Strong Returns
Ten years of net-of-fee returns, benchmarked against the MSCI World Index. Volatility, drawdowns, and recovery periods reported alongside every headline number.
10-year net-of-fee returns vs MSCI World
The Growth Engine
Annualized Returns
Composite (Net)
Assets Under Management
As of Q1 2025
Active Investments
Across Iran
Composite Portfolio Growth
$100 invested in 2018 → $214 today
Annual Returns — Composite vs. Benchmark
Past performance is not indicative of future results. Composite returns are net of all fees and expenses. Benchmark: MSCI World Index. All returns in USD.
Sector allocation
The composite is intentionally diversified across Iran's largest hard-currency-generating sectors. No single sector exceeds 30% of NAV; no single position exceeds 6%. Rebalancing is reviewed quarterly by the investment committee.
Beyond the headline number
| Metric | Composite | Benchmark |
|---|---|---|
| Annualised return (10y) | +17.4% | +9.8% |
| Annualised volatility | 14.2% | 12.8% |
| Sharpe ratio (rf 3%) | 1.01 | 0.53 |
| Max drawdown | −11.6% | −18.4% |
| Recovery period (months) | 7 | 14 |
| Win rate (positive years) | 88% | 75% |
Volatility computed on monthly log returns, annualised. Sharpe assumes a 3% risk-free rate. Drawdown measured peak-to-trough on month-end NAV.
Reporting methodology
GIPS-aligned composite
All discretionary mandates of similar strategy are included in the composite from month one. No survivorship bias, no cherry-picking of winners.
Independent audit
A Big-4 affiliated firm performs the annual NAV audit. Performance figures are reconciled to audited financials before publication.
Net of all fees
Reported composite returns are net of management fees, performance fees, custody, and audit costs. Gross figures available on request.
USD reporting currency
NAV translated at month-end CBI reference rates. Currency exposure managed via natural USD/EUR cash flows from hard-currency exporters.
Quarterly investor letters
Detailed commentary on attribution, top contributors, and detractors. Sent to LPs within 25 calendar days of quarter-end.
Sanctions-compliant
All counterparties and underlying positions screened weekly against major sanctions lists. Compliance memo accompanies every quarterly report.
Composite methodology, audit trail, and benchmark detail
Our composite includes every discretionary Iran-mandate portfolio above USD 1m, weighted by month-end AUM. Returns are net of all fees, calculated in USD using Central Bank of Iran NIMA reference rates, and verified annually by an independent auditor.
Composite construction
All fee-paying discretionary mandates above USD 1m, included from the first full month of funding. No survivorship bias — closed accounts remain in historical periods.
Benchmark choice
MSCI World is shown as the global equity reference. TEDPIX (Tehran Stock Exchange) is shown alongside for Iran-equity sleeves to provide a local-market comparator.
FX translation
Monthly NAVs translated from IRR to USD at Central Bank of Iran NIMA reference rate on the last business day. Hedged share-class returns reported separately on request.
Frequently asked questions
Are returns net or gross of fees?+
Net of all management and performance fees, custody, and transaction costs. Gross returns are available on request for institutional due diligence.
Why MSCI World instead of an Iran-only benchmark?+
Most clients allocate to Iran from a global equity bucket, so MSCI World is the relevant opportunity cost. We also publish TEDPIX-relative figures for Iran-equity sleeves.
Has the track record been audited?+
Yes, annually since 2016 by a Big Four-affiliated Iranian audit firm. The auditor's letter is available under NDA to qualified institutional investors.
How is performance fee crystallised?+
High-water-mark, annually on 31 December, with a 5% hurdle. No catch-up. Fees clawed back if NAV falls below the prior high-water mark in subsequent periods.