01
Risk model rebuilt
Conviction-bounded position sizing. Factor exposure caps recalibrated. Drawdown control enforced at portfolio, sector and position level simultaneously.
Track record
A continuous net track record
since January 2020.
GAP Multi-Strategy has compounded continuously since January 2020. This page walks through the six-year-plus journey — how the framework evolved between generations, the KPIs that improved and the operational refinements behind the numbers. All figures are net of fees, computed from monthly NAV and audited annually by BDO BVI. Past performance is not a reliable indicator of future results.
Since inceptionCumulative net return,
Cumulative net return,
GAP Multi-Strategy vs MSCI World.
Net of fees from 1 January 2020 to 30 April 2026. MSCI World is shown as total return for reference.
Cumulative return · rebased to 10076 months · Jan 2020 → Apr 2026
GAP MS——
MSCI World——
Spread—Cumulative outperformance
GAP MS (net of fees)MSCI World
Where the improvement comes from.
02
Analysis quality
Weekly regime classifier with macro-liquidity overlays. Universe ranked on quality durability and capital discipline — beyond pure valuation.
03
Execution tightened
Tier-1 venues only. Slippage budgets enforced. Daily P&L attribution catches drift before it compounds. Every trade tagged to a thesis at entry.
04
Manager curation
External allocation moved from indicative ranges to dynamic conviction weights. DD cycle shortened, top-decile capacity scaled, weaker sleeves cut faster.
05
Governance reinforced
Independent directors oversight on the risk overlay. Quarterly risk-budget review with the Advisory Team. Behavioural circuit-breakers documented.
06
Data & monitoring
Real-time exposure dashboard. Tick-level slippage tracking. Factor and concentration alerts run continuously, not at month-end. Decisions arrive with the data.
Generation on generationBoth generations beat the index.
Both generations beat the index.
MSF1 beats both.
Both generations of GAP MS have outperformed MSCI World since inception. But MSF1 — the second generation — does it more decisively, on every monthly dimension. The four metrics below isolate where the new framework widens the gap, both versus the benchmark and versus its own predecessor.
Positive return frequency in up markets
Months in which MSCI World was positive and GAP MS also closed positive
Since Jan 202077.6%38 of 49 months
Since MSF1 launch84.6%11 of 13 months
Outperformance frequency vs MSCI World
Months in which GAP MS outperformed MSCI World, regardless of market direction
Since Jan 202044.7%34 of 76 months
Since MSF1 launch50.0%8 of 16 months
Positive return frequency in down markets
Months in which MSCI World was negative but GAP MS still closed positive
Since Jan 202044.4%12 of 27 months
Since MSF1 launch66.7%2 of 3 months
Average loss differential in negative months
When MSCI World declines, how much less does GAP MS lose on average
Since Jan 2020+2.39 ppMSCI −4.22% vs GAP MS −1.83%
Since MSF1 launch+2.67 ppMSCI −3.72% vs GAP MS −1.05%
Annual figuresYear by year,
Year by year,
net of all fees.
Source: GAP internal data, audited annually by BDO BVI. 2026 figures are year-to-date through 30 April 2026 — beta and correlation not statistically significant on a partial-year sample (n.s.).
Drawdown profileA different shape
A different shape
under every stress.
Monthly peak-to-trough drawdown for GAP Multi-Strategy and MSCI World over the same period. The asymmetry is structural, not coincidental.
Drawdown trajectory — GAP Multi-Strategy vs MSCI WorldMonthly · Jan 2020 → Apr 2026
GAP MSMSCI World
Documentation
Request the audited track record.
Full monthly NAV history, audited financials and the latest factsheet available on request to eligible investors.