Where the results
come from.
In a world where everyone talks about returns, we talk about risk. At GAP, risk control is not an afterthought — it is the framework. Pivot recalibration, factor exposure caps and drawdown discipline are enforced continuously, before any directional view. The pages below show how the framework has held up across multiple stress regimes and how it has compounded year after year.
Risk control through
the most challenging environments.
Four lenses on the same discipline. Each panel shows the key metrics and the comparison versus MSCI World.
Active volatility and correlation control
The Multi-Strategy is not a long-equity proxy. Across six full years, beta to MSCI World has held at 0.18 and R² at 0.07 — while annualised alpha has compounded at +10.21%. The return stream is genuinely independent: built from active risk allocation, not from leveraged exposure to the market.
n/m = not meaningful — period too short to annualise reliably.
Year by year,
through every regime.
A continuous net track record from January 2020 — interactive year-by-year context. Net of fees, computed from monthly NAV and audited annually by BDO BVI.
Born in a pandemic
The strategy's inception year coincided with the COVID crash. MSCI World drew down −20.9%; the Multi-Strategy lost just −1.61% before recovering, finishing the year at +7.48% net.
From risk discipline
to compounded results.
The Performance page distils the framework above into the period-on-period evolution: first-generation track record, second-generation refinement, and the YTD 2026 trajectory.