The book·Since Jan 2019·Refreshed quarterly
What the desk has actually returned.
Halvren is a proprietary book operated by the principal since January 2019. The numbers below are the realized return on that capital — net of fees, costs, and trading commissions — measured against the two benchmarks any honest comparison demands: Canadian and U.S. broad-market total return.
Annualized return · since inception
19.2%
Seven years. Net of everything.
- vs. TSX Composite TR
- +13.0%
- Excess vs. TSX
- +6.2 pp
- vs. S&P 500 TR
- +16.9%
- Excess vs. S&P 500
- +2.3 pp
- Cumulative · 7 yrs
- +241%
Annualized returnnet of fees & costs
Years of compounded datasince Jan 2019
Maximum drawdownMar 2020 · recovered Aug 2020
Years beating TSX TR4 of 7 vs. S&P 500 TR
Figure 01 · Cumulative return
$100 in Halvren on day one is $341 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. The gap is what the work bought the principal — net of every fee, commission, and frictional cost.
Figure 02 · Year-by-year
Five of seven years beat the TSX. Two of those years mattered more than the rest.
The 2021 and 2022 reads carried a disproportionate share of the seven-year excess. 2021 was the commodity reflation; 2022 was the year the broad market broke and Canadian operators with low-decline assets and disciplined balance sheets did not. 2023 was a consolidation year; the desk underperformed both benchmarks honestly. 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 | +25.0% | +22.9% | +31.5% | +2.1 | −6.5 |
| 2020 | +11.0% | +5.6% | +18.4% | +5.4 | −7.4 |
| 2021 | +35.0% | +25.1% | +28.7% | +9.9 | +6.3 |
| 2022 | +18.0% | −5.8% | −18.1% | +23.8 | +36.1 |
| 2023 | +8.0% | +11.8% | +26.3% | −3.8 | −18.3 |
| 2024 | +21.0% | +22.5% | +25.0% | −1.5 | −4.0 |
| 2025 | +18.0% | +12.0% | +15.0% | +6.0 | +3.0 |
| 2026 YTD | +6.5% | +4.2% | +4.8% | +2.3 | +1.7 |
| Annualized | +19.2% | +13.0% | +16.9% | +6.2 pp | +2.3 pp |
Figure 03 · 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 −18%, recovered by August. The 2022 mid-year drawdown of −12% recovered inside four months. Two single-digit drawdowns since. The discipline that produces the headline return is the same discipline that determines what the drawdown looks like.
Figure 04 · 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%
- Leverage 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 leverage, 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 the custodian. The principal does not self-mark positions; all valuations are exchange close as reported by the custodian. Statements are retained and reconcilable.
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 leverage 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.
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.