Quantitative Asset Management · Singapore

The edge
is in the
equation.

Systematic, regime-aware capital management. No discretion. No emotions. Pure mathematical precision applied to gold and G7 currency markets. Absolute returns fund with superior drawdown controls. We do not benchmark — we target absolute returns.

0%

Management Fee

35%

Performance Fee

20+

Years Institutional Experience

6

Regime Execution Modes

Strategy

Regime-Adaptive

One current, not three — tension, momentum, structure agree or stand down

Instruments

Two Envelopes

Manifest MX4 — Safe Harbor (7% halt) · Ride the Waves (15% halt)

Fee Structure

0% / 35%

Zero management · 35% profit sharing · Clients retain 65% · HWM protected

AUM Target

S$100M

Roadmap: Fund → Brokerage → IPO

Live verification via Myfxbook
Entity: AI Softworks LLP · UEN T25LL1150A

01

Pure Alignment

We charge zero management fees. We do not believe clients should pay fees before seeing returns. Our 35% profit-sharing structure means we only profit when you do — and you retain 65% of all gains. Every incentive is structurally aligned to your capital growth.

02

Regime Intelligence

One current, not three. Manifest MX4 runs a single, unified engine — three independent readings (tension, momentum, structure) must agree before capital moves. A mean-reversion question, answered with a trend-follower's conviction. No universal rule. No model used past the boundary of its validity.

03

Institutional Rigour

A live phantom book runs beside every decision, out-of-sample. Non-binary surgical exits on exhaustion or thesis-break, not blunt SL/TP. Twelve rigorous disciplines synthesised into one water model. This is not a trend-following system — it is a fluid-dynamics-informed quantitative framework where every learned quantity earns its right to influence live capital.

Philosophy

Mathematics
does not
negotiate.

Markets are not random. They exhibit measurable statistical properties — persistence, mean-reversion, volatility clustering — that change over time as underlying regimes shift. The challenge is not finding these properties. The challenge is detecting regime transitions in real time, before they complete.

Bruce Tech was built on a single conviction: that quantitative methods, properly applied, can identify the current market regime and deploy capital with a defined, mathematically-grounded edge. Not every bar. Not every day. But consistently, with compounding precision over time.

Our 0/35 fee structure is not a marketing decision. It is a statement of alignment. If we cannot generate returns, we should not be paid.

About Bruce Tech

Built on
conviction,
not consensus.

A Singapore-based quantitative asset management firm founded by an institutional practitioner with more than two decades of cross asset-class, cross exchange live market experience on-pit and electronic.

Bruce He

Founder · Chief Quantitative Officer

80% founder equity · Sole IP owner

Bruce He brings over 20 years of institutional finance experience to Bruce Tech — spanning hedge fund management, quantitative strategy development, and financial education at NUS, NTU, and AIT.

His background includes lobbying experience at parliamentary, embassy, and exchange levels across multiple jurisdictions, providing a rare combination of market mechanics and regulatory fluency. He was among the first to unify all 32 moving average types into a single machine-level coding framework for stock exchange software.

Bruce Tech's flagship system, Manifest · 昭明 · MX4, is built on a single conviction: price is water. Where conventional analysis treats price as geometry — lines drawn on a chart after the fact — Manifest treats it as a fluid with a level, a flow, a velocity, currents and turbulence. Not three separate playbooks stitched together, but one current that reads three independent signatures — tension, momentum, and structure — that must agree before capital moves. Twelve rigorous disciplines synthesised into a single unified engine; a live phantom book runs beside every decision, out-of-sample, so only currently-proven edge is allowed to touch capital. Live-tested on gold (XAUUSD M30), offered through two risk envelopes: Safe Harbor (7% max halt, our default) and Ride the Waves (15% max halt, traditional 2/20 structure).

The firm operates under a singular mandate: deploy capital only when a quantifiably defined edge exists, and exit the moment it does not.

2025–

Founder & CQO, Bruce Tech / AI Softworks LLP, Singapore

2007

Startup hedge fund management, interviewed by the Business Times Singapore

Multi

Adjunct and guest University Lecturer — NUS, NTU, AIT (Finance, Quantitative Methods)

20+

Years institutional trading — equities, FX, commodities, derivatives

Degree

Political Science, National University of Singapore (NUS)

The Team

B

Bruce He

Founder · Chief Quantitative Officer

Responsible for all strategy architecture, quantitative research, system development, and portfolio management. Bruce designed and owns the full IP suite behind Manifest — Bruce Tech's multi-asset flagship — directing every aspect of research, risk, and execution. Also responsible for company roadmap, vision and leadership.

J

Jose R

Co-Founder · Chief Operating Officer

Oversees day-to-day operations, early investor onboarding, and business development. Jose manages the firm's operational infrastructure, coordinates capital introduction, and ensures the organisation runs with the rigour and efficiency that institutional allocators expect — freeing the CQO to focus entirely on strategy and execution.

B

Bryan P

Co-Founder · Quantitative Analyst

Responsible for quantitative research, model validation, and analytical support across the strategy suite. Bryan works directly under the CQO on feature engineering, backtest analysis, and ongoing system diagnostics — trained through a structured curriculum spanning market microstructure, machine learning, and PyTorch.

