the numbers.
all returns until , argan agentic strategy with first partners class fees
Performance of the argan agentic strategy since inception (EUR, net of fees)
all returns until , argan agentic strategy with first partners class fees
Argan agentic strategy EUR
64.06%
MSCI World EUR
38.69%
Argan agentic strategy EURMSCI World EUR
monthly net returns of the argan agentic strategy · EUR
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD argan | YTD MSCI World | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | — | — | — | — | 8.84% | 10.85% | −4.11% | −0.69% | −0.93% | 0.54% | 6.86% | 2.60% | 25.46% | 16.28% |
| 2025 | 0.18% | −0.03% | −4.68% | −3.98% | 7.15% | 3.54% | 2.57% | −0.33% | 7.01% | 6.50% | −0.78% | −1.93% | 15.29% | 7.08% |
| 2026 | 1.90% | −1.54% | −7.81% | 14.79% | 11.17% | −0.68% | −3.25% | — | — | — | — | — | 13.42% | 11.39% |
Performance of the argan agentic strategy since inception (USD, net of fees)
all returns until , argan agentic strategy with first partners class fees
Argan agentic strategy USD
78.27%
MSCI World USD
51.68%
S&P 500 USD
52.82%
Argan agentic strategy USDMSCI World USD
monthly net returns of the argan agentic strategy · USD
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD argan | YTD MSCI World | YTD SPY | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | — | — | — | — | 10.58% | 9.56% | −3.00% | 1.24% | −0.04% | −1.59% | 4.07% | 0.65% | 22.59% | 13.42% | 17.88% |
| 2025 | 0.66% | 0.01% | −0.99% | 1.05% | 7.01% | 7.06% | 0.01% | 1.93% | 7.42% | 4.61% | −0.23% | −0.75% | 30.88% | 21.36% | 17.71% |
| 2026 | 3.21% | −2.28% | −10.03% | 16.87% | 10.59% | −2.70% | −2.64% | — | — | — | — | — | 11.11% | 10.20% | 10.13% |
Performance data prior to 2025 comes directly from the broker with estimated fees based on the First Partners Class excluding administration fees. Starting 2025 net of fees First Partners Class performance comes from our administrator AssetCare Fund Services B.V. Past performance is not indicative of future results. Monthly performance up to the 15th of the subsequent month, is always an estimate.
How can the argan flagship strategy behave in your portfolio after fees?
simulation 01/2007 – 07/2026 · eur · net of fees · illustrative
| 01/2007 – 07/2026 | argan strategy net of fees return | msci world eur unhedged |
|---|---|---|
| Total Multiple | 47.4X | 5.3X |
| Annualized Net Return | 21.8% | 8.9% |
| Annualized Volatility | 12.8% | 14.4% |
| Sharpe Ratio | 1.7 | 0.6 |
| Sortino Ratio | 1.9 | 0.9 |
| Calmar Ratio | 1.2 | 0.2 |
| Max Drawdown | −17.8% | −49.0% |
| Best Month | 14.8% | 11.4% |
| Worst Month | −12.6% | −10.9% |
| Skewness | 9% | 3% |
| Beta | 0.71 | |
| Alpha | 15.4% | |
| Upside Capture | 1.21 | |
| Downside Capture | 0.54 |
growth of €1
argan strategy netmsci world
growth of €1 · log scale
argan strategy netmsci world
era keysimulated performance · macro model onlysimulated performance · full modelrecovered portfolio returns · nina 0.5live · nina 1.0
5-yr rolling correlation · argan · msci world
5-yr rolling outperformance vs msci world, annualised
monthly net returns · simulated & live
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | annual argan net | annual msci world | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2007 | 0.92% | 0.42% | −1.18% | 1.96% | 6.54% | −1.31% | −1.81% | 2.72% | 2.87% | 5.30% | −12.58% | 3.29% | 5.92% | −1.66% |
| 2008 | 4.20% | 1.20% | −5.26% | −1.84% | 0.54% | 0.99% | −0.35% | −0.39% | 4.65% | −2.00% | 6.61% | −1.63% | 6.30% | −37.64% |
| 2009 | 8.28% | 0.57% | −4.17% | −1.37% | 0.91% | −2.17% | 12.92% | 2.29% | 3.27% | −4.94% | 7.62% | 11.12% | 37.78% | 26.43% |
