{
  "name": "Minerva Investment Management Society: fund track records",
  "url": "https://minervaims.org/track-record",
  "description": "Virtual (paper) portfolio managed by students for educational purposes. No real capital is invested. Returns are simulated, net and in EUR. Only the monthly returns are typed; every other figure is computed from them by one function (public.fund_track_record): the year-to-date and inception-to-date returns compounded, the volatility as the sample standard deviation of monthly returns times the square root of twelve, the Sharpe ratio on the euro short-term rate (EONIA less 8.5 basis points before October 2019), the maximum drawdown of the compounded value, and beta and correlation to market indices over shared months.",
  "built_at": "2026-10-23T15:52:23.506Z",
  "computed_at": "2026-10-23T15:52:23.826266+00:00",
  "units": {
    "returns": "percent",
    "volatility": "percent a year",
    "sharpe": "ratio",
    "beta": "ratio",
    "correlation": "ratio"
  },
  "funds": {
    "long-short": {
      "name": "Long Short Equity Fund",
      "url": "https://minervaims.org/funds/long-short",
      "status": "active",
      "csv": "https://minervaims.org/data/funds-long-short.csv",
      "profile": {
        "end_date": null,
        "updated_at": "2026-10-23T15:24:54.39084+00:00",
        "methodology": "Zero-net-investment, multi-factor long-short portfolio of US (S&P 500) and European (STOXX Europe 600) equities, with 20 stocks in each of four segments: long and short, US and Europe. Stocks are ranked on value, momentum, quality, low volatility, illiquidity, tail risk and yield curve factors; factor weights follow a time-series factor momentum rule; each position is capped at 5% and checked for sector neutrality and geographic balance. Returns are on a EUR 100,000 exposure, from a simulated NAV.",
        "closing_reason": null,
        "inception_date": "2018-12-03",
        "positions_as_of": "2026-05-20",
        "positions_count": 80,
        "rebalancing_policy": "Rebalanced every six months. The exposure is reset to EUR 100,000 at each rebalancing, and no intermediate rebalancing is usually performed."
      },
      "record": {
        "itd": 50.944255,
        "best": {
          "month": "2022-01",
          "value": 9.3
        },
        "fund": "long-short",
        "worst": {
          "month": "2021-02",
          "value": -4.6
        },
        "years": [
          {
            "n": 1,
            "itd": 6.6,
            "vol": null,
            "ytd": 6.6,
            "year": 2018,
            "months": [
              null,
              null,
              null,
              null,
              null,
              null,
              null,
              null,
              null,
              null,
              null,
              6.6
            ],
            "sharpe": null
          },
          {
            "n": 12,
            "itd": 5.875253,
            "vol": 6.26237,
            "ytd": -0.679875,
            "year": 2019,
            "months": [
              -4.3,
              1.6,
              -0.3,
              -0.8,
              -1.4,
              2.2,
              1.2,
              0.4,
              1.5,
              -1.7,
              0.7,
              0.4
            ],
            "sharpe": -0.032448
          },
          {
            "n": 12,
            "itd": -7.541044,
            "vol": 7.693681,
            "ytd": -12.671797,
            "year": 2020,
            "months": [
              -2.4,
              2.4,
              -4,
              -1,
              1.8,
              0.2,
              -3.6,
              -3.1,
              -2.7,
              -2.4,
              0.6,
              1
            ],
            "sharpe": -1.576001
          },
          {
            "n": 12,
            "itd": 6.745595,
            "vol": 12.816183,
            "ytd": 15.451872,
            "year": 2021,
            "months": [
              -4.4,
              -4.6,
              2.3,
              6.3,
              3.1,
              0.2,
              5,
              0,
              -1,
              0.5,
              0.9,
              6.9
            ],
            "sharpe": 1.249942
          },
          {
            "n": 12,
            "itd": 27.834771,
            "vol": 10.986728,
            "ytd": 19.756483,
            "year": 2022,
            "months": [
              9.3,
              0.1,
              0.7,
              4.9,
              2.2,
              0.6,
              -3.7,
              2.2,
              0.9,
              1,
              -1,
              1.5
            ],
            "sharpe": 1.799482
          },
          {