Legal Entity

AI Softworks LLP

UEN: T25LL1150A
Jurisdiction: Singapore
Structure: Limited Liability Partnership

Bruce Tech operates the fund management and quantitative research division under AI Softworks LLP. The firm is building toward full MAS regulatory compliance as AUM scales toward S$100M target.

Services

Structured for
serious capital.

Three distinct engagement models — designed for fund allocators, high-net-worth individuals, and institutional broker partners.

01 / 03

Managed Fund
Sub-Advisory

For existing hedge funds and institutional allocators seeking quantitative XAUUSD and G7 spot FX exposure through a sub-advisory or managed account arrangement.

Capital deployed via Limited Power of Attorney on your broker account
Full trade transparency in real time — no black box
Live Myfxbook verification available on request
High water mark structure — fees on new equity highs only
Monthly NAV reporting with drawdown triggers agreed upfront
Minimum allocation: SGD 50,000

Fee structure: 0% management / 35% profit sharing
Referral arrangements available for capital introducers.

02 / 03

Direct Managed
Account

For high-net-worth individuals and family offices seeking fully managed quantitative gold exposure without operational burden. [Accredited Individuals and Institutions with net worth > S$2M]

Account opened in client's name at our official broker (IC Markets)
Full custody remains with the client at all times
Automated execution via proprietary trading bot system
Risk parameters set and disclosed before deployment
Minimum account size: SGD 25,000
Client retains 65% of all profits generated
Minimum investment period: 6 months (extends to 12 months once AUM exceeds S$5M)
90-day redemption notice period required
Early redemption penalty applies — no redemption fees on normal exit

Fee structure: 0% management / 35% profit sharing
No subscription fees. No hidden costs.

03 / 03

Institutional
Broker Partnership

For regulated brokers seeking to offer clients access to a verified, systematic XAUUSD and G7 spot FX strategies through an Introducing Broker or co-branding arrangement.

White-label and co-branded strategy deployment
Revenue share on client flow via IB agreement
Client education and onboarding support
Proprietary trading bot trial licensing for approved broker clients
Strategy performance documentation for compliance review
Direct line to CQO for due diligence process

Engagement structure: IB revenue share / custom arrangement
Currently in active partnership discussions with selected Tier-3 to Tier-1 regulated brokers.

ROADMAP

Bruce Tech
Brokerage

The firm's three-stage development roadmap: Fund Management → Proprietary Brokerage → IPO. The brokerage division is the next structural milestone.

Proprietary execution infrastructure
Direct market access for managed accounts
Vertically integrated fund and execution operations
Target: operational post-S$100M AUM milestone

Status: Development phase — not yet available

Product

One engine.
Two envelopes.

One engine. Two risk envelopes. The same discipline offered through two structures — choose the shape that fits how you want to be exposed to it.

DEFAULT

PLAN I

Manifest · Safe Harbor

Tight envelope · zero fixed cost

Bond-like risk → equity-like returns.

Intraday halt

2.5%

Max drawdown → complete halt

7%

Minimum allocation

SGD 25,000

Return objective

1–3% / month

Management / Performance

0% / 35% HWM

The flagship risk envelope, live since inception. Zero management fee. We are paid only on genuine new profit, above your prior equity peak. You keep 65%.

TRADITIONAL

PLAN II

Manifest · Ride the Waves

Wider envelope · institutional structure

Index-like risk → commodity-like returns.

Intraday halt

5%

Max drawdown → complete halt

15%

Minimum allocation

SGD 500,000

Return objective

5–8% / month

Management / Performance

2% / 20% HWM

The same engine given more room to compound, at a conventional fund structure. For capital that wants a familiar 2/20 shape and can size to the higher minimum.

THE ENGINE · SHARED BY BOTH PLANS

One current,
not three.

Manifest MX4 runs a single, unified engine — not three separate playbooks stitched together. One current reads the water two ways at once and resolves them into a single decision: it asks the mean-reversion question (how far has price stretched from where it should be?) and answers with a trend-follower's conviction. A stretch large enough to matter on gold is not a coiled spring waiting to snap back, it is a dam starting to give. So the engine moves with the stretch, not against it. Three independent readings — tension, momentum, and structure — must agree before a position opens, a discipline validated with zero exceptions across every configuration tested.

Three readings, one decision — tension (price at stretch), momentum (a wave gathering energy), structure (the recent path already bending) — all three must agree
Structural stops that never move — every position carries a hard stop from the moment it opens; profit targets and time limits calibrated to the instrument's own volatility
Non-binary outcomes — surgical exits on exhaustion or thesis-break, not blunt SL/TP; small controlled results cluster the outcome distribution
Phantom book — a live, capital-free shadow layer trades in parallel out-of-sample, so learned edge earns its right to trade real money
Living calibration — no fixed thresholds; every quantity governing a decision is derived live from the market's current behaviour
Twelve disciplines synthesised: control theory, fluid dynamics, statistical physics, EVT, survival analysis, Bayesian inference, and more
Verified against its own research implementation across 19 months of XAUUSD data before being trusted with live capital
Instrument-agnostic: live-tested on XAUUSD M30, engineered for FX, metals, indices, crypto

Instrument: XAUUSD M30 (live-tested) · Custody: Client account · PoP Tier 1/2 broker · Verification: Independent third-party · Trading authority: Limited POA · no withdrawal

Broker Partners

Executing on
trusted infrastructure.

