Performance
AuM: c. 10m USD
Performance since inception: +1,735% cumulative gross return (since May 2020, updated Oct 2025)
Performance Records
- Audit: Inception to NOV 24 – View Audit Report
Monthly Performance
Monthly returns by year (blank cells indicate no data):
| Month | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Jan | -7.9% | -15.7% | 0.0% | -2.2% | 3.4% | |
| Feb | 5.8% | 18.5% | 0.4% | 6.2% | -3.6% | |
| Mar | -8.7% | 23.8% | -4.3% | -0.9% | -8.9% | |
| Apr | 9.0% | 1.0% | 6.3% | 0.4% | 15.2% | |
| May | 5.3% | 6.0% | -1.5% | 0.8% | -2.1% | |
| Jun | 46.6% | 5.6% | 0.7% | 2.1% | 2.6% | 4.2% |
| Jul | 50.1% | -2.9% | 7.5% | 2.6% | -7.4% | 4.9% |
| 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% | 11.0% |
| Nov | 12.0% | 14.2% | 4.7% | 2.6% | 5.3% | |
| Dec | 7.9% | 8.2% | 2.4% | 4.2% | -4.7% | |
| Annual Return | 353.5% | 59.1% | 84.0% | 2.9% | 8.9% | YTD 23.1% |
* The cyan-highlighted figures (Dec-2024 and all 2025 data) are provisional and not audited yet.
Performance at a Glance
Monthly returns, cumulative NAV, and drawdowns for a EUR 100K managed account, net of fees.
Data through October 2025 (October 2025 provisional). Source: Fiat Elpis trade blotter and broker statements. Returns are net of performance fees and transaction costs.
Gross Performance Metrics (May 2020 - Oct 31, 2025)
| Annualized Return | 71.1% |
| Annualized Volatility | 38.7% |
| Sharpe (RF 2.5%) | 1.52 |
| Sortino (RF 2.5%) | 5.19 |
| Worst Historical Drawdown | 15.7% |
| Calmar | 4.53 |
| Positive months | 70.8% |
| Best / Worst month | +50.1% / -15.7% |
| YTD 2025 (to Oct 31) | +23.1% (gross) |
Gross results before investor-specific fees; risk-free 2.5%; metrics from monthly gross returns.