            "n": 12,
            "itd": 28.347664,
            "vol": 9.343544,
            "ytd": 0.401216,
            "year": 2023,
            "months": [
              -2.2,
              0.3,
              2.5,
              1.6,
              -0.4,
              0.1,
              -3.8,
              5.2,
              1.6,
              1.7,
              -4,
              -1.8
            ],
            "sharpe": -0.299863
          },
          {
            "n": 12,
            "itd": 44.941374,
            "vol": 7.9,
            "ytd": 12.92872,
            "year": 2024,
            "months": [
              6.6,
              0.9,
              -0.3,
              1.2,
              0.9,
              -1.7,
              0.5,
              0.7,
              -2.4,
              3.1,
              1.6,
              1.4
            ],
            "sharpe": 1.17531
          },
          {
            "n": 12,
            "itd": 56.353709,
            "vol": 4.606221,
            "ytd": 7.87376,
            "year": 2025,
            "months": [
              -1.1,
              0.3,
              1,
              -1.6,
              2.1,
              2.4,
              2.2,
              0.5,
              1.6,
              0.3,
              -0.9,
              0.9
            ],
            "sharpe": 1.235822
          },
          {
            "n": 3,
            "itd": 50.944255,
            "vol": 0.72111,
            "ytd": -3.459754,
            "year": 2026,
            "months": [
              -1.4,
              -1,
              -1.1,
              null,
              null,
              null,
              null,
              null,
              null,
              null,
              null,
              null
            ],
            "sharpe": null
          }
        ],
        "sharpe": 0.512334,
        "ann_vol": 9.206362,
        "monthly": [
          {
            "month": "2018-12",
            "value": 6.6
          },
          {
            "month": "2019-01",
            "value": -4.3
          },
          {
            "month": "2019-02",
            "value": 1.6
          },
          {
            "month": "2019-03",
            "value": -0.3
          },
          {
            "month": "2019-04",
            "value": -0.8
          },
          {
            "month": "2019-05",
            "value": -1.4
          },
          {
            "month": "2019-06",
            "value": 2.2
          },
          {
            "month": "2019-07",
            "value": 1.2
          },
          {
            "month": "2019-08",
            "value": 0.4
          },
          {
            "month": "2019-09",
            "value": 1.5
          },
          {
            "month": "2019-10",
            "value": -1.7
          },
          {
            "month": "2019-11",
            "value": 0.7
          },
          {
            "month": "2019-12",
            "value": 0.4
          },
          {
            "month": "2020-01",
            "value": -2.4
          },
          {
            "month": "2020-02",
            "value": 2.4
          },
          {
            "month": "2020-03",
            "value": -4
          },
          {
            "month": "2020-04",
            "value": -1
          },
          {
            "month": "2020-05",
            "value": 1.8
          },
          {
            "month": "2020-06",
            "value": 0.2
          },
          {
            "month": "2020-07",
            "value": -3.6
          },
          {
            "month": "2020-08",
            "value": -3.1
          },
          {
            "month": "2020-09",
            "value": -2.7
          },
          {
            "month": "2020-10",
            "value": -2.4
          },
          {
            "month": "2020-11",
            "value": 0.6
          },
          {
            "month": "2020-12",
            "value": 1
          },
          {
            "month": "2021-01",
            "value": -4.4
          },
          {
            "month": "2021-02",
            "value": -4.6
          },
          {
            "month": "2021-03",
            "value": 2.3
          },
          {
            "month": "2021-04",
            "value": 6.3
          },
          {
            "month": "2021-05",
            "value": 3.1
          },
          {
            "month": "2021-06",
            "value": 0.2
          },
          {
            "month": "2021-07",
            "value": 5
          },
          {
            "month": "2021-08",
            "value": 0
          },
          {
            "month": "2021-09",
            "value": -1
          },
          {
            "month": "2021-10",