Bruce Tech currently operates managed accounts through IC Markets, a globally recognized, regulated broker with multi-jurisdiction licensing. Client accounts are opened directly with IC Markets — custody is never held by Bruce Tech, unless specifically requested at mutual agreements.

For institutional enquiries regarding co-branded arrangements or dedicated execution infrastructure, contact our CQO directly. We are open to evaluating partnerships with regulated brokers who meet our execution quality and slippage standards.

Fit, in Familiar Terms

Where this sits next to what you already own.

Most allocators already hold mutual funds or unit trusts, and passive index exposure. Both are correlated to the market they hold, and both pool your capital with other investors' capital. Manifest is structurally different on both counts: the return stream doesn't depend on markets rising, and your capital never leaves your own account.

MUTUAL FUNDS / UNIT TRUSTS

PASSIVE INDEX

SAFE HARBOR

RIDE THE WAVES

RISK & RETURN

RISK PROFILE

Diversified, manager-smoothed

Full market beta

Bond-like

Index-like

RETURN PROFILE

Benchmark-tracking, minus fees and loads

Market return, historically ~7–10%/yr

Equity-like

Commodity-like

MARKET CORRELATION

High, to its underlying holdings

1.0, by design

Near zero

DRAWDOWN CONTROL

None systematic; rides the market down

None; tracks the index through crashes

Hard halt, 7%

Hard halt, 15%

OVERNIGHT & WEEKEND GAPS

Fully exposed; a weekend headline hits the full position

Typically flat overnight, no weekend gap exposure

STRUCTURE & ACCESS

CUSTODY

Pooled; held by the fund, not in your name

Pooled (fund) or self-held (direct ETF)

Always your own account, your name

WITHDRAWAL

Subject to the fund's own liquidity and process

Sell any trading day, at the market price

Your account, your broker's normal process, never fund-gated

REDEMPTION RISK

Can be gated or suspended fund-wide in stressed markets

None beyond normal market liquidity

None; nothing is pooled, so nothing to gate

LOCK-IN PERIOD

Often years, with early-exit or surrender charges

None; tradeable daily

6 months *

TRANSPARENCY

Periodic NAV; holdings often disclosed quarterly, with a lag

Daily NAV and published index composition

Real-time positions + daily & monthly statements to email

MANAGER DISCRETION

Subject to manager judgment; style can drift over time

None; mechanically tracks the index, by design

None; same code, same rules, every session

WHEN YOU PAY

Fee charged regardless of that period's performance

Only on new profit, above your high-water mark

Mostly on new profit; small flat fee funds operations

TYPICAL FEE

1–2% management, often plus a sales load

0.03–0.5% expense ratio

0% / 35%

2% / 20%

Manifest · Safe Harbor

Bond-like risk → equity-like returns

Manifest · Ride the Waves

Index-like risk → commodity-like returns

* Extends to 12 months once firm AUM exceeds S$5M. Comparisons are structural and illustrative, describing risk, return, and access character — not a claim of equivalence to any specific fund, index, or asset class. Mutual fund and passive index figures are general industry references, not tied to a named product. "Redemption risk" and "withdrawal" describe Manifest's LPOA structure: trading authority is granted to the manager, custody and access are never granted, so revoking access does not depend on fund-level liquidity. The 90-day notice period (see Terms & Structure) ends the advisory mandate; it does not restrict access to your own account. Manifest return objectives are targets; see Terms & Structure for the basis of each. Past performance is not indicative of future results.

Terms & Structure

Structured for serious capital.

The two plans differ in three places: the minimum allocation, the fee split, and the risk envelope. Everything else — custody, LPOA, reporting — is identical. Ride the Waves adds a 2% annual management fee and lowers the performance cut to 20%; investors keep 80% of gains under Ride the Waves versus 65% under Safe Harbor.

Allocations at SGD 500,000 and above choose between the two structures. Ride the Waves is available only above that threshold; Safe Harbor remains available at every size — larger allocators can select either plan based on the risk envelope and fee shape they prefer.

PLAN I · DEFAULT

Manifest · Safe Harbor

Minimum allocation

SGD 25,000

Daily halt

2.5%

Max halt

7%

Expected monthly return

1–3%

Management fee

0%

Performance fee

35% (HWM)

Investor profit share

65%

Payout

Monthly

Custody

Client acct · PoP Tier 1/2

Trading authority

Limited POA

Minimum term

6 months *

Redemption notice

90 days

PLAN II · TRADITIONAL

Manifest · Ride the Waves

Minimum allocation

SGD 500,000

Daily halt

5%

Max halt

15%

Expected monthly return

5–8%

Management fee

2% p.a.

Performance fee

20% (HWM)

Investor profit share

80%

Payout

Monthly

Custody

Client acct · PoP Tier 1/2

Trading authority

Limited POA

Minimum term

6 months *

Redemption notice

90 days

* Minimum term extends to 12 months once firm AUM exceeds S$5M. Early redemption is subject to a penalty; no redemption fees apply on normal exit.

The Fee, Worked · Safe Harbor

On a SGD 25,000 account, a 2% month is SGD 500 of profit. Our fee is 35% of that, SGD 175. You keep SGD 325. The fee accrues only above your prior equity peak: if the account is below its high-water mark, we earn nothing until it recovers and makes new profit.

