Strong Returns
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.
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.