US Capital Appreciation
| Year | Motiwala Capital | S&P 500 TR |
| 2020* | 13.9% | 22.2% |
| 2021 | 26.5% | 28.7% |
| 2022 | -11.1% | -18.1% |
| 2023 | 18.3% | 26.3% |
| 2024 | 15.8% | 24.9% |
| 2025 | 17.6% | 17.9% |
| CAGR | 14.1% | 17.2% |
Notes
- 2020* performance is from the Q3 2020. The same period was used for both Motiwala Capital and S&P 500.
- Motiwala Capital performance for each year is based on the aggregate performance of all client accounts ( existing and new accounts opened during the year at various times.)
- S&P 500 performance includes dividends but does not reflect any fees
- Motiwala Capital performance is computed on a time-weighted return (TWR) basis and are net of all paid management fees and brokerage costs. Dividends are included
- Motiwala Capital performance figures are not audited
- Performance of individual accounts may vary depending upon the timing of their investment, the effects of additions, and the impact of withdrawals from their account
- Please note that past performance is no guarantee of future results
- Current performance may be lower or higher than the performance quoted
Japan Capital Appreciation
| Year | Motiwala Capital | DFJ | OPPJ |
| 2017 | 36.9% | 32.1% | 29.5% |
| 2018 | -6.4% | -18.5% | -18.7% |
| 2019 | 15.6% | 17% | 18.3% |
| 2020 | 8.9% | 1.3% | -3.2% |
| 2021 | 1.4% | 0.4% | 11.6% |
| 2022 | -5.9% | -9% | 5% |
| 2023 | 24.5% | 21.8% | 38.9% |
| 2024 | 17.1% | 2.8% | 20.7% |
| 2025 | 31.7% | 31.9% | 37.1% |
| 3 yr CAGR | 24.3% | * | * |
| Since Inception CAGR | 12.8% | * | * |
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.
Notes
- For 2017-22, Motiwala Capital did not hedge the Yen exposure.
- From 2023 onwards, Yen exposure was hedged.
- DFJ is WisdomTree Japan SmallCap Dividend Fund and seeks to track the investment results of dividend-paying small-cap companies in the Japanese equity market. This fund does not hedge yen exposure.
- OPPJ is WisdomTree Japanese Opportunities Fund. It was renamed from DXJS Japan Hedged SmallCap Equity Fund in middle of 2025. The mandate has changed away from the small cap focus such that large caps made up 68% of the fund as of 12/31/2025. The fund hedges yen exposure.
- As a result, there is no perfect benchmark for our strategy and we are merely showing the performance of both funds for information sake only.
