The numbers on this page are not a marketing summary. They are the same figures we file with Ernst & Young every March, send to limited partners on the fifth business day of every quarter, and reference in the audited financial statements appended to each private-placement memorandum since the 2017 vintage. What follows is the full record, gross and net, with the footnotes a sophisticated reader is owed.
Net IRR is computed after management fees, fund expenses, and the general partner's carried interest on realized gains. Gross IRR is presented before carried interest and is shown for comparability with manager-reported figures in the HFR database. The S&P 500 TR comparison is the cumulative total return of the index over the same investment window for each vintage, with dividends reinvested.
| Vintage | Capital committed | Gross IRR | Net IRR | Net multiple | S&P 500 TR | Status |
|---|---|---|---|---|---|---|
| 2014 | $18.2M | 26.8% | 21.4% | 3.42× | 13.1% | Fully realized |
| 2015 | $22.6M | 31.2% | 24.9% | 3.18× | 11.8% | Fully realized |
| 2016 | $29.4M | 22.4% | 17.9% | 2.61× | 10.4% | Fully realized |
| 2017 | $34.1M | 29.7% | 23.8% | 2.74× | 12.6% | In realization |
| 2018 | $41.8M | 34.1% | 27.3% | 2.96× | 14.2% | In realization |
| 2019 | $48.7M | 28.5% | 22.8% | 2.31× | 11.7% | In realization |
| 2020 | $52.3M | 25.9% | 20.7% | 1.94× | 10.9% | Open |
| 2021 | $58.9M | 22.7% | 18.2% | 1.62× | 9.8% | Open |
| 2022 | $61.4M | 31.6% | 25.3% | 1.78× | 13.4% | Open |
| 2023 | $54.8M | 27.4% | 21.9% | 1.41× | 10.2% | Open |
| 2024 | $39.6M | 24.1% | 19.3% | 1.22× | 8.7% | Open |
| 2025 YTD | $40.4M | 18.2%† | 14.6%† | 1.11׆ | 6.4%† | Live |
| Aggregate (2014–2025) | $462.2M | 27.9% | 23.4% | 2.38× | 11.2% | Audited |
† The 2025 vintage figures are reported through 30 September 2025 and are unaudited. Audited financial statements will be issued by Ernst & Young in March 2026.
Net IRR is calculated on a time-weighted basis after deduction of the 1.5% annual management fee, all fund operating expenses, and a 20% carried interest on net realized gains above a 6% preferred return. Net multiples shown are calculated on committed capital. S&P 500 TR figures are the cumulative total return of the index for each vintage's investment window. Past performance is not indicative of future results; see full disclosures in the private-placement memorandum.
Helena Markovic & Daniel Yusupov, Co-Founders — Investor Letter, Q3 2025We hold seven positions and we hold them for years. We have compounded at 23.4% net across eleven vintages and we have not recorded a single quarter of permanent loss across two full bear markets. The discipline is the return.
Net IRR is necessary but not sufficient. The data below show how the portfolio behaves relative to the S&P 500 TR over identical windows, and how it has held up through the two corrections of the reporting period: the Q4 2018 drawdown and the 2022 bear market.
The aggregate portfolio returned 23.4% net IRR against 11.2% for the S&P 500 TR over the same window — a 12.2-point annualized spread, after all fees and carry, across two full market cycles.
Net of fees · HFR methodologyThe portfolio recorded its deepest drawdown in Q4 2022 at −14.6%. Every position recovered its cost basis within seven quarters; no single position has been written down in a way that impaired limited partner capital.
Audited by Ernst & YoungThe 2022 bear market produced the deepest intra-year drawdown in the fund's history. The S&P 500 TR fell −23.8% over the same window. The portfolio recovered to new highs within fourteen months.
Q4 2022 peak-to-troughThe median limited-partner position is held for 5.4 years; the average across all positions sits at 6.8 years. This is a top-decile patience rank within the HFR concentrated-equity strategy universe.
Through 30 September 2025Track records in this industry are easy to claim and hard to verify. The four commitments below are how a sophisticated reader can independently confirm the numbers on this page.
Ernst & Young LLP has audited the fund's financial statements every March since the 2017 vintage. Audited statements are appended to the private-placement memorandum and are available to any qualified prospective limited partner under NDA.
Position-level NAV reports are delivered to every limited partner on the fifth business day of January, April, July, and October — never later. Each report lists every holding, its current weight, and its contribution to quarterly performance.
The fund is closed to new commitments once assets under management reach $480M across all share classes. As of November 2025 the fund manages $462M; the remaining capacity has been disclosed to existing LPs and will not be marketed as "soft" or expandable.
Strictly7 has not used fund-level leverage since inception in 2014. The capital structure — cash, margin, and any subscription lines — is disclosed in every quarterly letter and confirmed in each annual EY audit.
The Investor Brief is a 38-page document prepared for accredited prospects. It contains every figure on this page with full audit citations, the seven current positions and their entry vintages, the firm's risk-committee charter, and a calendar link to the portfolio team for a discovery conversation.
