The year
Returns came in slightly above the long-term plan with a smaller drawdown than 2023. We attribute most of the improvement to the work done on the execution layer in the second half, not to a particularly favourable market regime.
Discipline
We kept signal count flat. We refused two new ideas that looked promising in backtest because the live equivalents we held already covered the same risk premium. We are happy to leave that paper alpha on the table.
For 2025
The plan is the same: fewer, slower, better-validated signals. No new asset classes. We will continue to publish quarterly updates and a single mid-year review.