Performance & Team — Armada Capital Group
3rd-Party Verified Track Record

Four years.
738% cumulative
return.

Independently verified by CPA, CFA, and CIPM. 47 of 48 months positive. Zero management fees. Full liquidity.

Cumulative Return
738.21%
Jan 2022 – Dec 2025
Annualized Return
70.15%
Gross, 4-year average
Positive Months
47 / 48
97.9% win rate by month
$100K Becomes
$838,214
4-year compounded growth
Growth Chart
$100K → $838,214

Compounded growth of a $100,000 investment from January 2022 through December 2025, based on verified monthly returns.

Portfolio Growth vs. S&P 500
Armada Capital
S&P 500 (VOO)
Annual Performance
Year-by-year returns

Consistent performance across vastly different market environments — including 2022's volatility, 2023's recovery, and beyond.

2022
+154%
AUM: $4.52M → $12.3M
2023
+63.80%
AUM: $12.3M → $23.5M
2024
+44.01%
AUM: $23.5M → $48.2M
2025
+39.90%
AUM: $48.2M (current)
Monthly Returns (Gross)

All monthly figures independently verified. Red cells indicate the fund's only negative month in four years of operation.

Year JanFebMarAprMayJun JulAugSepOctNovDec Annual
Risk Statistics
Risk-adjusted performance

Professional risk metrics demonstrating disciplined, systematic capital allocation across four years.

Profit Factor
20222.08
20232.26
20242.50
20252.97
Sharpe Ratio
20221.9
20232.9
20242.6
20253.1
Fund Overview
MAR Ratio (4yr)2.24
Positive Months47 / 48
Management Fee$0
Lockup PeriodNone
Currency Pair Analysis
4-year pair performance

The algorithm trades eight major FX pairs and gold, each with verified multi-year statistics demonstrating systematic edge across diverse instruments.

Pair Total Trades Profit Factor Win Rate Avg Trade Length
Benchmark Comparison
How Armada stacks up

Three-year performance (2023–2025) versus leading quantitative funds, ETFs, and broad market benchmarks.

ANNUAL RETURNS — 3-YEAR PERIOD
Armada Capital Group
+63.77% +44.01% +39.90%
AQR Adaptive Quant Equity
+17.13% +25.29% +24.40%
AQR Apex
+12.92% +20.96% +19.60%
CRM Stratus
+11.31% +14.22% +8.80%
3-YEAR CUMULATIVE (2023–2025)
Armada Capital Group +229.95%
ARK Next-Gen Internet +145.90%
S&P 500 (VOO) +78.30%
AQR Adaptive Quant Equity +82.56%
Vanguard Value (VTV) +36.01%
Independent Verification
✓

Third-Party Verified by CPA, CFA & CIPM

All performance figures shown on this page have been independently audited and verified by Alpha Performance Verification Services. The verification was conducted by Michael W. Hultzapple, CPA, CFA, CIPM — a credentialed third-party auditor with no affiliation to Armada Capital Group. The audit covers the full four-year period from January 2022 through December 2025 and confirms all monthly returns, annual figures, and cumulative statistics presented herein.

VerifierAlpha Performance Verification Services
AuditorMichael W. Hultzapple, CPA, CFA, CIPM
IssuedJanuary 6, 2026
Websitealphaverification.com
Contact(804) 677-4343
The People Behind the Fund

A century of combined
institutional experience.

Our team unites seasoned finance professionals, mathematicians, and computer scientists — backed by decades of experience across FX trading, wealth management, quantitative finance, and fund operations.

PW
Phil Williams
Partner
Phil brings over 23 years of experience in financial markets, having led investment teams at Merrill Lynch, Raymond James, and Morgan Stanley. His expertise centers on financial modeling, risk analytics, and systematic portfolio construction. He has developed and implemented data-driven investment strategies and managed dozens of funds throughout his career.
Merrill Lynch Raymond James Morgan Stanley 23+ Years
NF
Nairne Farner
Managing Partner
Nairne brings over 7 years of experience in fund operations and strategic investment management, leading initiatives across portfolio strategy, lending, and operations within alternative asset management. Prior to founding Armada, he served as the lead advisor to quant fund Arcane Capital, where he played a central role in managing all fund operations.
Fund Operations Alternative Assets Arcane Capital
RD
Raj Duggal
Partner
Raj is an accomplished investment professional and former Vice President at Merrill Lynch. He managed over $300 million at Fisher Investments, directing global equity and fixed-income portfolios. Raj brings deep expertise in portfolio management, risk oversight, and capital markets strategy across both institutional and high-net-worth clients.
Merrill Lynch VP Fisher Investments $300M+ Managed
CB
Chris Barber
Partner — VP Global Capital Markets
Chris is a seasoned investment executive with 19 years in global markets trading at Tier 1 banks, multi-billion-dollar hedge funds, and private equity. At Bank of America Merrill Lynch, he managed $5B+ in daily FX P&L risk, credit derivatives, and capital structuring — while building investment and governance committees designed to generate alpha and mitigate downside.
BofA Merrill Lynch $5B+ Daily FX P&L 19 Years Tier 1 Banks
AA
Alexander J. Affleck
Partner
Alexander is an experienced investor and multi-company founder with deep expertise in international banking and global markets. He has managed strategies across equities, digital assets, and credit, and serves as an advisor to over a dozen companies in capital markets and financial innovation — bringing a rare combination of operational and institutional knowledge to the team.
International Banking Digital Assets Multi-Founder
Institutional Partners & Counsel
Caruso (420+ clients · $30B+ AUA) | Clarkson PLLC — FINRA 7/24/66 | Swissquote | AGBK | Broctagon

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Accredited investors only · $500K minimum · Reg D 506(c) · Monthly distributions · No lockup period

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Armada Capital Group
© 2026 Armada Capital Group LLP · Salt Lake City, Utah · [email protected] · Reg D 506(c)

Past performance is not indicative of future results. No representation or warranty is made that any investor will achieve profits or avoid losses. All return figures are gross returns verified by Alpha Performance Verification Services (Michael W. Hultzapple, CPA, CFA, CIPM). This page is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security. Investment is available only to accredited investors under Reg D 506(c). The $500,000 minimum investment is required. All investments involve risk, including the possible loss of principal.