|Year||S&P 500||Motiwala Capital|
- 2011* performance is from the period March 14, 2011 to Dec 31, 2011. The same period was used for both Motiwala Capital and S&P 500.
- 2011 performance is based on two client accounts which were managed similarly. An account that was opened and closed within a few months in 2011 was excluded. Another account had positions and position sizes unique to that account (at the request of the client) and was ignored from the 2011 computation.
- 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 before-tax time-weighted return (TWR) basis and are net of all paid management fees and brokerage costs.
- Motiwala Capial 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.
- Performance above reflects accounts that are invested based on both ‘Generals’ and ‘Special situation’ strategies. In 2011 and 2012, all client’s accounts were invested in this fashion. Please read our letter to understand these strategies.
- Please note that past performance is no guarantee of future results.