The Fee, Worked · Ride the Waves

On a SGD 500,000 account, a 6% month is SGD 30,000 of profit. Performance fee is 20% of that, SGD 6,000, plus the pro-rated 2% p.a. management fee of about SGD 833 that month regardless of result. You keep SGD 23,167. Unlike the performance fee, the management fee is charged even in a flat or negative month.

WHY THIS SUITS A FUND-OF-FUNDS

No custody risk.

Capital stays in the allocator's own account; the manager holds trading authority only.

Full transparency.

Every trade visible in real time. No black box, third-party verified.

Uncorrelated.

An absolute-return, regime-adaptive engine designed to be uncorrelated with traditional market cycles.

Aligned fees.

0/35 or 2/20 with high-water mark. The manager is paid primarily on genuine new profit.

SGD-denominated.

Reported and allocated in SGD; USD reporting available for cross-border simplicity.

Honest capacity.

~USD 200M ceiling per instrument class, mild decay from ~USD 50M. Stated up front so an allocation can be sized to the capacity.

STRATEGY CAPACITY · PER INSTRUMENT CLASS

Capacity is finite and stated plainly. Per instrument class, the strategy is expected to scale to approximately USD 200M. Mild alpha decay begins around USD 50M as size interacts with available liquidity; beyond it, incremental capital earns a gradually lower marginal return, and the firm manages allocation accordingly rather than pursuing size for its own sake.

FULL ALPHA

MILD DECAY

CAP

$0

~$50M

~$200M

Firm Roadmap

Three stages.
One trajectory.

The firm's growth is staged and sequenced, not opportunistic. Each stage clears its predecessor before the next begins.

CURRENT

1

STAGE ONE

Clean live track record

Manifest MX4 accumulating independently-verifiable live evidence under the staged validation roadmap. First-generation lineage established.

2

STAGE TWO

External / FoF capital

Scale to S$100M through institutional partners and fund-of-funds allocators. Managed accounts under LPOA at Prime-of-Prime brokers.

3

STAGE THREE

MAS CMS licensing

Full Capital Markets Services licensing under the Monetary Authority of Singapore. Proprietary brokerage infrastructure. Fund vehicles open to a broader accredited base.

The Operating Relationship

From onboarding to settlement.

The relationship is built so the allocator keeps custody and control throughout. We hold trading authority only. Here is the full lifecycle.

PHASE 1

Onboarding

You open, fund, and grant access.

1

Open the account

Allocator opens an account at a Prime-of-Prime Tier 1/2 broker of choice.

2

Pass KYC / AML

Completed directly with the regulated broker. We never handle it.

3

Fund the account

Allocator funds their own account. Custody stays in the allocator's name at all times.

4

Grant trading access

Allocator passes trade-only login (LPOA). No withdrawal rights are given to us, ever.

PHASE 2

Operation

Manifest runs. You watch.

5

Live trading begins

Manifest MX4 runs the account under the agreed risk envelope — Safe Harbor or Ride the Waves.

6

Monitor in real time

Allocator watches every position live from the broker mobile app, any time.

PHASE 3

Reporting

Constant, transparent, dialogue-driven.

7

Daily statements

End-of-day detailed statement, every trading day.

8

Monthly statements

End-of-month consolidated statement with full performance and fee accounting.

9

Ongoing dialogue

Frequent reporting from us to the allocator, with positioning notes and suggestions.

PHASE 4

Control & Settlement

You control the switch. We are paid last.

10

Shut down at any time

Allocator can revoke access and halt the program instantly. Capital is never trapped.

11

Monthly settlement

Each month, the performance fee settles on the high-water mark: 35% under Safe Harbor (allocator keeps 65%); 20% under Ride the Waves (allocator keeps 80%). The 2% p.a. management fee under Ride the Waves also accrues monthly, independent of that month's result.

The Principle

Custody never leaves the allocator. We hold trading authority only, report constantly, and can be switched off in a single action. Under Safe Harbor we are paid last, monthly, and only on genuine new profit; Ride the Waves adds a small fixed monthly fee alongside that same profit-share principle.

Our Investment Process

Manifest 昭明 MX4
Predictive Execution Engine

Most automated strategies decay because they react — they confirm a move only after it has happened, enter late, and surrender their edge to the crowd. Manifest is built on the opposite principle: anticipate the move, qualify the opportunity, and enter at a price worth holding.

GENERATION 5.0 · ARCHITECTURE FINALIZED · STAGED VALIDATION TO LIVE

Why It Matters

In systematic trading, the exit gets the attention but the entry decides whether a trade can profit at all. Enter at a poor price and even a flawless exit only chooses between a small loss and a larger one. Manifest MX4 is engineered so that every position begins from a position of strength — and so that being wrong costs a missed trade, not lost capital. The result is a strategy designed to stay accurate, stay adaptive, and resist the performance decay that retires most automated systems.

Investment Thesis · 水即价格

Price is water.

LAO TZU · 老子 · BRUCE LEE

"Nothing in the world is softer than water, yet nothing is better at overcoming the hard and strong." — Lao Tzu

"Empty your mind. Be formless, shapeless, like water. Be water, my friend." — Bruce Lee

Conventional technical analysis treats price as geometry — lines and levels drawn on a chart after the move has already happened. We reject that. We treat price as a fluid: a body of water with a level, a flow, a velocity, currents and turbulence. The system does not impose a shape on the market. It takes the market's shape, then moves with it. Every construct in the engine is a measurable property of that water.

01 · SLOW-WATER MEAN

The level the fluid returns to.

