Fund I
Performance
Every monthly net return since November 2023, the key terms, and how verified accredited investors can invest.
Flagship fund · MBH Capital Management, LLC
Fund I performance
Monthly returns net of all fees and expenses since the fund began trading on November 6, 2023. Data through October 31, 2026. October is an estimate until our fund administrator finalizes it. Past performance does not guarantee future results.
25.3%Annualized net return ⓘ
Compound annual growth rate: the yearly rate that turns $100 at inception into today's value. Nov 2023 through Oct 2026 (36 months), net of all fees.
96.5%Cumulative net return ⓘ
All monthly net returns since the fund began trading on November 6, 2023, compounded.
-6.36%Largest drawdown ⓘ
Biggest fall in fund value from a prior month-end high to a later month-end low. Intra-month declines can be larger.
13.5%Volatility ⓘ
Standard deviation of monthly net returns, multiplied by the square root of 12 to put it on a yearly basis.
1.42Sharpe ratio ⓘ
Annualized return minus a 4.5% cash rate, divided by volatility. Higher means more return per unit of total risk.
0.15Beta to S&P 500 ⓘ
How much the fund's monthly return has moved, on average, for each 1% move in the S&P 500 (total return). 1 means it moves with the market; 0 means no relationship.
0.14Correlation to S&P 500 ⓘ
How closely monthly fund returns have tracked monthly S&P 500 total returns. 1 means they move together; 0 means no linear relationship.
7 of 11Positive in S&P down months ⓘ
In the 11 months the S&P 500 (total return) fell, the number in which Fund I had a positive net return.
Returns by period
Standard periods ending October 31, 2026. Fund I is net of all fees.
| Period | Fund I (net) | S&P 500 total return |
|---|---|---|
| Oct 2026 (est.) | +0.96% | -0.91% |
| 2026 year to date | +17.32% | +11.69% |
| Last 12 months | +18.35% | +11.99% |
| Since inception, annualized | +25.26% | +23.27% |
| Since inception, cumulative | +96.54% | +87.30% |
Growth of $100
$100 invested at inception, compounded monthly. Hover for values.
Drawdown
How far the fund stood below its prior month-end high, each month.
Monthly net returns
a covered by audited financial statements · e estimate, not yet finalized by the fund administrator
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | — | -4.58% | +8.63% | +3.65%a |
| 2024 | -2.38% | +5.14% | +6.47% | -5.45% | +3.46% | +1.79% | +1.27% | +4.73% | +7.84% | -6.36% | +7.41% | -2.52% | +22.02%a |
| 2025 | +5.16% | +0.27% | +5.57% | +8.73% | +4.63% | -4.00% | +2.64% | +1.71% | +2.01% | +1.42% | +0.43% | +0.44% | +32.44%a |
| 2026 | -1.11% | +1.39% | +2.94% | +2.12% | -0.15% | -1.98% | +2.29% | +6.24% | +3.66% | +0.96%e | — | — | +17.32%e |
Verified accredited investor? Book a call and we'll walk you through the offering documents. The Private Placement Memorandum is the offer, not this page.
About these numbers. Returns are for MBH Capital Management, LLC ("Fund I"), net of the 2% annual management fee, the 20% incentive allocation and all fund expenses, as calculated monthly by the fund's independent administrator. Individual investors' returns differ with the timing of their investment. The fund's financial statements for the period November 6, 2023 to December 31, 2024 (net return 26.49%) and for calendar year 2025 (net return 32.44%) were audited by independent accounting firms. Returns after December 31, 2025 are unaudited. The 2023 and 2024 rows above split the audited 14-month period by calendar year and are not separately audited.
Annualized return, volatility, drawdown, Sharpe ratio, beta and correlation are our own calculations from the monthly net returns above and are not audited. The S&P 500 comparison uses the SPDR S&P 500 ETF (SPY) with dividends reinvested, from month-end prices; it is shown for context only. The fund does not track or aim to beat the index, and its holdings and risks are very different.
Service providers. Fund administrator: Repool. Independent auditor: Cherry Bekaert LLP (calendar year 2025; Spicer Jeffries LLP audited November 6, 2023 to December 31, 2024). Prime broker: Interactive Brokers LLC. Service providers are named for information only. None of them has reviewed or endorses the fund or the information on this website.
Fund I trades options, primarily same-day S&P 500 index options. Options trading involves substantial risk, including the possible loss of a large part of your investment. Fund interests are offered only to verified accredited investors, and only through the fund's Private Placement Memorandum and subscription documents, which describe the fund's terms, fees, liquidity and risks in full. Nothing on this page is investment, tax or legal advice. See our full disclosures.
Follow Fund I month by month.Get results and market notes by email, watch our monthly update videos, or book a call. Unsubscribe anytime.
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Office
+1 (925) 819-1779 · markanderson@mbhcapitalmanagement.com
9393-2 Mill Springs DriveJacksonville, FL 32257
