Public fund report
Fund-wide updates for investors to view our overall and current performance, market commentary, and insights into the fund strategies.
Gold Leaf Capital public investor dashboard. As of October 2026.
Since inception
+320.7%
S&P 500 +62.2%
Before taxes & fees +536.9%
Year to date
+25.8%
S&P 500 +12.4%
Taxes and fees apply at year end
Capital under management
$1.2M
29.6% of each finished year’s gain covers taxes and fund fees. The current year is shown before that charge until it closes. A losing year is unchanged, and the S&P 500 is shown before taxes and fees.
Initial capital
$500,000
Capital returned
$105,000
Investors
37
Cumulative
$42,073
Before taxes & fees $63,686
Period returns
| Period | After tax & fees | Before taxes & fees | S&P 500 | Excess |
|---|---|---|---|---|
| 2026 | At year end | +25.8% | +12.4% | +13.4 pts |
| 2025 | +29.6% | +42.1% | +19.2% | +10.4 pts |
| 2024 | +34.7% | +49.3% | +22.6% | +12.1 pts |
| 2023 | +45.0% | +63.9% | +24.1% | +20.9 pts |
| 2022 | +32.1% | +45.6% | −20.5% | +52.6 pts |
Letters
Quarterly notes from GLC written for our investors.
2026 Q3
October 2, 2026
One of the fund's quieter summers, with no clear direction on either side for the S&P. The market consolidated and trended sideways in a 6% top-to-bottom range for the quarter. Volatility remained tame, with no notable breaks on its previous quarter's range.
2026 Q2
July 8, 2026
Q2 wrapped up as one of the strongest quarters in recent years for the S&P 500, a steep rally breaking new highs in just 15 trading days after falling 8% in late March. This action is known as a lockout rally. Essentially, a fast advance that never offers a usable entry structure. You were either positioned before the evident turn, or the market left without you.
2026 Q1
April 4, 2026
Sideways action from late 2025 carried into early this year. From late October 2025 to mid-March 2026, the S&P remained in the same 3-5% range for over 150 trading days. Such action is unfavorable to executing our core strategies. When there is no clear trend to follow or outsized volatility, it is in the fund's best interest to remain flat and preserve capital for opportunities that fit our strategies.
Desk notes
Pieces on our strategy, research, and risks.
October 5, 2026
Standard deviation, seasonality, volatility, and when they agree.
Gold Leaf does not take a position off a single signal. Three studies have to agree: where price sits versus its own history, whether the calendar is in a favorable stretch, and whether a volatility dislocation is already underway. One study can be early. The position starts when they line up.
October 2, 2026
Our future, our hands
We are pleased with the fund’s growth since inception, and grateful to the investors who made it possible. That growth has drawn inbound interest in a sale of the fund. Those conversations were useful. They clarified what we are not trying to become. A sale would monetize the fund. It would not improve the work, and it would put the relationships that we built the fund on a different footing. We would rather keep the seat and grow it ourselves.
