Audited global macro track record
Fiat Elpis performance
Track record of the global macro strategy founded and managed by Saâd Filali Khattabi.
AuM: c. $10 million
Performance since inception: +2,071% cumulative gross return (since May 2020, updated July 10, 2026)
Independently audited track record
View the independent auditGrowth, returns, and drawdowns
Performance at a Glance
Monthly returns, cumulative NAV, and drawdowns for a EUR 100K managed account, net of fees.
Data through July 10, 2026 (July 2026 month-to-date). Source: Fiat Elpis trade blotter and broker statements. Returns are net of performance fees and transaction costs.
Monthly record
Monthly Performance
Monthly returns by year (blank cells indicate no data):
| Month | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Jan | — | -7.9% | -15.7% | +0.0% | -2.2% | +3.4% | -5.78% |
| Feb | — | +5.8% | +18.5% | +0.4% | +6.2% | -3.6% | +1.08% |
| Mar | — | -8.7% | +23.8% | -4.3% | -0.9% | -8.9% | +25.96% |
| Apr | — | +9.0% | +1.0% | +6.3% | +0.4% | +15.2% | -12.14% |
| May | — | +5.3% | +6.0% | -1.5% | +0.8% | -2.1% | -0.34% |
| Jun | +46.6% | +5.6% | +0.7% | +2.1% | +2.6% | +4.2% | +9.94% |
| Jul | +50.1% | -2.9% | +7.5% | +2.6% | -7.4% | +4.9% | +7.47% |
| Aug | +24.1% | +7.9% | +10.1% | -1.3% | +4.7% | +0.7% | |
| Sep | +3.5% | +1.6% | +5.9% | -7.6% | +6.1% | -1.6% | |
| Oct | +32.7% | +12.6% | +2.7% | +0.0% | -1.3% | +11.01% | |
| Nov | +12.0% | +14.2% | +4.7% | +2.6% | +5.3% | +0.8% | |
| Dec | +7.9% | +8.2% | +2.4% | +4.2% | -4.7% | -5.41% | |
| Annual Return | 353.2% | 59.7% | 84.0% | 2.8% | 8.9% | 17.4% | 24.1% |
July 2026 is month-to-date through July 10, 2026.
Risk and return
Gross Performance Metrics (May 2020 - Jul 10, 2026)
| Annualized Return | 63.9% |
| Annualized Volatility | 38.8% |
| Sharpe (RF 2.5%) | 1.40 |
| Sortino (RF 2.5%) | 4.55 |
| Worst Historical Drawdown | 15.7% |
| Calmar | 4.07 |
| Months with positive returns | 68.5% |
| Best / Worst month | +50.1% / -15.7% |
| YTD 2026 (to Jul 10) | +24.1% |
Gross results before investor-specific fees; risk-free 2.5%; metrics from completed monthly gross returns.
Direct contact
Discuss the strategy with Saâd.
For mandate, allocation, or due-diligence questions, contact the portfolio manager directly.