Innovative strategy focused onlong-term value creation
Innovative strategy focused on long-term value creation
The GoRef Fund combines years of experience with a unique investment strategy, based on the Reflexivity framework of George Soros. Our goal is to generate a high return (+15% net per year over a multi-year period), independent of fluctuations in financial markets. By following global macro trends and investing in highly liquid markets, we offer investors a valuable complement to their existing portfolio — with a strong focus on additional growth of the overall investment portfolio.growth.
The GoRef Fund
Investing on a global scale, with early identification of relevant macro trends such as changing inflation, the rise of artificial intelligence, and increasing geopolitical tensions. The Fund applies a framework that recognizes the interplay between prices, fundamental factors, and market sentiment to better understand trends and market movements. In addition, the investment fund offers monthly liquidity.
GoRef Fund performance
Since its inception, the GoRef Fund has achieved above-average returns with a performance largely independent of global equity markets.
Source: GoRef Capital B.V. – The figures shown are based on the historical execution of the strategy from June 2019 through the private portfolios of the founders and – from March 2022 – on the actual results of the fund. Past performance is no guarantee of future performance.
| Net results since June 2019 | GoRef Fund | |
|---|---|---|
| Average monthly return | +1,7% | |
| Average quarterly return | +5,2% | |
| Average annual return | +22,3% | |
| Cumulative since June 2019 | +297,1% | |
| Correlation with global equities* | 0,36 | |
Source: GoRef Capital B.V. – The figures shown are based on the historical execution of the strategy from June 2019 through the private portfolios of the founders and – from March 2022 – on the actual results of the fund. Past performance is no guarantee of future performance.
Correlation measures the correlation between two asset classes, in this case global equities and the GoRef strategy. A low correlation (such as 0.36) indicates that the strategy moves relatively independently of equity markets. This can help diversify risk and increase stability in a portfolio, regardless of market movements. The correlation is based on internal calculations as of June 2019, where GoRef's results are based on the results of the founders' private portfolios and – as of March 2022 – on the actual results of the fund. Historical coherence is not a guarantee of future results.
We enhance your investment portfolio with an entrepreneurial and distinctive
investment strategy
Thinking differently for extra
return
Trend identification
The strength of the GoRef investment strategy
At the GoRef Fund, we apply a Global Macro Trend-Following investment strategy, based on the reflexivity framework of George Soros. This unique framework allows us to look beyond fundamental and technical analysis by also considering the interplay between prices, market sentiment, and underlying economic fundamentals. Through this approach, we identify macro trends that influence global equity markets, bonds, currencies, and commodities. We carefully build positions in a select number of trends, taking both long and short positions depending on the expected market direction.
Our goal is to take positions that are as lowly correlated as possible, making our Fund robust and providing an attractive return to risk profile. Our selection of trends is based on a thorough analysis of each trend’s “drivers” and “disruptors,” such as interest rate changes and economic or political developments. We only take positions when there are compelling reasons to believe in the trend. The size of each position is determined by the level of conviction and its correlation with existing positions.
Efficient portfolio construction
Our positions are primarily established through highly liquid instruments such as futures and CFDs. These allow us to quickly adjust when new opportunities arise or when market conditions change. By applying leverage, we can create greater exposure to market trends with a relatively small investment, enhancing both the return and efficiency of the portfolio.
Risk management at the core of our approach
Our risk management is an integral part of the investment strategy. We apply our proprietary risk concept, called *Total Risk*, which helps us continuously monitor and adjust the risk level to changing conditions. Unlike traditional Value at Risk (VaR) models, which often rely on historical correlations, our model assumes a worst-case scenario in which all positions experience a maximum adverse movement. This ensures that even in extreme market scenarios, we maintain a clear understanding of potential risks and losses.
We work in partnership with Lynx/Interactive Brokers as our custodian bank, who supports our risk management by closely monitoring liquidity and margin requirements.
Stress testing and continuous monitoring
Since 2019, the GoRef Fund has successfully navigated multiple stress scenarios, including the COVID outbreak and the Ukraine crisis. During these periods of market stress, the robustness of our risk model was confirmed, demonstrating that our risk level is consistent with — or even lower than — that of a traditional equity portfolio such as the S&P 500. We continuously analyze our risk exposure and adjust positions whenever necessary.
Our risk management ensures that the GoRef Fund responds to global trends consistently and efficiently, without compromising the safety and stability of the portfolio. With the GoRef Fund, investors can benefit from the opportunities of a Global Macro strategy combined with a proactive and transparent risk approach — designed for long-term success.
Stable throughout the crisis
- Sharp decline in equities and commodities
- Sharp rise in bonds
- Equity decline
- Rising commodities & gold
- (temporarily) rising bond costs
- Sharp decline in equities
- Sharp decline in bonds
Stable throughout the crisis
- Sharp decline in equities and commodities
- Sharp rise in bonds
- Equity decline
- Rising commodities & gold
- (temporarily) rising bond costs
- Sharp decline in equities
- Sharp decline in bonds
GoRef Fund key features
| Strategy inception: | June 1, 2019 |
| Manager: |
GoRef Capital B.V. (info@gorefcapital.nl) |
| Website: | www.goreffund.nl |
| Legal structure: | Fund for Joint Account (Fonds voor Gemene Rekening/ FGR) |
| FGR Manager | AssetCare Bewaarder Services B.V. |
| Administrator: | AssetCare Fund Services B.V. |
| E-mail: | investors@assetcare.nl |
| Phone: | +31 20-2442715 (AssetCare) |
| Minimum investment: | €250.000,- |
| Management fee: | 2.0% per year |
| Performance fee: | 20% from the highest fund value ever (High WaterMark) (High-Water Mark) |
| Subscription and redemption fees: | 0,1% |
| Liquidity: | Monthly subscriptions and redemptions |
| Custodian bank: | Lynx/Interactive Brokers |
| Value Class A participation: | €226,40 as of August 31, 2026 |
| ISIN A participation: | NL0015002MA0 |
| Strategy inception: | June 1, 2019 |
| Manager: |
GoRef Capital B.V. (info@gorefcapital.nl) |
| Website: | www.goreffund.nl |
| Legal structure: | Fund for Joint Account (Fonds voor Gemene Rekening/ FGR) |
| FGR Manager | AssetCare Bewaarder Services B.V. |
| Administrator: | AssetCare Fund Services B.V. |
| E-mail: | investors@assetcare.nl |
| Phone: | +31 20-2442715 (AssetCare) |
| Minimum investment: | €250.000,- |
| Management fee: | 2.0% per year |
| Performance fee: | 20% from the highest fund value ever (High WaterMark) (High WaterMark) |
| Subscription and redemption fees: | 0,1% |
| Liquidity: | Monthly subscriptions and redemptions |
| Custodian bank: | Lynx/Interactive Brokers |
| Value Class A participation: | €225.35 as of July 31, 2026 |
| ISIN A participatie: | NL0015002MA0 |