Read the reaction function
Interpret news flow through the incentives, positioning, and likely response of each market participant.
Independent global macro strategy Established 2020
Fiat Elpis. Global macro, led by Saâd Filali Khattabi.
+2,071% gross return since May 2020
Independently audited track record
- Annualized return
- 63.9%
- Maximum drawdown
- 15.7%
- Sharpe ratio
- 1.40
- Positive months
- 68.5%
Track record: May 2020 – Jul 10, 2026
The investment process
Fast macro decisions. Disciplined portfolio risk.
Fiat Elpis trades dislocations between market pricing, positioning, and fundamental reality across horizons ranging from seconds to weeks.
Express the view across assets
Deploy diversified ideas across liquid instruments rather than relying on one market, horizon, or regime.
Control downside first
Size exposure dynamically, monitor the portfolio continuously, and treat drawdown control as part of every decision.
Aligned structure
Your capital stays in your brokerage account.
Trades are replicated proportionally while you retain visibility and control over your account.
- Control
- Deposit, withdraw, or adjust exposure through your own broker.
- Transparency
- You can monitor our performance and positions 24/7 in your own app.
- Alignment
- No management fee; compensation is tied to performance.
Founder and portfolio manager
Fiat Elpis is led by Saâd Filali Khattabi.
Saâd founded Fiat Elpis in 2020 and remains responsible for its investment process, portfolio construction, and risk management.
His approach combines fast news-flow interpretation with cross-asset positioning and direct accountability for results.
Profile, background, and independent appearancesPerformance in context
One record, shown against the markets.
Cumulative growth of a EUR 100K managed account versus Euro Stoxx 50, MSCI Asia, S&P 500 ETFs, Bitcoin, net of fees.
Data through July 10, 2026 (July 2026 month-to-date). Source: Fiat Elpis trade blotter and broker statements; benchmark series from public market prices. Returns are net of performance fees and transaction costs.
Explore the complete monthly recordIndependent evidence
The record is published. The documents are available.
Review the monthly return history, calculation methodology, downloadable data, and independent accountant audit from one evidence page.
Review track record and auditIn conversation
The process, explained in full.
Long-form discussions on the Fiat Elpis philosophy, risk controls, and operating model.
Fiat Elpis overview
Saad walks through the fund's genesis, capital preservation rules, and how discretionary calls are filtered before capital deployment.
One-hour deep dive
A detailed conversation on portfolio construction, automation stack, and the governance that lets investors monitor every trade in real time.
Independent perspectives
What investors and market professionals say.
“Saad is transparent and obviously knows what he is doing. Phenomenal risk-adjusted returns.”
Justins PetinensAuthor & FX specialist at Admirals
Source on LinkedIn“Saad is a remarkably talented and driven macro trader. He leads a fantastic community of investors and experts, and the results are incredible. Returns of over 1,000% with full transparency.”
Tim HorsleyMacro trader & community member
Source on LinkedIn“Transparency is unparalleled—every trade is verifiable in real time.”
Yann SimonsEquity derivatives & structured products analyst
Source on LinkedInTestimonials reflect individual experiences. Results are not guaranteed and may vary for each investor.
Direct contact