Performance history
How performance is measured, verified, and made available — and the honest caveats about what it means for future cycles.
How performance is calculated
Net trading P&L per cycle, after the 10% performance fee, expressed as a monthly percentage return on committed capital. High-water marks are tracked per allocation.
Verification
Trading books are periodically reconciled by an independent third party. Custody statements from the custodians are the source of truth for asset balances.
How to read it
Monthly returns are the right frame — annualised figures compound losses and gains together and can mislead. Always look at drawdowns alongside returns.
The caveat
Past performance is not indicative of future results. Market regimes change. Strategy edges compress. Nothing on this page is a promise of what next month will do.