Understand returns, currency exposure, fees and risk before relying on an investment track record. Supporting records and a clear calculation method matter more than a headline percentage.
No independently verified firm performance series is published on this page. It provides assessment guidance, not a return forecast, audited track record or guarantee. Investment values can fall as well as rise.
Iranian capital markets
Request the start and end dates, valuation frequency and treatment of subscriptions, withdrawals and distributions. Time-weighted and money-weighted returns answer different questions; do not compare them without stating the method.
Rial gains can differ substantially from returns in euros or dollars. Identify the actual conversion rate, date, transaction costs and whether a quoted rate was available to the investor. An accounting conversion is not a completed capital transfer.
Identify management, performance, brokerage, custody and transaction fees. Show whether taxes are included, and compare net returns with a benchmark on a consistent basis.
Choose a comparator that reflects the strategy, asset mix and currency exposure. A global equity index is not automatically a suitable benchmark for Iranian private assets or a concentrated local equity portfolio.
Assess losses from peak to trough, recovery periods, concentration and realistic exit capacity. A positive annual result can hide substantial interim losses, and a reported asset value may not be immediately realisable.
An audit of financial statements, a valuation review and verification of performance calculations are distinct exercises. Ask who performed the review, which records were tested and what limitations were reported.
| Measure | Useful for | Important limitation |
|---|---|---|
| Time-weighted return | Comparing investment performance without the effect of external cash-flow timing | Does not describe the return each investor personally received |
| Money-weighted return | Understanding performance with the timing and size of invested cash | Can change materially with subscriptions and withdrawals |
| Net asset value | A valuation snapshot of assets less liabilities | Is not necessarily an immediately achievable sale price |
| Cash distributions | Tracking payments actually received by the investor | Do not alone establish total return or successful capital repatriation |
Request a reconciliation from opening value through cash flows, fees and valuation changes to closing value. Keep valuation assumptions separate from realised sale proceeds and lawful, completed currency transfers.
A return figure is meaningful only with its calculation period, currency, fee basis and supporting records. An index comparison or model portfolio is not evidence of an audited client outcome.
Compare the same period, currency, valuation frequency and fee treatment. Include cash flows and distributions consistently.
Review drawdowns, liquidity, concentration and exchange-rate sensitivity, not just average annual growth.
Distinguish manager-prepared figures from third-party verification and ask what that verification covers.
Check the scope, observation date and supporting evidence. Verify legal, tax and banking requirements with the relevant professional or institution before committing.
The proposal should identify deliverables, exclusions, responsibilities, dependencies, confidentiality arrangements and fee arrangements. Confirm third-party approvals separately.