            "value": 0.5
          },
          {
            "month": "2021-11",
            "value": 0.9
          },
          {
            "month": "2021-12",
            "value": 6.9
          },
          {
            "month": "2022-01",
            "value": 9.3
          },
          {
            "month": "2022-02",
            "value": 0.1
          },
          {
            "month": "2022-03",
            "value": 0.7
          },
          {
            "month": "2022-04",
            "value": 4.9
          },
          {
            "month": "2022-05",
            "value": 2.2
          },
          {
            "month": "2022-06",
            "value": 0.6
          },
          {
            "month": "2022-07",
            "value": -3.7
          },
          {
            "month": "2022-08",
            "value": 2.2
          },
          {
            "month": "2022-09",
            "value": 0.9
          },
          {
            "month": "2022-10",
            "value": 1
          },
          {
            "month": "2022-11",
            "value": -1
          },
          {
            "month": "2022-12",
            "value": 1.5
          },
          {
            "month": "2023-01",
            "value": -2.2
          },
          {
            "month": "2023-02",
            "value": 0.3
          },
          {
            "month": "2023-03",
            "value": 2.5
          },
          {
            "month": "2023-04",
            "value": 1.6
          },
          {
            "month": "2023-05",
            "value": -0.4
          },
          {
            "month": "2023-06",
            "value": 0.1
          },
          {
            "month": "2023-07",
            "value": -3.8
          },
          {
            "month": "2023-08",
            "value": 5.2
          },
          {
            "month": "2023-09",
            "value": 1.6
          },
          {
            "month": "2023-10",
            "value": 1.7
          },
          {
            "month": "2023-11",
            "value": -4
          },
          {
            "month": "2023-12",
            "value": -1.8
          },
          {
            "month": "2024-01",
            "value": 6.6
          },
          {
            "month": "2024-02",
            "value": 0.9
          },
          {
            "month": "2024-03",
            "value": -0.3
          },
          {
            "month": "2024-04",
            "value": 1.2
          },
          {
            "month": "2024-05",
            "value": 0.9
          },
          {
            "month": "2024-06",
            "value": -1.7
          },
          {
            "month": "2024-07",
            "value": 0.5
          },
          {
            "month": "2024-08",
            "value": 0.7
          },
          {
            "month": "2024-09",
            "value": -2.4
          },
          {
            "month": "2024-10",
            "value": 3.1
          },
          {
            "month": "2024-11",
            "value": 1.6
          },
          {
            "month": "2024-12",
            "value": 1.4
          },
          {
            "month": "2025-01",
            "value": -1.1
          },
          {
            "month": "2025-02",
            "value": 0.3
          },
          {
            "month": "2025-03",
            "value": 1
          },
          {
            "month": "2025-04",
            "value": -1.6
          },
          {
            "month": "2025-05",
            "value": 2.1
          },
          {
            "month": "2025-06",
            "value": 2.4
          },
          {
            "month": "2025-07",
            "value": 2.2
          },
          {
            "month": "2025-08",
            "value": 0.5
          },
          {
            "month": "2025-09",
            "value": 1.6
          },
          {
            "month": "2025-10",
            "value": 0.3
          },
          {
            "month": "2025-11",
            "value": -0.9
          },
          {
            "month": "2025-12",
            "value": 0.9
          },
          {
            "month": "2026-01",
            "value": -1.4
          },
          {
            "month": "2026-02",
            "value": -1
          },
          {
            "month": "2026-03",
            "value": -1.1
          }
        ],
        "risk_free": {
          "as_of": "2026-10-23",
          "label": "€STR (euro short-term rate)",
          "sources": [
            "ECB Data Portal, €STR (EST.B.EU000A2X2A25.WT), monthly average of daily rates",
            "ECB Data Portal, EONIA monthly average (FM.M.U2.EUR.4F.MM.EONIA.HSTA) minus 8.5 basis points"
