Aren’t month over month gains and losses aren’t particularly surprising nor noteworthy when you’re operating a leveraged fund? Shouldn’t one expect higher volatility, but also higher returns?

yes, monthly returns are expected to be volatile for a fund like this.

No in that, no LP wants 2/3rd down months. That kind of swing is insane.

That' means any LP that invested in the past 3 moths is completely wiped out, as in their full investment into the fund is at zero.

Now most LP's are probably investors for 6 months or more so they'll be ok.

What I'd be worried about is that if its true that he liquidated his entire public portfolio and only holds privates, where are the returns going to come from when anthropic is currently valued at what it is likely to go public at, and where is investor liquidity going to come from when they want to redeem.

He looks like he's turning his fund into a venture capital fund, which might be for the best given that he seems good at that and poor at running a hedge fund that invest in public securities.