> For the complete documentation index, see [llms.txt](https://cicada-finance.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://cicada-finance.gitbook.io/docs/faq/what-were-the-largest-historical-losses-experienced-by-the-strategy.md).

# What were the largest historical losses experienced by the strategy?

Based on the available operating history, the largest drawdown of the underlying strategy was approximately **1.205%**.

The main source of this drawdown was not directional market exposure, but execution-related costs, including:

* Transaction fees
* Slippage
* Bid-ask spread costs
* Initial position building costs
* Rebalancing costs
* Position reduction costs

Since the strategy is designed to maintain market-neutral exposure, there has been no substantive directional strategy loss recorded during the operating period reviewed.

For institutional investors, more detailed single-day, single-week, and monthly performance records may be reviewed through account statements, NAV records, or third-party reporting materials where available.