          ],
          "complete": true,
          "average_rate": 1.073877,
          "months_covered": 88
        },
        "ann_return": 5.775255,
        "last_month": "2026-03",
        "references": [
          {
            "to": null,
            "beta": null,
            "from": null,
            "as_of": null,
            "label": "EURO STOXX 50",
            "months": 0,
            "series": "euro_stoxx_50",
            "sources": [],
            "variant": "Net total return",
            "currency": "EUR",
            "correlation": null
          },
          {
            "to": null,
            "beta": null,
            "from": null,
            "as_of": null,
            "label": "S&P 500",
            "months": 0,
            "series": "sp_500",
            "sources": [],
            "variant": "Net total return",
            "currency": "EUR",
            "correlation": null
          },
          {
            "to": null,
            "beta": null,
            "from": null,
            "as_of": null,
            "label": "MSCI China",
            "months": 0,
            "series": "msci_china",
            "sources": [],
            "variant": "Net total return",
            "currency": "EUR",
            "correlation": null
          }
        ],
        "first_month": "2018-12",
        "max_drawdown": {
          "value": -20.896072,
          "peak_month": "2018-12",
          "trough_month": "2021-02",
          "from_inception": false,
          "recovery_month": "2021-12",
          "months_to_recover": 10
        },
        "months_count": 88,
        "positive_share": 63.636364,
        "positive_months": 56
      }
    },
    "multi-asset": {
      "name": "Multi Asset Global Opportunities Fund",
      "url": "https://minervaims.org/funds/multi-asset",
      "status": "active",
      "csv": "https://minervaims.org/data/funds-multi-asset.csv",
      "profile": {
        "end_date": null,
        "updated_at": "2026-10-23T15:24:54.39084+00:00",
        "methodology": "Discretionary global portfolio of listed equities, fixed income and commodities, built from the macroeconomic outlook (top-down) and from fundamental analysis of single securities (bottom-up), typically about 30 holdings. Position sizing is guided by marginal risk contribution, correlation and liquidity. Derivatives are used only to hedge tail risks and currency, never for net leverage or directional exposure. The fund is valued at each day's close, with dividends and coupons reinvested.",
        "closing_reason": null,
        "inception_date": "2020-01-31",
        "positions_as_of": null,
        "positions_count": null,
        "rebalancing_policy": "Rebalanced every six months, with ad hoc reviews to reposition around market shocks and dislocations."
      },
      "record": {
        "itd": 73.138697,
        "best": {
          "month": "2023-11",
          "value": 7.3
        },
        "fund": "multi-asset",
        "worst": {
          "month": "2022-09",
          "value": -9.2
        },
        "years": [
          {
            "n": 12,
            "itd": 15.146956,
            "vol": 6.864931,
            "ytd": 15.146956,
            "year": 2020,
            "months": [
              0.1,
              -0.3,
              0.1,
              1.4,
              3.4,
              1.9,
              -1.8,
              1.2,
              -1.4,
              2.2,
              5,
              2.6
            ],
            "sharpe": 2.28604
          },
          {
            "n": 12,
            "itd": 45.180991,
            "vol": 6.607984,
            "ytd": 26.083221,
            "year": 2021,
            "months": [
              3,
              2.3,
              1.5,
              0.7,
              0.5,
              2.4,
              2,
              1.5,
              -2.3,
              4.7,
              2.4,
              4.9
            ],
            "sharpe": 4.033125
          },
          {
            "n": 12,
            "itd": 35.666907,
            "vol": 17.056164,
            "ytd": -6.553257,
            "year": 2022,
            "months": [
              -2,
              0.4,
              2.1,
              -2.8,
              -0.2,
              -7.8,
              6.5,
              5.1,
              -9.2,
              3.7,
              2.9,
              -4.1
            ],
            "sharpe": -0.383399
          },
          {
            "n": 12,
            "itd": 36.632067,
            "vol": 9.353026,
            "ytd": 0.711419,
            "year": 2023,
            "months": [
              0.2,
              -2.1,
              -0.3,
              -0.3,
              -1,
              1.3,
