LIQUIDITY + CAPITAL STABILITY
Current Obligations Reserve
Capital reserved for scheduled and reasonably foreseeable distributions, taxes, expenses, and administrative needs is intended to reduce reliance on selling long-duration assets.
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Digital assets, evaluated through a trust’s purpose.
A long-duration allocation must align with the trust’s governing authority, beneficiary needs, liquidity requirements, and oversight process.
THE TRUST MANDATE
What the trust portfolio must do
A trust portfolio translates the governing instrument into a capital plan for current and future beneficiaries. It must fund distributions, taxes, expenses, and other foreseeable obligations while preserving capital for the trust’s longer-term purposes.
Those responsibilities can be viewed through two portfolio functions: capital reserved for current obligations and capital invested for long-term stewardship.
START WITH THE GOVERNING INSTRUMENT↓
WHAT THE TRUST PERMITS
Start with governing authority and responsibility
The governing instrument, applicable law, and approval process establish the trustee’s investment authority, distribution responsibilities, and oversight requirements. Those constraints define the investment universe before portfolio role or manager selection is considered.
TRANSLATE PURPOSE INTO PORTFOLIO RESPONSIBILITIES↓
Separate near-term funding needs from capital available for long-term stewardship.
Actual account structure remains subject to the governing instrument and trustee implementation.
LONG-TERM TOTAL RETURN
Long-Term Stewardship Portfolio
Capital the trustee determines can remain invested across the trust’s long-term horizon may pursue total return, purchasing-power preservation, and future distributions within the trust’s risk parameters.
IDENTIFY ELIGIBLE LONG-TERM CAPITAL↓
03 / ALLOCATION CAPACITY
Determine whether long-term capital can support an allocation
The trustee and advisers assess authority, expected distributions, liquidity, time horizon, and capacity for loss. Portfolio role, diversification, tax effects, costs, and oversight requirements shape the final review.
- GOVERNING AUTHORITY
- DISTRIBUTIONS + LIQUIDITY
- TIME HORIZON + LOSS CAPACITY
- ROLE WITHIN THE TOTAL PORTFOLIO
- DIVERSIFICATION + CONCENTRATION
- TAX, COST + OVERSIGHT REQUIREMENTS
DEFINE THE ROLE INSIDE THE LONG-TERM PORTFOLIO↓
Digital assets within long-term stewardship
Where authorized and approved, a digital asset allocation provides exposure to open financial networks and programmable financial infrastructure within the long-term portfolio.
ILLUSTRATIVE LONG-TERM STEWARDSHIP PORTFOLIO
Six equal slices identify portfolio categories and correspond to the color-coded key. The outlined digital asset sleeve is part of the long-term portfolio.
- Public equities
- Fixed income
- Private markets
- Real estate
- Commodities
- Digital assets
Illustrative portfolio architecture. Equal slices identify categories and do not represent current or target weights. No allocation recommendation is presented.
TRUST CHALLENGES / FUND SOLUTION
See each trust constraint alongside a specific Fund response.
If the trustee and its advisers determine that long-term capital may support an allocation, the next review covers authority, funding, implementation, valuation, monitoring, and reporting.TRUST CHALLENGE
What the trustee must evaluate
FUND SOLUTION
How Marietta DeFi Fund LP can help
TRUST CHALLENGE 01
Authority and approval
The trustee and its legal and investment advisers determine whether the governing instrument, applicable law, and approval process permit the allocation.
FUND SOLUTION 01
Materials for formal review
Offering documents, fund terms, risk disclosures, and operating information are available for the trustee’s legal, investment, and approval process.
TRUST CHALLENGE 02
Beneficiary needs and liquidity
Distributions, taxes, expenses, and other obligations may arise before a long-duration investment becomes liquid.
FUND SOLUTION 02
Terms evaluated against cash needs
The trustee and its advisers can compare the Fund’s holding and redemption terms with scheduled and reasonably foreseeable obligations.
TRUST CHALLENGE 03
Operational complexity
Direct ownership requires custody, execution, protocol selection, valuation, monitoring, and risk oversight.
FUND SOLUTION 03
Delegated investment implementation
The Fund consolidates access to TPS research, portfolio construction, risk monitoring, and onchain implementation through one fund interest.
TRUST CHALLENGE 04
Reporting and continuity
Records must remain usable across tax cycles, beneficiary reviews, and changes in trustee or adviser.
FUND SOLUTION 04
Ongoing investor communication
Fund reporting and manager communications provide inputs for the trustee’s recordkeeping and oversight processes.