The BWC Founders Fund
The firm’s inaugural fund, created to manage the Founder’s own capital and designed by him to balance risk management, wealth preservation and growth. His capital remains invested under the same terms as every partner — founder alignment is not something we say, it is the reason the firm exists.
Fund Performance
Performance Snapshot
Systematic discipline translated into measurable results. Net returns since inception (March 2025 - September 2026).
Net monthly returns after all fees and expenses, compounded from inception. S&P 500 Total Return figures are index returns and bear no fees. Past performance is not indicative of future results.
Performance Analysis
Fund Performance vs. Benchmark
Detailed fund performance and risk metrics versus benchmark.
| Period | BWC Founders Fund | S&P 500 TR | Difference |
|---|---|---|---|
| 1 Month | (0.9)% | (0.3)% | (0.5)% |
| 3 Month | .6% | 2.3% | (1.7)% |
| 12 Month | 31.6% | 15.7% | 15.8% |
| YTD | 20.0% | 12.7% | 7.3% |
| Cumulative | 54.9% | 33.3% | 21.6% |
| Annualized Return | 31.8% | 19.9% | 11.9% |
Performance is reported on a Net Return basis after all fees and expenses.
Performance Analysis
Monthly Net Returns
Every month since inception, net of all fees and expenses, against the S&P 500 Total Return.
| Year and series | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | |||||||||||||
| BWC Founders Fund | — | — | (0.3%) | 7.4% | 0.9% | 3.7% | 1.0% | (1.2%) | 5.3% | 10.0% | (0.7%) | 0.3% | 29.1% |
| S&P 500 TR | — | — | (4.0%) | (0.7%) | 6.3% | 5.1% | 2.2% | 2.0% | 3.6% | 2.3% | 0.2% | 0.1% | 18.3% |
| 2026 | |||||||||||||
| BWC Founders Fund | 7.6% | 4.6% | 0.3% | 5.3% | 1.0% | (0.7%) | 0.7% | 0.8% | (0.9%) | — | — | — | 20.0% |
| S&P 500 TR | 1.4% | (0.8%) | (5.0%) | 10.5% | 5.3% | (1.0%) | (0.1%) | 2.7% | (0.3%) | — | — | — | 12.7% |
Year is the calendar-year return to date. Past performance is not indicative of future results.
Risk
Risk & Performance Metrics
| Metric | BWC Founders Fund | S&P 500 TR |
|---|---|---|
| Risk-Adjusted Returns | ||
| Sharpe Ratio | 1.43 | 1.17 |
| Sortino Ratio | 3.00 | 1.76 |
| Calmar Ratio | 3.02 | 1.36 |
| Gain-to-Pain Ratio | 1.44 | 1.26 |
| % Months Positive | 73.7% | 63.2% |
| Volatility & Drawdown | ||
| Volatility (6 Mth Trailing) | 14.3% | 12.4% |
| Volatility (Cumulative) | 21.0% | 16.8% |
| Max Drawdown (6 Mth Trailing) | (7.5%) | (5.6%) |
| Max Drawdown | (10.6%) | (14.7%) |
| Median Drawdown | (0.5%) | (0.6%) |
| Avg Recovery Time (days) | 7.7 | 8.3 |
| Versus the Benchmark | ||
| Alpha (Annualized) | 14.7% | |
| Beta | .84 | |
| Information Ratio | .77 | |
| Upside Capture Rate (Monthly) | 77.4% | |
| Down-Market Months | +11.5% | (11.3%) |
| Upside Capture Rate (Daily) | 65.8% | |
| Downside Capture Rate (Daily) | 43.7% | |
Performance metrics are calculated on daily Net Returns after all fees and expenses for the purpose of illustrating fund characteristics. S&P 500 Total Return figures are index returns and bear no fees. Capture rates labelled Daily are the ratio of the Fund's average daily net return to the benchmark's average daily return, across days on which the benchmark rose or fell; they are daily statistics and do not compound to the cumulative return shown above. The Monthly rate is calculated geometrically from monthly net returns. Down-Market Months shows the Fund's compounded net return across the months in which the benchmark declined, against the benchmark's own compounded return over those same months.
Fund Structure
Fund Details
- Fund Name
- BWC Founders Fund, LLC
- Management Entity
- Blackworks Capital Management LLC
- Inception Date
- March 2025
- Benchmark
- S&P 500 Total Return (SPXTR)
- Minimum Investment
- $100,000 USD
- Fee Structure
- 2%/15%
- Incentive Terms
- 10% annual soft hurdle, subject to a high-water mark
- Liquidity
- Monthly, following a 12-month lock-up
- Fund Structure
- Delaware LLC
- Auditor
- Cherry Bekaert LLP
- Administrator
- RePool, Inc.
This information is provided for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Past performance is not indicative of future results. Investors should review the fund’s offering documents carefully before making any investment decision.
Next step
Start a Conversation
Speak directly with the Founder and Fund Manager about the BWC Founders Fund, our systematic approach, and whether it aligns with your investment objectives.