Invest with Britannica Capital
Performance detail for qualified investors. As of September 1, 2026.
Headline figures
Figures are gross of fees, computed from monthly administrator NAV statements for the period May 22, 2025 (inception) through August 31, 2026, and are presented as of September 1, 2026. The annualized return compounds the cumulative since-inception result over 16 months. Sharpe and Sortino ratios use a 4.5% risk-free rate; maximum drawdown is measured on month-end values. Past performance is not indicative of future results.
We beat the best hedge fund year since 2009. Without the market's risk.
Deloitte audited · May 2025 – August 2026
In plain terms: 2025 was the hedge fund industry's strongest calendar year since 2009, as measured by the HFRI Fund Weighted Composite. Britannica's annualized return since inception is higher than that year's industry result — and it was earned with near-zero correlation to the S&P 500 over the same 16 months.
May 22, 2025 (inception) – Aug 31, 2026
Per administrator NAV
Its strongest year since 2009
Source: HFR, Inc., January 2026
Not an offer. See full disclosures. Date of this presentation: September 1, 2026.
Britannica: +13.6% annualized gross, May 22, 2025 inception through Aug 31, 2026, per administrator NAV.
HFRI Fund Weighted Composite: +12.52% calendar 2025, net of fees, its strongest year since 2009. Source: HFR, Inc., Jan 2026.
Periods differ; gross vs net.
Three down months for the S&P 500. Three up months for Britannica.
Period: since inception to September 1, 2026. In every month in which the S&P 500 closed lower, the strategy closed higher. Cumulatively across the three episodes, the index lost 6.9% while Britannica gained 3.9%.
| Event | Period | S&P 500 | Britannica |
|---|---|---|---|
| February risk-off | Feb 2026 | −0.9% | +0.84% |
| Iran war selloff | Mar 2026 | −5.1% | +2.70% |
| AI unwind | Jun 2026 | −1.0% | +0.35% |
| Cumulative, three episodes | Inception to Sep 1, 2026 | −6.9% | +3.9% |
Britannica monthly returns gross of fees, per administrator NAV. S&P 500 monthly returns per S&P Dow Jones Indices. Past performance is not indicative of future results.
Global macro, systematically risk-managed
A global macro quant strategy with systematic risk management and liquid, listed large-cap exposure in the US, with selective European and emerging-market exposure. Risk is bounded ex-ante through disciplined position sizing and real-time hedging across volatility regimes, on the philosophy to preserve first, compound next.
Return from alpha versus return from market beta
Index alpha/beta splits are estimates versus the S&P 500; totals equal published calendar 2025 index returns, net of fees. Source: HFR, Inc. Regression workpaper available to qualified investors on request. Britannica figures gross of fees per administrator NAV, May 22, 2025 – Aug 31, 2026.
Effectively all of the return is alpha
The fund captures macro dislocations across US, European, and emerging markets through liquid listed instruments, then hedges out broad market direction. Returns come from global regime positioning, risk-transfer premia, event-driven timing, and dynamic sector neutralization.
Near-zero market beta. Peer composites earn most of their return from market beta.
An on-the-ground research overlay, built over years of field travel, sharpens regime priors and flow calendars.
Risk versus return, against hedge fund benchmarks
Volatilities annualized from monthly data; HFRI volatilities estimated from published monthly prints. Periods as labeled. Indices are not investable.
A defensive ballast sleeve
A defensive/ballast sleeve with near-zero equity correlation; complements long-only and private exposures. Mutes left-tail risk while maintaining participation potential. Liquid and non-correlated at all times.
Risk Management FrameworkPre-set limits trigger mechanical actions; discretion is bounded, not absent. When bands breach: Trigger Check, Hedge Now, De-gross, Recenter, Throttle, Re-risk. Rules fire first; portfolio-manager overrides require documented justification.
Defined by what we exclude
- Systematic, risk-managed; monetize liquidity dislocations.
- Rules-based with human oversight; risk bounded ex-ante.
- Not long-only beta, closet beta, or passive exposure.
- Not illiquid: liquid, listed securities only.
- Not discretionary stop-loss; no high-leverage carry.
Institutional infrastructure
- Britannica Fund Limited (BVI) — current trading vehicle; non-US and certain US tax-exempt investors.
- Delaware mini-master in place for US taxable capital upon activation.
- Liquid, listed securities only. Legacy vehicles closed.
Audit
Administrator
Offshore legal
Banking, custody & execution
Banking, custody & executionSpeak with investor relations
Britannica Capital's funds are offered privately to qualified investors only. To request the full performance detail, offering documents, or a conversation with the firm, write to investor.relations@britannicacap.com. We do not accept subscriptions through this website, and we will never ask you to submit identification documents or personal financial identifiers online.
Performance Disclosures
Not an offer. Past performance is not indicative of future results. Britannica figures are gross of fees and expenses, computed from administrator NAV statements for the period May 22, 2025 (inception) through August 31, 2026; returns to an investor would be lower after fees and expenses. The fiscal year ended June 30, 2026 was audited by Deloitte. Date of this presentation: September 1, 2026.
HFRI index figures are calendar-year 2025 returns, net of fees, as published by HFR, Inc. (January 2026). Comparison periods differ, and Britannica's gross returns are compared against net index returns. HFRI indices are not investable. Index alpha/beta splits are estimates versus the S&P 500. Sharpe and Sortino ratios use a 4.5% risk-free rate; volatilities are annualized from monthly data, and HFRI volatilities are estimated from published monthly prints. S&P 500 figures per S&P Dow Jones Indices.
Correlation and drawdown statistics are calculated from 16 months of monthly data and may not be representative of longer periods. Any offering is made only through definitive offering documents provided privately to qualified investors, which contain a complete description of risks, fees, and terms.
Important Disclosures
The information on this page is provided for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security or investment product. Any offering is made solely to qualified investors through definitive offering documents, which contain important information about objectives, risks, and conflicts of interest, and which qualified investors should review carefully before making any investment decision.
Alternative investment strategies involve a substantial degree of risk, including the possible loss of the entire amount invested, and are suitable only for sophisticated investors who can bear such risks. No representation is made that any strategy will achieve its objectives. Past performance is not indicative of future results.
Britannica Capital is a private investment management firm and is not a registered investment adviser. This material may not be reproduced or distributed without prior written consent.