| NLR | |
|---|---|
| Total return | +193.2% |
| Annualised (CAGR) | +11.4% |
| Volatility (annualised) | +22.2% |
| Sharpe (rf = 0) | 0.51 |
| Deepest drawdown | -37.5% |
| Drawdown peak → trough | 2026-01-28 → 2026-07-29 |
Over the 10.0 years to 2026-09-21 the fund returned +193.2% in total (+11.4% a year), with a deepest drawdown of -37.5% from 2026-01-28 to 2026-07-29. Its worst calendar year was 2026 (-10.8%), its best 2025 (+56.5%).
| Year | NLR |
|---|---|
| 2026 | -10.8% |
| 2025 | +56.5% |
| 2024 | +14.3% |
| 2023 | +36.6% |
| 2022 | +2.3% |
| 2021 | +13.6% |
| 2020 | +3.5% |
| 2019 | +0.2% |
| 2018 | +4.9% |
| 2017 | +8.3% |
| 2016 | -1.7% |
It does not say NLR is a good or bad fund, and it is not a forecast. Returns above are history: they already include dividends and already exclude the fund's own fees. A drawdown of -37.5% means an investor who bought at the peak would have watched that much value disappear before it recovered — how long that takes is the part most tables leave out.
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