Returns & Capital Efficiency by Calendar Year
IRR is the money-weighted return (de-annualised for partial years: 2019 inception, 2026 YTD).
MOIC is measured on average committed capital (at cost), pooled across all portfolios:
MOIC = 1 + Net P&L ÷ avg capital, floored at 0. Turnover is the standard portfolio
turnover ratio = min(purchases, sales) ÷ average committed capital (Overall is annualised).
| Year |
|
|
Avg Capital Deployed |
Net P&L |
IRR |
MOIC |
Turnover |