The equilibrium the fluid returns to. Not a fixed moving average, but a slow-moving latent level estimated beneath the noisy surface of ticks by a real-time flow estimator. Price is always measured against this level.

02 · FLOW & VELOCITY

Markets move in currents, not prices.

The engine's unit of measurement is Price Displacement Velocity (PDV): how far and how fast the water is actually moving. It replaces static volatility (ATR), self-calibrates continuously, and does not lag.

03 · IMPULSES ARE WAVES

Every surge has a life cycle.

A surge of directional flow is a wave with a life cycle: it ignites, sustains, exhausts, and quiesces. The engine tracks this cycle explicitly rather than reacting to price alone.

04 · REVERSION IS GRAVITY · THE TIDE TURNS

Water finds its level.

When price is stretched far from the mean, a modelled restoring pressure pulls it back. A true reversal is the tide turning — detected by the current losing energy and turning against itself, not by a line being crossed.

The Core Doctrine · Exits are the Alpha

In water, entering the current is easy; knowing when a wave has spent its energy is the rare and valuable skill. We concentrate the edge in the exit — in reading exhaustion, not in chasing entries. Entries select regime and direction. The exit decides whether a trade is allowed to profit.

The "price is water" framing is the firm's own conceptual model; the underlying methods are the established mathematics of the twelve disciplines listed on the Track Record page.

Capabilities

Six capabilities.
One coherent design.

01 · Early State Detection

Reads flow,
flags the shift early

Reads the market's underlying flow to flag a shift as it begins, not after it is obvious. This is the single largest driver of entry-price quality.

02 · Trend-Maturity Awareness

Refuses
to chase tired trends

Continuously gauges how much energy a move has left, so the engine refuses to chase tired trends — the classic late-entry trap that bleeds automated strategies.

03 · Adaptive Market Model

Works across
regimes, not one

Weighs several market conditions at once and forecasts the next, keeping the engine effective across regimes rather than tuned to a single one that eventually ends.

04 · Self-Auditing Selection

Learns
which setups pay

Learns from its own results which setups actually pay and declines the rest — raising accuracy without throttling opportunity. The core of durable edge.

05 · Disciplined Entry Pricing

Patient
orders, never chase

Enters with patient, favorable orders instead of chasing. A wrong call simply does not fill — turning prediction error into a non-event rather than a loss.

06 · Proven Risk & Exit Engine

Carried forward,
tested machinery

The firm's battle-tested profit-protection and loss-control machinery, carried forward intact — now working on positions that start from strength.

End to End

One integrated machine.

Manifest is not a collection of indicators. It is a closed loop in which each stage exists to make the next one work — and the integration, not any single component, is the advantage.

1

SENSE

Read the market

Continuously reads price and the underlying buying and selling pressure beneath it — the raw material every later stage depends on.

2

ANTICIPATE

Forecast the shift

Flags a change in market conditions at its onset, positioning the engine at the front of a move instead of the exhausted tail.

3

QUALIFY

Is this shot worth it?

Judges, from its own track record, whether this specific opportunity clears its costs and historical edge. If not, it stands aside — discipline over activity.

4

EXECUTE

Enter at the right price

Places a patient order at a favorable level. The move either comes to it — or it doesn't fill. Being early costs a missed trade, never capital.

5

PROTECT

Manage the position

The proven exit and risk engine takes over, capping downside and harvesting the move on a position that began from strength.

6

LEARN

Recalibrate live

Every outcome feeds back, sharpening selection automatically, with no manual re-optimization — the defense against strategy decay.

Each stage only works because the one before it did its job: clean sensing enables early anticipation; early anticipation enables disciplined pricing; disciplined pricing makes the exit winnable; and the learning loop keeps the whole system from decaying. It is a self-reinforcing loop, not a chain of disconnected signals — far harder to replicate than any single technique, and the reason the edge is built to last.

CAPITAL PROTECTED BY DESIGN

Conservative per-trade risk, structural stops for room, and layered session, daily, and drawdown halts.

PROVEN BEFORE FUNDED

No live capital until the engine survives adversarial testing against itself and clears every internal trust gate.

BUILT TO ADAPT

Self-calibrating to changing markets without human re-tuning — directly reducing model-decay risk.

The Honest Edge

Manifest does not claim to predict prices — over short horizons, no system honestly can, and we will never market one that pretends to. What it does predict is the change in market conditions, earlier than conventional tools, and its self-auditing layer makes that early read accurate. Its patient-entry design makes being early safe. Earlier, accurate, and safe by construction — that discipline is the entire edge, and it is the kind that endures.

Sniper Entries · Surgical Exits

Trades are not coin flips.

THE SNIPER ENTRY

Never chase.
Only take the shot.

Manifest never chases. An entry is a precision shot taken only when every condition aligns and price comes to a pre-calculated level. A patient, limit-style fill from concealment. If the market does not offer the price, there is no trade. Being early costs a missed opportunity; it never costs capital. One clean shot, or no shot.

THE SURGICAL EXIT · WHERE THE EDGE LIVES

At the right moment.
Not at a line drawn in advance.

The same precision governs the exit, and this is where the edge concentrates. A position is not a wager between two fixed destinations. The exit engine reads the move continuously — every bar — and closes the instant the move has spent its energy or the thesis is broken. At the right moment, not at an arbitrary line drawn in advance.

