Our eight-year backtest of the US model delivered a CAGRą of 44.8% after all investment management fees. Our live performance was generally tracking our backtested results until this summer’s volatility. November was particularly disappointing. The US Equity Fund closed 2007 up 7.11% versus the S&P 500 which ended the year +3.53%.
This page is updated monthly. You can see our weekly NAVs at “Recent News & Current NAV” to the left.
Comparing Our Performance to S&P 500
Our live investing period started on 1/1/2007 using capital provided by the principals of Martial Capital Ltd. Here are the results since then, by month, for both our US Equity Fund and the S&P 500:
| US Equity Fund | ||||
| US Equity Fund NAV | % Change | YTD Change | Annualized CAGR | |
| 3/30/2007 | 8.8063016 | 3.82% | 6.95% | |
| 4/30/2007 | 11.156192 | 3.80% | 11.56% | |
| 5/31/2007 | 9.1048340 | 5.23% | 16.35% | |
| 6/29/2007 | 9.5552583 | -0.27% | 16.04% | |
| 7/31/2007 | 9.1988357 | -3.73% | 11.71% | |
| 8/31/2007 | 8.9418026 | -2.79% | 8.59% | |
| 9/28/2007 | 9.7710013 | 9.27% | 18.66% | |
| 10/31/2007 | 9.8456834 | 0.76% | 19.57% | |
| 11/30/2007 | 8.8031256 | -10.59% | 6.91% | |
| 12/31/2007 | 8.8201741 | 0.19% | 7.11% | 7.11% |
| 1/31/2008 | 7.9303817 | -10.15% | -10.15% | |
| 2/28/2008 | 8.3797733 | 5.67% | -5.06% | |
| 3/31/2008 | 7.9271806 | -5.40% | -10.20% | |
| 4/30/2008 | 8.4889398 | 7.09% | -3.83% | |
| 5/30/2008 | 9.1741621* | 8.07% | 3.94% | |
| 6/30/2008 | 9.2648044* | 0.98% | 4.96% | |
* The NAV from May onward has yet to be confirmed by Butterfield Fund Services, our administrator.
Compared to the S&P 500
| S&P 500 Index | ||||
| S&P 500 Index | % Change | YTD Change | Annualized CAGR | |
| 3/30/2007 | 1,420.00 | 1.00% | 0.12% | |
| 4/30/2007 | 1,482.37 | 4.39% | 4.52% | |
| 5/31/2007 | 1,530.23 | 3.23% | 7.89% | |
| 6/29/2007 | 1,503.35 | -1.76% | 6.00% | |
| 7/31/2007 | 1,455.27 | -3.20% | 2.61% | |
| 8/31/2007 | 1,473.99 | 1.29% | 3.93% | |
| 9/28/2007 | 1,526.75 | 3.58% | 7.65% | |
| 10/31/2007 | 1,549.38 | 1.48% | 9.24% | |
| 11/30/2007 | 1,481.14 | -4.40% | 4.43% | |
| 12/31/2007 | 1,468.36 | -0.86% | 3.53% | 3.53% |
| 1/31/2008 | 1,378.55 | -6.12% | -6.12% | |
| 2/28/2008 | 1,367.68 | -0.79% | -6.86% | |
| 3/31/2008 | 1,322.70 | -3.29% | -9.92% | |
| 4/30/2008 | 1,385.59 | 4.75% | -5.64% | |
| 5/30/2008 | 1,400.38 | 1.07% | -4.63% | |
| 6/30/2008 | 1,280.00 | -8.60% | -12.83% | |
Our Performance during Bear Markets
Our strategy does well in both bull as well as bear markets. Here is the performance of our US model (after fees) during the bear market and subsequent recovery of 2000-2007.
This chart shows the performance of the S&P 500 vs. our US Equity model (as calculated by our backtest) during the bear market and subsequent recovery of September 2000 to April 2007.
The S&P 500 lost half its value during this bear market. Our US model achieved a return of 38.6% per year.
On this website there are pages devoted to looking at our performance in more detail. We have pages on statistics, pages focusing on our drawdowns, pages discussing diversification strategies using our funds, and much more. Select the “Home” button to the left to send you to a map of the entire site.
¹ CAGR = Compound Annual Growth Rate
All performance data contained on this site represents past performance. Drawdowns were measured based on month-end data. Past performance is no guarantee of future results. These funds are subject to the risks relating to investing in the stock market. These risks include the possibility that stocks may experience large price swings with the potential for significant loss of your investment.
