Client Performance
These are actual income returns from managed client accounts, shown per settlement period as a percent of capital. Client deposits are excluded so the returns are not overstated.
By Capital Tier
Headline performance
Every figure here is computed directly from the settlement-period returns below, never typed in by hand. Percentages exclude client deposits and are shown before the 15% performance fee.
Larger accounts
12 periods, Feb 2025 to Feb 2026
1.80%
Average income per settlement period
- Compounded
- 23.9%
- Annualised
- 23.9%
- Periods
- 12
Smaller accounts
11 periods, Jul 2025 to Jun 2026
1.25%
Average income per settlement period
- Compounded
- 14.6%
- Annualised
- 16.1%
- Periods
- 11
Compounded Return
Larger accounts have compounded faster
Each line compounds the actual per-period income for one tier from a 0% start. The gold line is the larger-capital tier. It stays above the smaller-capital tier across the whole track record.
The x axis counts settlement periods from the start of each account, not shared calendar dates. Each line compounds that tier's actual per-period income from a 0% start. The like-for-like comparison over identical months is in the table below.
The Mechanism
Why capital changes the outcome
A two-account comparison is weak evidence on its own. The real reason larger accounts tend to perform better is structural, and it holds with or without this sample. More capital changes what the strategy can actually do in the market.
01
Broader diversification
More capital spreads across more underlyings instead of concentrating risk in one or two positions.
02
Efficient contract sizing
Enough capital to write the position the strategy wants, not the odd lot the account can afford.
03
Absorbable assignment
Assignment on a single name is a manageable event, not a portfolio-threatening one.
04
Room to defend
A cash buffer lets us roll and defend positions through volatility rather than being forced to close.
Like For Like
The same months, side by side
The two tiers ran over different calendar windows, so only their overlapping periods are directly comparable. Same months, same strategy. The only variable is capital.
| Settlement period | Larger accounts | Smaller accounts | Difference |
|---|---|---|---|
| Jul 19 to Aug 15, 2025 | 1.91% | 1.15% | +0.76 |
| Aug 16 to Sep 19, 2025 | 1.46% | 1.18% | +0.28 |
| Sep 20 to Oct 17, 2025 | 2.34% | 1.38% | +0.96 |
| Oct 18 to Nov 21, 2025 | 2.05% | 0.94% | +1.11 |
| Nov 22 to Dec 19, 2025 | 1.67% | 1.29% | +0.38 |
| Dec 20 to Jan 16, 2026 | 1.12% | 1.12% | +0.00 |
| Jan 17 to Feb 20, 2026 | 2.41% | 1.73% | +0.68 |
| Average, matched months | 1.85% | 1.26% | +0.60 |
Across every month both accounts traded, the larger-capital tier earned more income per period, and on average it led by roughly half a point a period.
Full Record
Every settlement period
Nothing is hidden. Here is each period behind the figures above, in the order it was booked.
Larger accounts
$256k – $332k · 12 periods
| Settlement period | Income return |
|---|---|
| Feb 22 to Mar 21, 2025 | 1.86% |
| Mar 22 to Apr 18, 2025 | 1.05% |
| Apr 19 to May 16, 2025 | 1.38% |
| May 17 to Jun 20, 2025 | 2.63% |
| Jun 21 to Jul 18, 2025 | 1.72% |
| Jul 19 to Aug 15, 2025 | 1.91% |
| Aug 16 to Sep 19, 2025 | 1.46% |
| Sep 20 to Oct 17, 2025 | 2.34% |
| Oct 18 to Nov 21, 2025 | 2.05% |
| Nov 22 to Dec 19, 2025 | 1.67% |
| Dec 20 to Jan 16, 2026 | 1.12% |
| Jan 17 to Feb 20, 2026 | 2.41% |
Smaller accounts
$100k – $164k · 11 periods
| Settlement period | Income return |
|---|---|
| Jul 19 to Aug 15, 2025 | 1.15% |
| Aug 16 to Sep 19, 2025 | 1.18% |
| Sep 20 to Oct 17, 2025 | 1.38% |
| Oct 18 to Nov 21, 2025 | 0.94% |
| Nov 22 to Dec 19, 2025 | 1.29% |
| Dec 20 to Jan 16, 2026 | 1.12% |
| Jan 17 to Feb 20, 2026 | 1.73% |
| Feb 21 to Mar 20, 2026 | 1.05% |
| Mar 21 to Apr 17, 2026 | 1.41% |
| Apr 18 to May 22, 2026 | 0.88% |
| May 23 to Jun 18, 2026 | 1.62% |
Performance Disclosure
Figures reflect actual income returns from managed client accounts over the periods shown, expressed as income earned per settlement period as a percentage of account capital. Client deposits are excluded so returns are not overstated. Returns are shown gross of the 15% performance fee; net results are lower. Individual results vary with account size, entry timing, and market conditions. The two capital tiers cover different calendar periods and are directly compared only over their overlapping months. Past performance does not guarantee future results. Options trading involves substantial risk and is not suitable for all investors.
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