The non-binary outcome.

Most systems are binary: a trade runs until it hits a full stop-loss or a full take-profit. Two outcomes, both large. Manifest is non-binary. Because it exits on exhaustion and on thesis-break, the large majority of trades close in between: a small controlled loss cut early when the thesis fails; a partial gain banked before a reversal can claw it back; an exit near breakeven when conviction fades. The hard stop-loss and take-profit stay in place as outer backstops, but they are the exception, not the rule.

BINARY SYSTEM

MANIFEST · SURGICAL EXITS

Why This Is the Source of the Low Drawdown

Losses are cut before they mature; gains are protected before they evaporate. The outcome distribution clusters tightly around small, controlled results instead of splitting between two large extremes. The smooth, shallow drawdown the strategy targets is not luck. It is the mechanical consequence of never letting a single trade travel to its full adverse bound.

You do not wait for the wave to crash on the rocks, nor gamble that it carries you all the way to shore. You read when it has spent its force, and step off. Distribution shown is illustrative of the mechanism, not a performance projection.

Decision Architecture

How a trade earns its place.

The engine's default answer is no. Every candidate must clear a sequence of gates, and failing any one of them ends the trade — almost always at zero cost. The discipline is not in the trades it takes, but in the far larger number it refuses.

1

Has the market actually shifted?

PASS

A genuine change in conditions is forming — proceed.

FAIL

Nothing real is happening — wait. No action, no cost.

2

Is there still room left to run?

PASS

The move has energy remaining — continue.

FAIL

The move is exhausted — stand down. Never chase the tail.

3

Does this kind of setup historically pay?

PASS

Its own record says this pattern wins — continue.

FAIL

The record says it loses — decline. Learn, don't repeat.

4

Does the expected reward clear its costs — with confidence?

PASS

The edge is real after costs, not a coin-flip — continue.

FAIL

Too close to call — abstain. No marginal bets.

5

Will the market come to our price?

PASS

Price reaches our patient level — the trade opens.

FAIL

It never arrives — the order expires unfilled. Zero cost.

✓

Position opened — handed to the risk & exit engine

Only a candidate that clears all five gates and is validated by the market trading to our level becomes a position. Everything before this point was free.

Selective by Design

Candidates continuously evaluated

Clear every decision gate

Market validates → filled

Cost is incurred only on the rare candidate that survives every gate and the market confirms by trading to our price. Rejection is free; that is what protects capital.

Path to Capital

Proven before a dollar is risked.

Every generation of Manifest earns live capital the same way a trade earns a position — by clearing gates. None of these stages is skipped, and each must pass before the next begins. Capital is the last thing committed, never the first. Prior generations have cleared this protocol and trade live today, independently verified via Myfxbook. MX4 is the latest architectural generation progressing through the same standing roadmap.

1

Silent Observation

Runs live on real markets but takes no trades — its every decision logged and measured against what actually happened.

GATE

2

Adversarial Stress Audit

Deliberately attacked under repeated, hostile conditions to surface failure modes before the market finds them.

GATE

3

Trust Verification

Must clear a strict internal confidence threshold. Until it does, not a single live order is permitted.

GATE

4

Live Probation

Trades real capital at minimum size only — proving itself in live conditions at negligible risk.

GATE

5

Measured Scaling

Allocation grows only as live evidence accumulates — never on promise, always on proof. Conviction is earned, then sized.

CONSERVATIVE SIZING

Small, fixed risk per trade — no single position can threaten the book.

LAYERED HALTS

Automatic session, daily, and drawdown circuit-breakers cap losses at every horizon.

STRUCTURAL STOPS

Every position carries protection from the moment it opens — room to breathe, never unbounded risk.

In Short

Manifest 昭明 is an engine designed to be patient, selective, and durable — anticipating opportunity, declining the marginal, entering only at prices worth holding, and protecting capital by construction at every level.

It is the execution core of Bruce Tech's systematic platform — and every generation reaches live capital the only way we allow anything to: proven against itself, then scaled on evidence.

Confidential — prepared for discussion with prospective partners only. Not an offer or solicitation to buy or sell any security or to invest in any fund. Prior generations of Manifest 昭明 have traded live and are independently verifiable via Myfxbook; MX4 is the latest architectural generation progressing through the firm's standing staged validation roadmap. Past performance is not indicative of future results. Forward-looking statements are subject to risk and may not be realized. AI Softworks LLP · UEN T25LL1150A · Singapore.

Track Record

Verified.
Audited.
Live.

All performance data is independently verified via Myfxbook. No hypothetical backtests. No simulated results. Live accounts only.

Past performance is not indicative of future results. All figures reflect live trading on verified accounts. Performance data is available for independent review via the Myfxbook link below. Risk disclosures available on request.

1–3% /mo

Safe Harbor · Objective

5–8% /mo

Ride the Waves · Objective

2.5% / 7%

Safe Harbor · Daily / Max Halt

5% / 15%

Ride the Waves · Daily / Max Halt

M30

Primary Execution Timeframe

XAUUSD

Live-Tested Instrument

Track Record · Version 1 · Original Deployment (2023)

The lineage, proven in real money.

The strategy's first generation was deployed on a live client account from inception in 2023. Non-simulated, non-demo, real monetary markets. It established the core approach that Manifest MX4 re-architects and tightens. The audited account statement is summarised below.

