Performance That Speaks Volumes

Consistent, risk-adjusted returns across market cycles

Home / Performance

Performance Highlights

TCD Opportunity Fund vs. Market Benchmarks

+483.7%
Cumulative Return Since Inception (12/31/13)
vs. +272.8% S&P 500 +210.9%
+12.4%
Annualized Return (10 Years)
vs. +9.2% S&P 500 +3.2%
0.68
Sharpe Ratio (10 Years)
vs. 0.52 S&P 500 +0.16
-8.2%
Worst Drawdown (2020)
vs. -33.8% S&P 500 +25.6%
Year TCD Opportunity Fund S&P 500 HFRI Composite Outperformance
2025* +0.7% -4.3% -0.4% +5.0%
2024 +18.2% +12.4% +8.7% +5.8%
2023 +24.5% +16.2% +10.8% +8.3%

*2025 data through March 31, 2025. Past performance is not indicative of future results.

Quarterly Performance Analysis

Detailed breakdown of recent fund performance

Q1 2025 Performance Comparison

TCD Fund
Benchmark

Q1 2025 Market Commentary

April 15, 2025

The TCD Opportunity Fund returned +0.7% in Q1 2025, outperforming the S&P 500 by 500 basis points during a challenging quarter for global markets.

Key Performance Drivers:

  • Technology Sector +2.1% Contribution
  • Healthcare Positions +1.8% Contribution
  • Currency Hedges +0.9% Contribution
  • Energy Underweight -0.7% Drag

Market Outlook:

"We remain cautiously optimistic entering Q2, with our research indicating select opportunities in oversold quality growth names while maintaining defensive sector exposure."

Johnathan T. Michaels
Johnathan T. Michaels Chief Investment Officer
Download Full Report Watch Commentary

Historical Performance

Consistent long-term growth across market cycles

Cumulative Growth Since Inception

2013 - 2025
TCD Fund
S&P 500

Key Performance Metrics

Since Inception (12/31/13 - 03/31/25)
+483.7%
Cumulative Return
vs. S&P 500: +210.9%
+12.4%
Annualized Return
vs. S&P 500: +3.2%
0.68
Sharpe Ratio
vs. S&P 500: +0.16
-8.2%
Max Drawdown
vs. S&P 500: +25.6%

Past performance is not indicative of future results. See full disclosures for important information.

Download Full Report

Portfolio Composition

As of March 31, 2025

Sector Allocation Change
Information Technology 28.5% +2.1%
Financials 22.3% -1.2%
Health Care 18.7% +3.4%
Consumer Discretionary 12.5% -0.8%
Communication Services 8.2% +1.5%
Other 9.8% -

Top 10 Holdings

Representing 42.8% of total portfolio

Microsoft Corp.

MSFT Technology
6.8%
+0.5%

Holdings are subject to change and may not be representative of current or future investments. Not a recommendation to buy or sell any security.