| 2010 | −5.98% | 7.91% | 12.55% | 4.46% | −5.71% | −10.02% | 3.98% | −5.51% | 11.25% | 6.48% | 6.19% | 5.76% | 32.28% | 18.26% |
| 2011 | 1.92% | 4.22% | −2.88% | −2.07% | −0.43% | −3.24% | 0.65% | −8.16% | −2.32% | −0.66% | 1.94% | 1.74% | −9.45% | −2.76% |
| 2012 | 8.54% | 4.14% | 5.43% | −0.77% | −3.35% | 3.50% | 3.86% | 4.56% | 0.12% | −7.30% | 1.33% | −1.72% | 18.73% | 11.84% |
| 2013 | 2.73% | 4.57% | 5.70% | 1.83% | 5.45% | −4.72% | 6.23% | −0.97% | 3.49% | 7.46% | 5.75% | 3.14% | 48.24% | 22.81% |
| 2014 | −3.33% | 5.41% | −2.16% | −0.50% | 7.00% | 3.49% | 3.06% | 6.25% | 0.76% | 3.99% | 5.86% | −2.02% | 30.73% | 20.41% |
| 2015 | 2.89% | 11.46% | −0.29% | −0.82% | 0.73% | −1.56% | −1.96% | −0.39% | −0.61% | 13.67% | 4.21% | −1.76% | 27.02% | 10.32% |
| 2016 | 1.57% | 4.69% | −2.87% | 2.10% | −1.43% | 1.69% | 9.18% | 0.78% | 1.71% | −0.87% | 2.66% | 3.22% | 24.26% | 10.87% |
| 2017 | −0.43% | 9.20% | 0.59% | 2.26% | 3.04% | −5.78% | 1.70% | 2.47% | 0.44% | 9.44% | 0.94% | 0.17% | 25.77% | 7.49% |
| 2018 | −0.17% | 0.22% | −0.92% | 0.18% | 2.06% | −1.62% | −0.86% | 0.14% | −0.71% | 1.72% | −0.04% | 1.65% | 1.59% | −4.16% |
| 2019 | 6.48% | 4.58% | 5.96% | 1.49% | −9.45% | 8.00% | 5.07% | −5.35% | 1.92% | 3.37% | 7.10% | 3.71% | 36.29% | 29.58% |
| 2020 | 4.79% | −10.29% | −1.77% | 7.63% | 5.64% | 1.32% | 3.66% | 11.01% | −4.32% | −6.60% | 10.11% | 4.79% | 26.23% | 6.20% |
| 2021 | −0.32% | −0.05% | 4.70% | 7.42% | −3.12% | 12.96% | 5.04% | 7.10% | −8.26% | 12.22% | 3.65% | 1.35% | 49.19% | 32.54% |
| 2022 | −3.35% | 2.43% | 0.90% | 0.90% | −2.43% | 0.30% | 1.06% | −1.45% | −0.26% | −1.67% | 1.14% | −0.38% | −2.93% | −13.54% |
| 2023 | 1.52% | −1.16% | 2.20% | 0.08% | 8.14% | 1.49% | 1.93% | 0.76% | −5.57% | −2.16% | 8.76% | 4.45% | 21.42% | 19.89% |
| 2024 | 7.39% | 7.13% | 2.72% | −6.21% | 8.84% | 10.85% | −4.11% | −0.69% | −0.93% | 0.54% | 6.86% | 2.60% | 39.06% | 27.23% |
| 2025 | 0.18% | −0.03% | −4.68% | −3.98% | 7.15% | 3.54% | 2.57% | −0.33% | 7.01% | 6.50% | −0.78% | −1.93% | 15.29% | 7.08% |
| 2026 | 1.90% | −1.54% | −7.81% | 14.79% | 11.17% | −0.68% | −3.25% | — | — | — | — | — | 13.42% | 11.39% |
era keysimulated performance · macro model onlysimulated performance · full modelrecovered portfolio returns · nina 0.5live · nina 1.0
All returns are in EUR and net of fees. The simulations are subject to change as we implement system updates and are purely for illustrative purposes. Volatility is adjusted for autocorrelation to provide an accurate Sharpe ratio per Lo (2002). The net returns account for a 1.25% annualized management fee. A 7.5% performance fee is assumed, excluding an annual 25 bps service fee. NINA launched in May 2024, prior performance is simulated based on live outputs since 2021 and backtests. Several system components have been live since 2021 in a different form, when our CIO joined a European Family Office that year. These components were rebuilt for NINA and were in a different form part of the portfolio our CIO co-managed, as well as the EUR 34 bln managed by the Multi-Asset Investment team when he led quant research. Where possible, historic live system outputs are used to simulate trades under the same conditions (liquidity, slippage, costs, trading frequency, currency exposure) as the real portfolio. Transaction costs (15 bps) and slippage (40 bps) were conservatively applied to these large-cap liquid instruments. Note that as we improve the system, the simulated performance is subject to small changes. The goal here is to give our investors an idea of how this product will behave in their portfolio, and not to market the performance.