Performance Details & Verification

Last updated August 31, 2026

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Return details

Currency & reporting periods

All returns are in U.S. dollars. The 2022 period runs from inception on February 2 through December 31; 2023 to 2025 are full calendar years. The current year is shown through the latest date presented.

Fees

Gross returns exclude fees. Net returns reflect a 1% management fee a year and a 25% performance allocation on profits above a 6% annual hurdle. Both are calculated quarterly. No performance allocation applies until prior losses are recovered and the investor’s account exceeds its previous high.

Audit, verification & code

Returns from 2022 to 2025 represent separately managed accounts and were independently verified by The Spaulding Group. The calculation code for these returns is open-source and available on GitHub. From 2026, returns represent Bilbel Capital Fund LP and will be audited annually by Cherry Bekaert LLP.

Benchmark and corrections

The S&P 500 benchmark assumes reinvested dividends and no fees. View the benchmark source.

If we identify an error, we will correct it and note the update.