The portfolio has been operating with self-funded startup capital since inception (October 2024) and to-date performance has been strong. A strategic imperative was to establish a successful track-record of the investing strategies GERAF would put in play prior to offering this to third-party capital. 

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Due to the fact that this is startup fund, there are two approaches to measuring the returns to date: 

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*Portfolio IRR (annualised): the internal rate of return (IRR) of capital deployed across the investments to date is >80% pa. This return measures the entry price, any dividends or sales, and the dates upon which these occurred and annualises the returns for each investment and then weights it accordingly by portfolio size.

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**(Simple) Return: Another way of thinking about fund returns is to simply look at the current value of the  portfolio of invested capital relative to the acquisition price thereof - this is a return of 26%. However, this approach ignores the fact that investments have been made over time and hence returns could be for 3 months nor does it include any value for dividends paid.

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As context the fund aims to deliver 15% pa on a sustained basis. 

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