PERFORMANCE
Performance Since Inception
Navigation seeks long-term capital appreciation and outperformance of the S&P 500 over full market cycles. Historical results are shown across periods and should be considered with risks.
180.99%NAVIGATION
117.42%S&P 500 TOTAL RETURN
Performance & Benchmark-Relative Measurements
As of September 30, 2026
| PERIOD | NAVIGATION | S&P 500 TOTAL RETURN | RETURN SPREAD | INFORMATION RATIO |
|---|---|---|---|---|
| 1 Year | 30.96% | 15.74% | +15.22 pp | 0.80 |
| 3 Years | 32.94% | 22.90% | +10.04 pp | 0.73 |
| 5 Years | 21.81% | 13.80% | +8.01 pp | 0.66 |
| Since Inception | 20.33% | 14.92% | +5.41 pp | 0.49 |
All periods end September 30, 2026. One-year results are total returns; periods longer than one year are annualized. Information Ratio is calculated from monthly benchmark-relative returns as annualized mean active return divided by annualized tracking error.
Annual Performance
| YEAR | NAVIGATION | S&P 500 TOTAL RETURN | RETURN SPREAD |
|---|---|---|---|
| 2026 YTD | 27.22% | 12.75% | +14.47 pp |
| 2025 | 24.87% | 17.88% | +6.99 pp |
| 2024 | 25.33% | 25.02% | +0.31 pp |
| 2023 | 43.55% | 26.29% | +17.26 pp |
| 2022 | -19.87% | -18.11% | -1.76 pp |
| 2021* | 22.69% | 26.53% | -3.84 pp |
* Navigation began March 1, 2021. For comparability, 2021 benchmark shown here is March 1–December 31, 2021 rather than the full calendar year. 2026 represents the nine months ended September 30, 2026.
Cumulative Performance Since Inception
Both series begin at 0% on March 1, 2021.
NavigationS&P 500 Total Return
Historical performance is based on information from Merrill account records.
PERFORMANCE QUALITY
What Drives Performance Quality?
Past performance does not guarantee future results. Additional information is available upon request.