The book·Since Jan 2019·Reconciled quarterly
Performance.
Halvren is a proprietary equity book, operated by the principal on his own balance sheet since January 2019. The numbers below are the realized, time-weighted return on that capital, net of fees, commissions, and frictional costs, benchmarked against S&P/TSX Composite Total Return and S&P 500 Total Return. Every year of seven was positive, including 2020 (+10% through COVID) and 2022 (+6% while broad markets fell). No borrowing. No derivatives. No outside capital.
Annualized · since inception · net
17.1%
- vs. TSX Composite TR
- +13.0%
- Excess vs. TSX
- +4.1 pp
- vs. S&P 500 TR
- +16.9%
- Excess vs. S&P 500
- +0.2 pp
- Cumulative · 7 yrs
- +202%
Inception
Jan 2019
Custodian / Prime
Interactive Brokers
Base currency
CAD · USD
Mandate
Long-only equity
Borrowing
None
Derivatives
None
Annualized returnnet of fees & costs
Years positiveworst year +6% (2022)
Worst calendar year2022 · TSX −5.8% · S&P −18.1%
Years beating TSX TR4 of 7 vs. S&P 500 TR
Scope
What this performance number covers, and what it does not.
- Vehicle
- The principal's proprietary book — a single brokerage account, single principal, no outside investors, no co-mingled capital.
- Calculation period
- 1 January 2019 (inception) through 31 December 2025 — seven full calendar years. The page is reconciled at quarter-end; the next refresh follows the close of Q1 2026.
- Reporting currency
- Canadian dollars (CAD) at the book level. Multi-currency activity uses the custodian's reported close FX. Benchmarks are reported in their native currency (TSX TR in CAD, S&P 500 TR in USD); cross-currency contribution is included in the Halvren figure where applicable, not in the benchmark.
- Fees
- Zero. There are no clients, no management fees, no performance fees. The only deductions from gross return are trading commissions, custody fees, FX conversion costs, and incidental settlement interest — all reflected in the “net” figure on this page.
- What is excluded
- No borrowing, no derivatives, no short book, no margin strategy, no private positions, no real-estate or operating-business returns. Only public-equity positions held through the named custodian.
- Canonical data
- The structured year-by-year data this page renders against lives at
content/performance/annual.json. Aggregates on this page are derived from the same rows.
Risk-adjusted
The headline number, per unit of risk taken.
Annualized return is one half of the picture. The other half is the volatility of the path that produced it. The four numbers below are what an institutional allocator looks at first: how much risk did the desk run, what did it earn for that risk, and how much of the return moved with the broad market.
Sharpe ratio
1.13Excess over 3% risk-free, divided by ann. vol. Above 1.0 is the institutional bar; the book clears it across the seven-year sample.
Sortino ratio
1.92Excess return over downside deviation only. With every annual return positive, downside vol comes entirely from intra-year noise.
Annualized volatility
12.5%Standard deviation of monthly returns, annualized. Below the S&P 500 at ~16.8% and below TSX at ~18.4%, despite higher absolute return.
Beta · TSX TR
0.78Correlated with the Canadian market, not synthetic to it. Beta to S&P 500: 0.61. Returns are operator-driven, not index-driven.
Figure 01 · Cumulative return
$100 in Halvren on day one is $302 seven years later.
Indexed to 100 at January 2019. Halvren proprietary book vs. S&P/TSX Composite Total Return and S&P 500 Total Return, both reinvested. Halvren ends the period materially above TSX and slightly above S&P 500, with one critical difference: no down years. Net of every fee, commission, and frictional cost.
Figure 02 · Year-by-year
Seven years. Every one of them positive.
2019 was a ramp-up year and the book honestly lagged both benchmarks. 2024 lagged again. The five other years cleared TSX, four of seven cleared the S&P. The two years that earned the book its institutional read are 2022 and 2023: in 2022 the broad market broke (TSX −5.8%, S&P −18.1%) and Halvren still printed +6%; in 2023 the book put up its biggest year while the TSX merely consolidated. The point of publishing this table is not to celebrate the good years — it is to make the bad ones visible.
| Year | Halvren | TSX TR | S&P 500 TR | vs. TSX | vs. S&P |
|---|---|---|---|---|---|
| 2019 | +12.0% | +22.9% | +31.5% | −10.9 | −19.5 |
| 2020 | +10.0% | +5.6% | +18.4% | +4.4 | −8.4 |
| 2021 | +29.0% | +25.1% | +28.7% | +3.9 | +0.3 |
| 2022 | +6.0% | −5.8% | −18.1% | +11.8 | +24.1 |
| 2023 | +30.0% | +11.8% | +26.3% | +18.2 | +3.7 |
| 2024 | +17.0% | +22.5% | +25.0% | −5.5 | −8.0 |
| 2025 | +18.0% | +12.0% | +15.0% | +6.0 | +3.0 |
| Annualized | +17.1% | +13.0% | +16.9% | +4.1 pp | +0.2 pp |
Figure 03 · Monthly returns
Eighty-eight months. Every one of them, visible.
Each cell is a single month. Gold is positive; muted red is negative; intensity scales with magnitude. The pattern matters as much as the number — broad consistency across years, with two visible drawdowns (Mar 2020, mid-2022) followed by recoveries inside the same calendar year.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2019+12.0% | ||||||||||||
| 2020+10.0% | ||||||||||||
| 2021+29.0% | ||||||||||||
| 2022+6.0% | ||||||||||||
| 2023+30.0% | ||||||||||||
| 2024+17.0% | ||||||||||||
| 2025+18.0% |
Figure 04 · Drawdown profile
The loss the book actually survived.
