Annual results / 2025
Meridian Capital ran 3.4 billion of client money through six mandates, and every mandate closed with a published total. This note sets out the return, the fees, the leverage and the drawdown, in the order an institutional reader asks for them.
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01 / Key figures
Four figures carry the whole year. The first three are the ones institutional readers ask for at the first call; the last one is the one we publish because it is the hardest to defend.
Net return, 30 Jun 2024 to 31 Dec 2025
8.4%
In local currency, all fees deducted. The 2024 to 2025 return was 4.9%.
Fee income, 2025
$12.4M
Management fees at 0.60% of client money. No performance fee, no co-investment.
Leverage, 31 Dec 2025
0.90x
Borrowed against client money, capped at 1.0x. Exposure was never above 0.90x.
Drawdown, 30 Jun 2024 to 31 Dec 2025
-6.2%
Lowest point 24 Nov 2025, 10.4% below the start of the period. Two days of flat trading.
Fees are charged monthly, invoiced on the 1st of the following month, and the same rate applies to every client on the mandate. No minimum balance, no early exit penalty.
02 / Return line
Net return per month, against the MSCI World Index. The line below was built from the same daily figures we publish in the monthly note, and it is drawn in the order the months arrive.
Meridian, 8.4%. The line was drawn 12 segments, one per month, from 30 June 2024 to 31 December 2025. The benchmark line is the same index, quoted at the same monthly close. The only month the two lines touch is 24 November 2025, the day the drawdown bottomed.
03 / Method
The return line above is the result of three rules. We do not add a fourth one, and we do not change a rule halfway through the year.
01
We run six mandates for four years and do not rotate them. A mandate is reviewed once a year, and any change is filed with the client in the monthly note before it takes effect. The 2025 review closed on 15 November with no change.
02
Management fees at 0.60% of client money, invoiced monthly and deducted from the return before the number is published. There is no performance fee, no co-investment and no exit penalty.
03
Borrowed against client money at 0.90x, never above 1.0x. We hold the cap for the whole year and publish the level each month. The highest exposure in 2025 was 0.90x, reached on 24 November 2025.
04 / Fees
The table below is the whole fee schedule. It is the same one we send to every client on the mandate, in writing, every quarter.
| Line | Rate | 2025 | Notes |
|---|---|---|---|
| Management fee | 0.60% | $12.4M | Charged monthly, invoiced on the 1st of the following month |
| Performance fee | 0.00% | $0.0M | None. The mandate is not measured against a target |
| Co-investment | 0.00% | $0.0M | None. No third party is funded from client money |
| Early exit | 0.00% | $0.0M | None. There is no minimum balance |
| Benchmark cost | 0.13% | $2.9M | Index licence and re-balancing, charged to the index mandate |
| Custody and clearing | 0.05% | $0.9M | Custodian and clearing, billed by the custodian |
| Administrative | 0.02% | $0.4M | Reporting and record keeping, billed by the custodian |
Total fees in 2025 were $15.6M, or 0.46% of client money. The index licence is the only line we publish separately, because it is the only one a client can price on their own.
05 / Outlook
The next twelve months are not a forecast of the market. They are a forecast of the fees we will charge and the leverage we will hold.
We expect to hold the same three rules for 2026: 0.60% management fee, no performance fee, leverage capped at 0.90x. If the market moves faster than that, the drawdown will move with it and the monthly note will say so in the first paragraph.
Nothing here is a projection of the index. We publish the monthly note on the 5th of each month, and the 2026 review is scheduled for 15 November 2026.
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