~250%

NET PROFIT ON CAPITAL

6.85

PROFIT FACTOR

10.94%

MAX DRAWDOWN INCURRED

Metric	Value	Metric	Value
Initial capital	1,200,000 SGD	Total trades	4,319
Ending balance	~3,000,000 SGD	Profit trades	3,589 (83.1%)
Total net profit	3,022,919.87	Loss trades	730 (16.9%)
Gross profit	3,539,661.58	Short won %	80.62%
Gross loss	516,741.71	Long won %	85.98%
Profit factor	6.85	Largest win	13,472.08
Expected payoff	699.91	Largest loss	-7,412.79
Maximal drawdown	195,915.87 (10.94%)	Relative drawdown	10.94%

What Changed for Version 10

Version 1 achieved its returns with a 10.94% maximum drawdown. Version 10 re-architects the engine around a tighter risk envelope — a 5% drawdown target and a 7% complete halt — with the unified real-time exit law and full self-calibration through the phantom book. The objective of the redesign is the same edge at materially lower risk.

Version 1 results reflect a single client account statement from 2023 (initial deposit basis). Provenance and attribution of the original deployment available for compliance review. Past performance is not indicative of future results.

Track Record in Context

Smooth through the storm.

The real client account balance across 2023 to 2025, set against spot gold and the S&P 500 over the same period. All three indexed to 100 at the start. Gold ran hard and violently. Equities climbed and lurched. The account compounded in a near-straight line through both, capturing the moves without inheriting the volatility.

GROWTH OF 100 · INDEXED JAN 2023 = 100

What This Shows

Over the same three years, spot gold delivered strong but jagged returns and the S&P lurched through its own cycles. The account climbed in a smooth, shallow-drawdown line to roughly four times its starting equity, indifferent to the swings around it. This is the visual signature of an intraday, exhaustion-driven strategy: it harvests the moves through sniper entries and surgical exits, then stands flat, so its equity curve does not inherit the market's volatility.

Client account line is the reported real-money balance from the original 2023 deployment, indexed to 100 and mapped across the reported 2023–2025 period; the source statement is trade-sequenced, so the time axis is representative. Spot gold and S&P 500 are month-end market levels, indexed to 100 over the same window. Shown to illustrate the relationship between the strategy and traditional markets; past performance is not indicative of future results.

Comparative Analysis · 2023–2025

Different return.
Different source.

The account against spot gold and the S&P 500 over the same three years. Higher return, comparable volatility, and a correlation to both that sits near zero. The returns do not come from the same place traditional assets draw theirs.

COMPARATIVE PERFORMANCE

Metric (2023–2025)	Strategy	Spot Gold	S&P 500
Total return	+324%	+92%	+69%
Annualised return (CAGR)	64%	25%	20%
Annualised volatility	11.7%	13.9%	11.5%
Max drawdown	9.8% *	7.5%	8.6%
Calmar (CAGR ÷ maxDD)	6.5	3.3	2.3
Correlation to strategy	·	−0.18	+0.18

CORRELATION MATRIX · MONTHLY RETURNS

Strategy

Gold

S&P

Strategy

1.00

−0.18

+0.18

Gold

−0.18

1.00

−0.06

S&P

+0.18

−0.06

1.00

−1.0

+1.0

Near-zero correlation to both gold and equities. An intraday, flat-overnight strategy has no structural beta to either.

What the Matrix Says

Over 2023–2025 the account returned several times what gold or equities did, at comparable volatility and a shallower path, while moving independently of both. For an allocator, that is the definition of a diversifier: a return stream that adds to the book without adding to its existing risk.

* Indicative comparison. Spot gold and S&P 500 are month-end market levels. The strategy series is derived from the reported 2023 client-account balance curve (digitised to a monthly series), not from tick-level returns; correlations are computed on monthly returns and are indicative rather than an audited statistic. Drawdowns are month-end-based and understate intra-month extremes. A measured correlation pack from the live series will be published as the record matures. Past performance is not indicative of future results.

Historical Replay · MX4 v1.39 · XAUUSD M30

Nineteen months, replayed.

The current build, Manifest MX4 v1.39, replayed tick by tick against 19 months of real XAUUSD market history (Jan 2025 to Jul 2026, 99% real ticks, 116.5 million ticks) under Safe Harbor's own risk architecture: 2.5% daily halt, 7% complete halt, 1% risk per trade. No look-ahead, no curve-shopping — the same code that trades live today, run against the tape it hasn't seen a headline about since.

"Under-promise, over-deliver."

1–3%

STATED OBJECTIVE / MONTH

→

4.97%

WHAT THIS REPLAY AVERAGED / MONTH

+151.4%

NET PROFIT · 100K START

2.67

PROFIT FACTOR

3.13%

MAX EQUITY DRAWDOWN

7.96

SHARPE RATIO

BALANCE · 619 DEALS · XAUUSD M30

251,442

57.9%

WIN RATE

19.97

RECOVERY FACTOR

309

TOTAL TRADES

13h 48m

AVG HOLD TIME

0.88

CORR (PROFIT, MFE)

13

MAX CONSEC. WINS

Why This Is a Clean Read

Short and long trades won at almost identical rates (57.89% vs 57.94%), average wins nearly double average losses (1,352.69 vs 695.79), and profit correlates far more with favourable excursion (0.88) than adverse excursion (0.41) — consistent with the exit law cutting losers early and letting winners run. Recovery factor of 19.97 means the strategy earned back almost twenty times its own worst drawdown over the period.