Drawdown is the underwater curve, peak to trough, by month. The deepest point was March 2020 at roughly −13%, recovered by August. The 2022 mid-year drawdown of roughly −12% recovered inside four months. Both years still ended positive on a calendar basis. The discipline that produces the headline return is the same discipline that determines what the drawdown looks like.
Magnitudes in plain text: deepest drawdown roughly −13% in March 2020, recovered by August. Second drawdown roughly −12% mid-2022, recovered inside four months.
Magnitudes shown to nearest percent; reconciled monthly series available on request.
Figure 05 · Where the return came from
Three sectors. Operator-led in each.
Decomposing the seven-year cumulative return by sector exposure. The Halvren universe by design is concentrated in energy, materials, and infrastructure — the three sectors where Canadian operators with low-decline assets and disciplined capital structures compete on a level playing field globally. The split below is the receipt of that focus.
Sector contribution to cumulative return
Approximate share of the seven-year compounded gain attributable to each sector exposure. Position-level detail is proprietary; sector-level is honest.
Within energy
The discipline behind the number
Statistics that matter more than the headline: holding period, hit rate, and how the desk actually behaves through a cycle.
- Total names held since 2019
- 28
- Average holding period
- 22 months
- Longest single hold
- 5+ years
- Average position size
- ~7%
- Hit rate · names
- 68%
- Hit rate · capital
- 79%
- Worst single-name DD
- −38%
- That same name today
- +12%
- Cash held · 7-yr avg
- ~14%
- Borrowing used
- none
Honest framing
What this number is — and what it isn't.
It is.
- The realized return on the principal's own capital, calculated time-weighted from custodian statements.
- Net of trading commissions, custody fees, FX conversion costs, and any other frictional cost.
- Cross-checked against year-end account statements; independent attestation available on request to qualified counterparties.
- The product of one investing approach, one principal, one balance sheet — for seven full years and counting.
It is not.
- An audited GIPS-compliant performance presentation. Halvren is a proprietary book, not a fund.
- An offer or solicitation. Halvren is not a registered investment adviser, broker-dealer, or portfolio manager.
- A forecast. Past return is mathematically uninformative about the next year. The honest sample is seven cycles, not a guarantee.
- Comparable to a fund return net of management and performance fees. There are none of those here; there is also no borrowing, derivatives, or short book.
Methodology & data integrity
Calculation. Returns are time-weighted, calculated monthly, and chained to produce annual and inception-to-date figures. Inflows and outflows of principal capital are removed via the Modified Dietz method to avoid contaminating the return with timing of cash movements. The method is consistent across all seven years.
Source data. Returns are computed from end-of-month account statements issued by Interactive Brokers, the principal's custodian and prime broker since inception. The principal does not self-mark positions; all valuations are exchange close as reported by the custodian. Statements are retained, time-stamped, and reconcilable. Where multi-currency activity is involved, IBKR's reported FX is used at the same close.
Net-of-what.
- Trading commissions: every executed trade, flat or per-share.
- Custody and platform fees: annual or quarterly.
- FX conversion costs: incurred on cross-listed or U.S.-listed positions.
- Borrow / interest: on any margin sweep balances incidental to settlement; no borrowing strategy is used.
Benchmarks. S&P/TSX Composite Total Return and S&P 500 Total Return, in their respective home currencies, computed on the same time-weighted basis. No currency hedging is applied to the benchmark; the Halvren return is similarly unhedged at the book level. Cross-currency contribution is included in the Halvren figure where applicable.
Annual returns are reconciled to custodian statements. The headline 17.1% annualized return, the +202% cumulative return, and each of the seven calendar-year figures (2019: +12.0%, 2020: +10.0%, 2021: +29.0%, 2022: +6.0%, 2023: +30.0%, 2024: +17.0%, 2025: +18.0%) reconcile directly to Interactive Brokers monthly statements. The monthly heatmap is presented as bucketed bands (six warm-tone shades) rather than precise per-cell values, and the underwater drawdown curve shows shape and approximate magnitudes rounded to the nearest percent — both compound to each calendar-year reconciled figure. The precise, reconciled month-by-month series is available to qualified counterparties on request, and a third-party attestation of the full monthly series is planned for 2026.
What is not on this page. Position-level holdings, individual trade timing, dollar amounts of capital, and personal financial details are not disclosed and will not be. The numbers above are the relevant performance facts; everything else is private.
Independent attestation. Custodian statements supporting the figures are available for review by qualified counterparties under appropriate confidentiality, on request to amirali@halvrencapital.com. We expect to engage a third-party performance attestation in 2026.
Errors. If you spot a material error or have a methodology question, write to us. Errors get fixed in public; the page changelog records the change.
This page is provided for informational and educational purposes only. It is not an offer, solicitation, or recommendation to buy, sell, or hold any security. Past performance is not indicative of future results. Halvren is not a registered investment adviser, broker-dealer, or portfolio manager and does not currently accept outside capital. See the Terms of Use for the full disclaimer.
A note on the CFA reference. Per the CFA Institute Standard of Professional Conduct VII(B), the term “CFA candidate” applies only when the principal is registered for the next sitting of a CFA exam. Where the term is used on this site, it reflects an active registration; if a sitting is missed without re-enrollment, the references will be updated to “studying toward the CFA” and this page will record the change.