Results vs. Benchmarks

An approach is ultimately measured by its results. Below is the verifiable record of our private portfolio since July 2020. We invite you to judge for yourself.

Our Verifiable
Record

2368.40%

S&P/TSX Capped
Materials (XMA)

178.46%

S&P 500
(SPY)

102.99%

VanEck Gold Miners
(GDX)

171.95%

S&P/TSX Capped Energy
(XEG)

422.08%

S&P/TSX Composite Index
(TSX)

62.29%

NASDAQ Composite Index
(NASDAQ)

132.35%

S&P/TSX Venture
Composite Index (TSXV)

25.70%

Returns Are Half The Story

Risk-adjusted returns are what matter. Our approach is built on capital preservation. This chart – showing our max drawdown versus the benchmarks – is that philosophy in action. This is how we avoid getting hammered while hunting for real asymmetry. Because you can't compound capital if you're not in the game.

Benchmark

Maximum Drawdown

The Circle

-18.07%

XEG (Capped Energy)

-18.78%

XMA (Capped Materials)

-24.35%

SPY (S&P 500 ETF)

-25.37%

NASDAQ Composite

-33.09%

GDX (Gold Miners)

-43.31%

S&P/TSX Composite

-49.33%

S&P/TSX Venture

-53.53%

The Anatomy of Conviction

✓

The Monthly Dispatch

True opportunities don't appear on a 24-hour news schedule. Our monthly pace is a deliberate filter. It forces patience, encourages deep thinking, and respects your time. This is a place for compounding capital, not compounding noise.
✓

The Allocation Lens

Skin in the game: Our conviction, backed by our capital.
✓

Material News & Situational Briefs

We distill market noise into signal. You get a concise, unsentimental take on the facts and their direct impact on our thesis.
✓
The Catalyst Calendar

A forward-looking view of material events that could impact our theses.‍
✓

The Transparent Ledger

Every closed position – win or lose – will be recorded here in a detailed post-mortem. This ledger will grow with us, becoming a living, unvarnished record of our strategy in action.

Our Track Record

A Verifiable, Real-Money Record

Our performance metrics are drawn directly from Malcolm's private portfolio. While individual positions remain proprietary, the top-line results are fully verifiable. No hypotheticals, no ambiguity.

No Cherry-Picking – Ever

Our track record includes every single position, open and closed, within the reporting period. You see the wins and the losses.

No Gimmicks, No Leverage

We calculate returns on a pure capital-gain basis, excluding dividends and leverage. This provides the cleanest, most honest reflection of our core analysis.

We Publish. You Decide.

This is not a managed fund, and we do not provide personalized investment advice. Your decisions, and your results, are always your own.

"Malcolm’s insight has been invaluable. He knows the sector better than anyone, uncovering high-potential plays I’d have never known about."

— Dave S

Your Seat at the Table.

You have the philosophy and you’ve seen the tools. The Circle is a private community for serious investors committed to the craft. If you belong at the table, the next step is simple.

Join The Circle