As we come to the close of 2025, the year has proven to be a rather challenging one from a macro perspective. Given the trade rhetoric and hawkish commentary coming out of Washington DC, geopolitical relations have become further strained and tense as of the last 12 months, giving way to more volatile and noisy financial markets.
What we’ve witnessed throughout the last year is reminiscent of Trump’s first term in office. As such, knowing of his victory to enter the White House, we made a decision here at Calgi to focus our efforts largely on capital preservation. Our objective was clear, to protect the substantial gains achieved in prior years and ensure that the portfolio remained resilient during a period of heightened uncertainty.
While 2024 delivered a standout performance for the Calgi macro portfolio, returning 90.1%, 2025 closed with a gain of 0.67%. This outcome was intentional, designed to prioritise downside protection over return maximisation during a year characterised by uncertainty and policy-driven volatility. It reflects a disciplined, risk-first approach adopted by our portfolio managers, who remained focused on safeguarding capital as global markets adjusted to a rapidly evolving political and economic backdrop. In a year defined by noise and volatility, preserving capital while remaining positive was a measured and successful result.
As such, while the macro risk was being handled in a more conservative manner by our portfolio managers, other elements of Calgi’s business have seen vast growth as our c-suite has been undertaking strategic discussions and advanced structuring talks across the Middle East, Asia Pacific and North America. These efforts have now positioned the firm to enter 2026 with confidence, as we move toward finalising an enhanced regulated presence in the Cayman Islands, British Virgin Islands, London, Abu Dhabi, Riyadh and Seoul.
I am deeply humbled by the continued growth of the firm, the portfolio, and the Calgi team. The dedication, conviction, and long-term commitment of our directors and shareholders have been instrumental in transforming the Calgi vision into a global reality.
Humbly yours,
Harsimrat Singh
Chairman & Chief Executive Officer
