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Performance, as at H1 2026
The return of our model portfolio over the first half of 2026. The portfolio is run for educational purposes and measured against its benchmark each quarter.
| Q1 2026 | Q2 2026 | H1 2026 | |
|---|---|---|---|
| Return | +36.28% | +8.19% | +47.45% |
| Benchmark return | +6.36% | n/a | +7.79% |
| Volatility | n/a | 9.12% | 17.51% |
| Downside Deviation | n/a | 7.39% | 12.76% |
| Max Drawdown | −13.89% | −11.00% | −13.89% |
| Sharpe Ratio | 2.35 | 0.85 | 2.57 |
| Sortino Ratio | 3.89 | 1.05 | 3.53 |
Model portfolio, for educational purposes. Q1 2026 from the CIO Letter (Paolo GAYET), Q2 and H1 2026 as reported by the fund. Q1 volatility and downside deviation not reported.
EHF treats risk management as a core decision variable, not a constraint applied after the fact. Every position is evaluated on downside risk, liquidity, and portfolio interaction before inclusion. Hedging tools are used selectively to protect capital and maintain resilience across regimes.
Source of the Q1 figures
Q1 2026 CIO Letter, 15 May 2026
Paolo GAYET, Chief Investment Officer
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