Phoenician Capital

    Performance

    Performance

    Phoenician Capital has returned 16.2% a year, net of fees, from January 2009 to 30 September 2026. The table below shows each quarter of the last two years against the S&P 500 Total Return Index, as reported in our letters to investors.

    16.2%

    a year, net of fees, since January 2009

    As of 30 September 2026

    Growth of $1 million since January 2009

    Worth $14.4M on 30 September 2026, net of fees

    Growth of $1 million invested in Phoenician Capital in January 2009, net of fees, to $14.4M on 30 September 2026$0$5M$10M$15M20092013201720212025
    Net return by year and the value of $1 million invested in January 2009
    YearNet returnValue at period end
    200958.4%$1.6M
    201044.0%$2.3M
    2011-1.0%$2.3M
    201278.0%$4.0M
    201315.5%$4.6M
    201422.7%$5.7M
    2015-3.6%$5.5M
    201640.8%$7.7M
    201733.0%$10.3M
    2018-14.3%$8.8M
    201912.2%$9.9M
    202050.8%$14.9M
    2021-8.2%$13.7M
    2022-42.1%$7.9M
    202336.6%$10.8M
    2024-7.5%$10.0M
    202534.0%$13.4M
    2026, January to September7.4%$14.4M
    Net of fees, January 2009 to 30 September 2026. Annual returns audited 2009 to 2025; 2026 unaudited. No management fee was charged before January 2015. Past performance is not a guarantee of future results.

    Quarterly results, Q1 2025 to Q3 2026

    PeriodPhoenician CapitalS&P 500 Total ReturnSource
    Q1 2025+3.4%(4.3%)Q1 2025 letter
    Q2 2025+21.1%+10.9%Q2 2025 letter
    Q3 2025+11.6%+8.1%Q3 2025 letter
    Q4 2025(4.2%)+2.7%Q4 2025 letter
    Full year 2025+34.0%+17.9%Q4 2025 letter
    Q1 2026about (7.8%)(4.3%)Q1 2026 letter
    Q2 2026about +15.9%+15.2%Q2 2026 letter
    Q3 2026+0.5%+2.3%Q3 2026 letter
    First nine months of 2026+7.2%+12.8%Q3 2026 letter

    How to read these figures

    • The since-inception figure is annualised and net of fees, from January 2009 to 30 September 2026. Annual returns are audited from 2009 to 2025; 2026 is unaudited. No management fee was charged before January 2015.
    • Quarterly figures are quoted from the letter sent to investors for that quarter. Negative returns are shown in parentheses.
    • The comparison is with the S&P 500 Total Return Index, which includes dividends.
    • The table shows every quarter in the period, including those in which the fund was behind the index.
    • Past performance is not a guarantee of future results.