the numbers.
all returns until , argan opportunistic strategy (aos) net returns
Performance of the argan opportunistic strategy since inception (EUR, net of fees)
all returns until , argan opportunistic strategy (aos) net returns
Argan Opportunistic EUR
48.82%
MSCI World EUR
11.39%
Argan Opportunistic EURMSCI World EUR
monthly net returns · argan opportunistic strategy · EUR
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD AOS | YTD MSCI World | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.49% | −13.10% | −24.49% | 60.00% | 41.71% | −0.06% | −1.36% | — | — | — | — | — | 48.82% | 11.39% |
Performance of the argan opportunistic strategy since inception (USD, net of fees)
all returns until , argan opportunistic strategy (aos) net returns
Argan Opportunistic USD
46.05%
MSCI World USD
10.20%
S&P 500 USD
10.13%
Argan Opportunistic USDMSCI World USD
monthly net returns · argan opportunistic strategy · USD
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD AOS | YTD MSCI World | YTD SPY | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.39% | −13.39% | −26.15% | 62.47% | 40.84% | −2.10% | −0.46% | — | — | — | — | — | 46.05% | 10.20% | 10.13% |
Performance comes directly from the broker with estimated fees based on the First Partners Class of the Argan Agentic Fund excluding administration fees. Past performance is not indicative of future results.
How can the argan opportunistic strategy behave in your portfolio after fees?
simulation 01/2007 – 07/2026 · eur · net of fees · illustrative
| 01/2007 – 07/2026 | argan opportunistic net | msci world eur unhedged |
|---|---|---|
| Total Multiple | 13125.9X | 5.3X |
| Annualized Net Return | 62.3% | 8.9% |
| Annualized Volatility | 37.3% | 14.4% |
| Sharpe Ratio | 1.7 | 0.6 |
| Sortino Ratio | 1.9 | 0.9 |
| Calmar Ratio | 1.3 | 0.2 |
| Max Drawdown | −46.9% | −49.0% |
| Best Month | 60.0% | 11.4% |
| Worst Month | −34.9% | −10.9% |
| Skewness | 32% | 3% |
| Beta | 2.09 | |
| Alpha | 49.2% | |
| Upside Capture | 3.27 | |
| Downside Capture | 1.63 |
growth of €1
argan opportunistic netmsci world
growth of €1 · log scale
argan opportunistic netmsci world
era keysimulated performance · macro model onlysimulated performance · full modelrecovered portfolio returns · ninalive · argan opportunistic strategy
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 | argan opp. net | annual msci world | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2007 | 1.57% | 0.62% | −1.16% | 6.00% | 12.02% | −1.10% | 7.51% | 4.55% | 15.33% | 25.35% | −34.86% | 3.26% | 29.66% | −1.66% |
| 2008 | 4.06% | 1.07% | −5.45% | −1.86% | 0.63% | 0.75% | −0.24% | −0.38% | 4.65% | −1.75% | 6.66% | −1.55% | 6.16% | −37.64% |
| 2009 | 8.42% | 0.42% | −4.08% | −1.38% | 0.84% | −2.23% | 52.72% | 2.53% | 19.44% | −12.34% | 21.18% | 22.80% | 147.72% | 26.43% |
| 2010 | −20.51% | 17.00% | 31.21% | 8.32% | −19.58% | −24.00% | 17.92% | −16.25% | 43.26% | 22.36% | 3.57% | 15.17% | 66.83% | 18.26% |
| 2011 | 7.30% | 9.88% | −6.19% | −6.41% | 0.47% | −9.91% | 5.07% | −25.30% | −14.84% | 7.63% | 1.75% | 0.36% | −31.17% | −2.76% |
| 2012 | 34.53% | 14.89% | 19.58% | −5.73% | −21.88% | 8.76% | 4.37% | 15.67% | 0.36% | −19.44% | 2.14% | −5.60% | 39.32% | 11.84% |
| 2013 | 6.54% | 3.54% | 12.38% | 5.34% | 13.50% | −10.22% | 20.93% | −2.87% | 14.41% | 18.44% | 12.29% | 9.67% | 160.83% | 22.81% |
| 2014 | −7.43% | 16.23% | −9.94% | −4.90% | 16.97% | 10.42% | 4.82% | 16.93% | −2.85% | 8.33% | 17.34% | −7.74% | 66.21% | 20.41% |
| 2015 | −2.21% | 28.43% | −7.32% | 1.91% | 5.51% | −1.56% | −1.96% | −0.39% | −0.57% | 34.97% | 3.65% | −1.50% | 64.85% | 10.32% |
| 2016 | 1.57% | 4.69% | −2.87% | 2.10% | −1.43% | −1.26% | 28.03% | 2.65% | 5.50% | −4.61% | 2.69% | 8.98% | 51.91% | 10.87% |
| 2017 | 5.26% | 19.41% | 1.54% | 9.64% | 10.15% | −11.69% | 11.09% | 4.84% | −0.52% | 18.46% | 3.70% | −0.22% | 93.30% | 7.49% |
| 2018 | −0.39% | 0.22% | −0.92% | 0.18% | 6.94% | −1.62% | −0.86% | 0.14% | −0.71% | 1.90% | −0.04% | 0.57% | 5.27% | −4.16% |
| 2019 | 24.78% | 10.09% | 16.50% | 10.98% | −29.30% | 27.45% | 10.68% | −12.44% | 2.25% | 12.76% | 16.15% | 13.61% | 135.97% | 29.58% |
| 2020 | 11.50% | −20.83% | −13.34% | 22.72% | 16.59% | 11.50% | 18.93% | 43.35% | −19.98% | −15.99% | 32.02% | 15.84% | 113.91% | 6.20% |
| 2021 | −0.85% | −3.76% | 3.38% | 19.05% | −8.03% | 28.95% | 10.20% | 16.54% | −20.45% | 32.73% | 6.87% | 0.46% | 102.77% | 32.54% |
| 2022 | −8.66% | 2.43% | 0.90% | 0.90% | −2.43% | 0.30% | 1.06% | −1.45% | −0.26% | −1.67% | 1.14% | −0.38% | −8.26% | −13.54% |
| 2023 | 1.52% | −1.16% | 2.86% | 1.56% | 28.61% | 12.30% | 2.21% | −6.31% | −17.57% | −9.68% | 38.12% | 19.83% | 78.64% | 19.89% |
| 2024 | 7.53% | 19.18% | 3.84% | −16.91% | 23.33% | 25.14% | −10.63% | −6.15% | 5.35% | −2.31% | 21.59% | 14.44% | 104.97% | 27.23% |
| 2025 | 0.72% | −0.12% | −5.54% | −2.78% | 28.60% | 14.16% | 10.28% | −1.32% | 28.04% | 26.00% | −3.12% | −7.72% | 112.88% | 7.08% |
| 2026 | 1.49% | −13.10% | −24.49% | 60.00% | 41.71% | −0.06% | −1.36% | — | — | — | — | — | 48.82% | 11.39% |
era keysimulated performance · macro model onlysimulated performance · full modelrecovered portfolio returns · ninalive · argan opportunistic strategy
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, the system behind this strategy, 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 a portfolio our CIO co-managed, as well as the EUR 34 bln managed by the Multi-Asset Investment team when he led quant research. The Argan Opportunistic Strategy is live since 2026. 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. 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.