              -1.5,
              0.1,
              -3.7,
              -0.7,
              7.3,
              1.8
            ],
            "sharpe": -0.266393
          },
          {
            "n": 12,
            "itd": 38.362434,
            "vol": 2.98161,
            "ytd": 1.266443,
            "year": 2024,
            "months": [
              0.5,
              0.2,
              1.6,
              -0.4,
              0.4,
              -0.1,
              0.7,
              0,
              -0.4,
              -0.2,
              0.9,
              -1.9
            ],
            "sharpe": -0.79733
          },
          {
            "n": 12,
            "itd": 58.664774,
            "vol": 7.10288,
            "ytd": 14.673304,
            "year": 2025,
            "months": [
              0.6,
              4.5,
              -3.3,
              1.6,
              1.7,
              -0.2,
              0.2,
              2.7,
              2.1,
              3.7,
              0,
              0.4
            ],
            "sharpe": 1.758725
          },
          {
            "n": 4,
            "itd": 73.138697,
            "vol": 11.90126,
            "ytd": 9.122329,
            "year": 2026,
            "months": [
              5.8,
              1.1,
              -2,
              4.1,
              null,
              null,
              null,
              null,
              null,
              null,
              null,
              null
            ],
            "sharpe": null
          }
        ],
        "sharpe": 0.802308,
        "ann_vol": 9.62145,
        "monthly": [
          {
            "month": "2020-01",
            "value": 0.1
          },
          {
            "month": "2020-02",
            "value": -0.3
          },
          {
            "month": "2020-03",
            "value": 0.1
          },
          {
            "month": "2020-04",
            "value": 1.4
          },
          {
            "month": "2020-05",
            "value": 3.4
          },
          {
            "month": "2020-06",
            "value": 1.9
          },
          {
            "month": "2020-07",
            "value": -1.8
          },
          {
            "month": "2020-08",
            "value": 1.2
          },
          {
            "month": "2020-09",
            "value": -1.4
          },
          {
            "month": "2020-10",
            "value": 2.2
          },
          {
            "month": "2020-11",
            "value": 5
          },
          {
            "month": "2020-12",
            "value": 2.6
          },
          {
            "month": "2021-01",
            "value": 3
          },
          {
            "month": "2021-02",
            "value": 2.3
          },
          {
            "month": "2021-03",
            "value": 1.5
          },
          {
            "month": "2021-04",
            "value": 0.7
          },
          {
            "month": "2021-05",
            "value": 0.5
          },
          {
            "month": "2021-06",
            "value": 2.4
          },
          {
            "month": "2021-07",
            "value": 2
          },
          {
            "month": "2021-08",
            "value": 1.5
          },
          {
            "month": "2021-09",
            "value": -2.3
          },
          {
            "month": "2021-10",
            "value": 4.7
          },
          {
            "month": "2021-11",
            "value": 2.4
          },
          {
            "month": "2021-12",
            "value": 4.9
          },
          {
            "month": "2022-01",
            "value": -2
          },
          {
            "month": "2022-02",
            "value": 0.4
          },
          {
            "month": "2022-03",
            "value": 2.1
          },
          {
            "month": "2022-04",
            "value": -2.8
          },
          {
            "month": "2022-05",
            "value": -0.2
          },
          {
            "month": "2022-06",
            "value": -7.8
          },
          {
            "month": "2022-07",
            "value": 6.5
          },
          {
            "month": "2022-08",
            "value": 5.1
          },
          {
            "month": "2022-09",
            "value": -9.2
          },
          {
            "month": "2022-10",
            "value": 3.7
          },
          {
            "month": "2022-11",
            "value": 2.9
          },
          {
            "month": "2022-12",
            "value": -4.1
          },
          {
            "month": "2023-01",
            "value": 0.2
          },
          {
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