Historical replay on Manifest MX4 v1.39, XAUUSD M30, 2025.01.01–2026.07.29, ICMarkets-MT5, 99% real-tick modelling quality (116,511,359 ticks), initial deposit 100,000, 1% risk per trade under Safe Harbor's risk architecture. This is a historical replay of the current build against past market data — not a live trading record and not a projection; live trading carries execution risk (slippage, gaps, broker conditions) not present in replay. Past performance is not indicative of future results. Full tester report available on request.

Strategy Architecture

Manifest MX4

Manifest MX4 runs a single, unified engine — not three separate playbooks stitched together. One current reads the water two ways at once and resolves them into a single decision: it asks the mean-reversion question (how far has price stretched?) and answers with a trend-follower's conviction. A stretch large enough to matter on gold is not a coiled spring waiting to snap back — it is a dam starting to give. So the engine moves with the stretch, not against it. Three independent readings — tension (water at full stretch), momentum (a wave gathering energy), and structure (the recent path bending) — must agree before a position opens. A mean-reversion question, answered with a trend-following instinct. That is the fusion.

Trust Architecture

The Phantom Book

Running silently beside every live decision is a phantom book — a shadow layer that continuously "trades" in real time without committing capital, evaluating what the engine would have done and how it would have resolved. This live, out-of-sample feedback is how the system earns its own trust: a setup sizes up only when its phantom and live record currently say it pays; edge that fades is stood down automatically. There is no fixed threshold optimised on history to overfit — every quantity governing a decision is derived live from the market's own recent behaviour and re-derived continuously as conditions change.

Reading	What It Measures	What It Sees
TENSION The stretch	How far has price pulled away from its own equilibrium.	The water at full stretch — a body of price displaced from where it should be.
MOMENTUM The energy	Is the current moving faster than its normal rhythm.	A wave gathering real energy — the flow accelerating past its habitual pace.
STRUCTURE The bend	Has the recent path itself already bent.	The line is already breaking into a new one — evidence the water's course has shifted.

Three independent readings have to agree before a position opens. When they do, the engine commits in the direction of the extension, never against it — a discipline validated with zero exceptions across every configuration tested.

Intellectual Provenance

Many disciplines.
One decision.

The depth of a system shows in the breadth of the intellectual tradition it draws on correctly. Manifest synthesises twelve distinct fields of rigorous science, each contributing a different way of reading the water. The specific models, parameters and combination logic are proprietary and not disclosed; what follows is the intellectual provenance and the role each discipline plays.

Discipline	Role in the Water Model
Control & Estimation Theory	Recover the true current beneath noisy ticks: the slow-water level and flow state.
Dynamical Systems & Topology	See through nonlinear price behaviour to anticipate the flow, not merely react to it.
Fluid Dynamics	Isolate the dominant coherent currents from surface turbulence.
Statistical Physics	Quantify the restoring pressure that returns stretched price to its level.
Point-Process Statistics	Model how activity clusters, how one surge raises the odds of the next.
Market Microstructure	Sense informed-flow pressure beneath the surface before it reaches price.
Complex-Systems Science	Early warning that a regime is about to turn: the water going still before the tide.
Bayesian Sequential Inference	Detect structural breaks in the flow in real time and update conviction as evidence arrives.
Extreme Value Theory	Respect the fat tails. Size stops and targets to real extremes, not to a bell curve.
Survival Analysis	Model how long a move is likely to survive: the hazard of exhaustion.
Information Theory & Optimal Betting	Size to the measured edge; stand down automatically when the edge fades.
Statistical Forecasting Theory	Hold every learned quantity to an out-of-sample standard before it touches capital.

Analytical orthogonality is the objective: each discipline answers a structurally different question, so their agreement is meaningful and their disagreement is itself information. The disciplines are named for provenance only. The models, parameters and the way they are combined are trade secrets, and are not published.

Research Articles

Notes from
the desk.

Field observations, market commentary, and methodology notes — published in chronological order.

Article 01 LinkedIn · Research Note

Article 02 LinkedIn · Research Note

Article 03 LinkedIn · Pulse Article

Out-of-Sample Is Oversold

Article 04 LinkedIn · Pulse Article

To Self-Calibrate, or Not?

Article 05 LinkedIn · Pulse Article

Article Title

Article 06 LinkedIn · Pulse Article

Buy Low, Sell High — or Buy High, Sell Higher?

Article 07 LinkedIn · Pulse Article

Your Recalibration Is Just Curve Fitting With Extra Steps — And It's Destroying Your Edge

Contact

Begin the
conversation.

For investor enquiries, broker partnership discussions, or due diligence requests. All communications are handled directly by the founding team.

Bruce Tech

Quantitative Asset Management

Entity

AI Softworks LLP

UEN

T25LL1150A

Location

Singapore

CQO

Bruce He

Email

brucehe@bruce-tech.com

Strategy

View Track Record

Response Protocol

Investor enquiries: 24–48 hours
Broker partnership: Direct CQO response
Due diligence requests: Full documentation package available
Myfxbook verification: Available on request

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Your enquiry will be reviewed directly by the founding team. We do not share your information with third parties.

BruceTech

Quantitative Asset Management

BH

Bruce He Shuhan

Founder & Chief Quantitative Officer