risk profile.
“With discipline, diversification, and a rigorous risk-based approach, it’s possible not only to withstand uncertainty but to transform it into opportunity,” said the management team.
Forex Fund (Aggressive Level)
September 2025: +2.30%
January–September 2025: +28.16%
Since inception (April 2024): +58.21%
Since early August, the fund has adopted a more cautious and prudent approach to counter the exceptionally high volatility in currency markets.
The consistent monthly gains confirm the strategy’s flexibility and strong risk control.
Real Estate Fund
September 2025: +0.45%
January–September 2025: +6.44%
Since inception (April 2024): +12.64%
Despite the usual summer slowdown, the Real Estate Fund continues to post steady growth.
With the return of the autumn season, the sector is expected to accelerate, supported by persistent demand for tangible assets.
Physical Gold
Purchased in September: 1.6 kg
Gold in custody: 11.6 kg
Market value as of 30.09.2025: €1,228,440 (€105.90/gr.)
The increase in physical gold holdings reflects investors’ continued search for protection, further reinforced by the strong rise in the spot gold price during the period.
Transparency and long-term vision
These results confirm the effectiveness of Income Capital Management’s operational model, based on:
disciplined risk management,
diversified exposure across Forex, Real Estate, and Physical Assets,
and full transparency towards investors.
Statement from the CEO
“In a market defined by uncertainty, what truly makes the difference is strategy and discipline. September proved once again that strong performance is possible even in challenging conditions.” —Paolo Volpicelli, CEO, Income Capital Management s.r.o.
About Income Capital Management
Income Capital Management s.r.o. is an independent asset management company headquartered in Prague and Zurich, specializing in alternative investment strategies and multi-asset funds.
The company’s mission is to deliver diversified and transparent investment solutions built on risk control, discipline, and long-term value creation.
