Track record
The record, in full.
Altai Capital's risk-adjusted record since inception on 31 July 2024. Every trade is compounded at your chosen level of risk, against the benchmark you choose, gross or net of fees, and computed live from the same engine that runs the book.
Data as of 16 October 2026 · 560 trading days
Risk appetite
Balanced: the published default. Every figure, the chart and the monthly table are recomputed at this setting.
Compare against
SPDR S&P 500 ETF, price return
Returns shown
Before fees. Switch to net to see the record after a 2% p.a. management fee and a 20% performance fee over a 20% annual hurdle.
Growth of 100 · since 2024 · balanced risk · gross of fees
Altai Capital (risk adjusted) SPY Drawdown
ITD return
+106.7%
SPY +38.6%
YTD return
+38.4%
SPY +11.9%
Annualised
+38.9%
SPY +15.9%
Max drawdown
-18.6%
SPY -19.0%
Best 20 days
+49.2%
SPY +15.8%
Worst 20 days
-13.9%
SPY -12.3%
Monthly Sharpe
1.13
SPY 1.26
Monthly Sortino
2.10
SPY 1.62
Months profitable
44%
SPY 59%
Trades ITD
1,075
SPY n/a
Trades / day
1.92
SPY n/a
Monthly returns at balanced risk, gross of fees · SPY beneath each year
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026Altai Capital | +2.8 | -0.1 | -3.1 | +26.1 | +24.1 | -2.0 | -7.0 | +3.5 | -1.5 | -4.3 | · | · | +38.4% |
| SPY | +1.5 | -0.9 | -5.2 | +10.5 | +5.3 | -1.3 | +0.1 | +2.7 | -0.1 | -0.4 | · | · | +11.9% |
| 2025Altai Capital | +3.6 | +1.0 | +1.2 | -1.3 | +18.0 | +18.3 | -5.3 | -0.6 | +8.9 | +17.1 | -13.9 | -2.3 | +47.3% |
| SPY | +2.7 | -1.3 | -5.9 | -0.9 | +6.3 | +4.8 | +2.3 | +2.1 | +3.3 | +2.4 | +0.2 | -0.2 | +16.4% |
| 2024Altai Capital | · | · | · | · | · | · | · | 0.0 | 0.0 | -0.3 | +4.8 | -3.0 | +1.4% |
| SPY | · | · | · | · | · | · | · | +2.3 | +1.8 | -0.9 | +6.0 | -2.7 | +6.4% |
Methodology
How the numbers are made.
Risk-adjusted compound. Every trade's result is measured in units of the risk taken at entry, then compounded into the record at the chosen level of risk appetite, so the curve reflects the quality of the trading, not the size of the account.
Why the curve sometimes runs flat. A proprietary quantitative filter for market regimes admits trades only in favourable environments. When the filter is off, the portfolio stands aside and the record holds flat. Those stretches are the filter at work, not missing data.
Risk appetite. Five settings, from Conservative to Bold, scale how much of the portfolio each trade puts at risk. A higher setting scales every trade's contribution, winners and losers alike, so returns, drawdowns and volatility all rise together. The published default is Measured.
Benchmarks. SPY and QQQ are price-return indices over the same trading days. The risk-free line accrues the 3-month US Treasury bill yield daily.
Fees. Net figures deduct a 2% p.a. management fee charged quarterly on NAV (pro-rated for partial quarters) and a 20% performance fee on returns above a 20% annual hurdle, crystallised at each year-end (pro-rated hurdle in partial years, accrued daily within the year, no high-water mark). The performance fee is accrued daily against a pro-rated hurdle, so monthly net returns include movements in that accrual: in a flat or slightly negative month part of the set-aside is released, and the net month can read better than the gross month. The accrued amount is charged for real at each year-end.
Open positions are marked to market daily from cached closes and the live broker mark on the final day. Sharpe and Sortino use monthly returns, a zero risk-free rate, and annualise by √12. Figures are not audited. Altai Capital is not a regulated entity. All opinions expressed herein are those of the authors and do not represent official recommendations or endorsements.