Lion AirCapital
Tiếng Việt
Three Horizons

The Three-Horizon System

Long – Medium – Short, linked by six capital-flow rules. This is the operating backbone of the fund.

PE/VC capital-call reserveLong-term cash-flow recycleCycle harvestAnnual rebalanceProfit sweepReserve refillLong-term5+ years · Generational assets55% (45–65%)Medium-term1 – 5 years · Capture the cycle30% (20–40%)Short-termUnder 12 months · Liquidity & opportunity15% (10–25%)
5+ years

Long-term

Generational assets
55%45–65%
Objective

Accumulate assets that compound across cycles: high-quality equities, subsidiaries, physical gold, core crypto and pension assets.

Liquidity

Low. No withdrawals except for family events approved by the Council.

Risk budget

Tolerates large price swings (drawdowns up to 40% in risk assets) as long as the underlying thesis is intact.

Rebalancing

Annual review. Rebalance only when outside the band or when the thesis changes.

KPIs
  • 10-year CAGR ≥ inflation + 6%
  • Cash-flowing assets (dividends, subsidiary profits) ≥ 40% of book
  • Zero forced sales due to liquidity
1 – 5 years

Medium-term

Capture the cycle
30%20–40%
Objective

Exploit economic, sector and crypto (halving) cycles, plus venture positions with a 3–5 year exit horizon.

Liquidity

Medium. Can be unwound over 1–4 quarters if needed.

Risk budget

Maximum 25% drawdown on the whole book; each position carries a thesis-based stop.

Rebalancing

Quarterly review on the Investment Committee calendar.

KPIs
  • Rolling 3-year return beats VN-Index + 3%/yr
  • Thesis hit-rate ≥ 55%
  • No single position above 10% of NAV
Under 12 months

Short-term

Liquidity & opportunity
15%10–25%
Objective

Hold the family reserve, dry powder for opportunities and a disciplined trading book (equities, crypto). This is the funding source for the other two horizons.

Liquidity

High. At least 6 months of family expenses are always held in deposits or equivalents.

Risk budget

Trading book: max loss 2% of NAV per month, 6% per year; hitting the limit halts trading until the next review.

Rebalancing

Monthly. Realised profits are swept into Medium/Long horizons by the capital-flow rules.

KPIs
  • Reserve ≥ 6 months of expenses, 100% of the time
  • Trading book: net positive after fees and tax, annually
  • 100% compliance with loss limits

Capital-flow rules between horizons

Capital does not move on emotion. Each flow has a rule, a trigger and a cadence.

Short-term→Medium-term

Profit sweep

Rule
50% of realised short-term trading profits (after fees and tax) move to the Medium-term horizon. The remaining 50% stays for short-term redeployment.
Trigger
End of any month with net profit
Cadence
Monthly
Medium-term→Short-term

Reserve refill

Rule
If the family reserve falls below 6 months of expenses, the Medium-term horizon sells its most liquid assets to refill to 9 months.
Trigger
Reserve < 6 months of expenses
Cadence
On trigger
Medium-term→Long-term

Cycle harvest

Rule
When a medium-term position hits its thesis target, 60% of the gain moves to the Long-term horizon (core assets or pension top-up); 40% stays for the next cycle.
Trigger
Position hits target / VC exit
Cadence
Event-driven, reviewed quarterly
Short-term→Long-term

PE/VC capital-call reserve

Rule
The Short-term horizon always holds the undrawn commitments for approved PE/VC deals due within the next 12 months.
Trigger
Investment Committee approves a deal
Cadence
Per drawdown schedule
Long-term→Short-term

Long-term cash-flow recycle

Rule
Dividends, subsidiary profits and income from long-term assets flow to the Short-term horizon as liquidity, except amounts the Council earmarks for reinvestment in place.
Trigger
Cash received
Cadence
As received
Long-term→Medium-term

Annual rebalance

Rule
If the Long-term weight exceeds its upper band (65%), the excess is trimmed over 2 quarters and moved to Medium-term to keep the ladder in shape.
Trigger
Annual allocation review
Cadence
Annually