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<title>Performance · Osborne Partners</title>
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<div class="hero__eyebrow">Performance · Through 12/31/2025</div>
<h1 class="hero__title">What eighty-eight years of <em>compounding</em> looks like.</h1>
<p class="hero__sub">
Representative composite returns for the firm's flagship Balanced Growth strategy,
gross of fees. Past performance is not a guarantee — but the discipline that produced
it is what we sell.
</p>
</div>
</section>
<!-- HEADLINE NUMBERS -->
<section class="stats">
<div class="container stats__grid">
<div class="stat"><div class="stat__num">+11.4%</div><div class="stat__label">Annualized · since 1937</div></div>
<div class="stat"><div class="stat__num">+12.8%</div><div class="stat__label">Trailing 10 years</div></div>
<div class="stat"><div class="stat__num">+11.1%</div><div class="stat__label">Trailing 5 years</div></div>
<div class="stat"><div class="stat__num">+14.7%</div><div class="stat__label">Calendar 2025</div></div>
</div>
</section>
<!-- GROWTH OF $1M -->
<section class="section">
<div class="container">
<div class="section__eyebrow">Growth of $1,000,000</div>
<h2 class="section__title">Compounded since 1937.</h2>
<p class="section__lead">
One million dollars invested in a representative Balanced Growth account at the firm's
founding would, eighty-eight years later, be worth approximately $26.3 billion (gross of
fees, illustrative). The chart below shows the path — including the thirteen recessions,
two world wars, the Carter inflation, the dot-com bust, the GFC, and the COVID drawdown.
</p>
<div class="chart">
<h3 class="chart__title">$1M → $26.3B</h3>
<p class="chart__sub">Hypothetical · Balanced Growth · 1937–2025 · gross of fees · log scale</p>
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<line x1="60" y1="300" x2="1180" y2="300"/>
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<!-- Y-axis labels (log scale) -->
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<text x="50" y="64" text-anchor="end">$10B</text>
<text x="50" y="144" text-anchor="end">$1B</text>
<text x="50" y="224" text-anchor="end">$100M</text>
<text x="50" y="304" text-anchor="end">$10M</text>
<text x="50" y="384" text-anchor="end">$1M</text>
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<!-- X-axis labels -->
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<text x="60" y="405" text-anchor="middle">1937</text>
<text x="195" y="405" text-anchor="middle">1950</text>
<text x="350" y="405" text-anchor="middle">1965</text>
<text x="510" y="405" text-anchor="middle">1980</text>
<text x="690" y="405" text-anchor="middle">1995</text>
<text x="870" y="405" text-anchor="middle">2010</text>
<text x="1180" y="405" text-anchor="end">2026</text>
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<!-- Recession bars -->
<g fill="var(--line)" opacity="0.5">
<rect x="78" y="60" width="8" height="320"/> <!-- 1937 recession -->
<rect x="148" y="60" width="6" height="320"/> <!-- 1948-49 -->
<rect x="245" y="60" width="6" height="320"/> <!-- 1957-58 -->
<rect x="370" y="60" width="6" height="320"/> <!-- 1973-75 -->
<rect x="455" y="60" width="6" height="320"/> <!-- 1980 -->
<rect x="475" y="60" width="6" height="320"/> <!-- 1981-82 -->
<rect x="610" y="60" width="6" height="320"/> <!-- 1990-91 -->
<rect x="755" y="60" width="6" height="320"/> <!-- 2001 -->
<rect x="855" y="60" width="6" height="320"/> <!-- 2008-09 -->
<rect x="1010" y="60" width="6" height="320"/> <!-- 2020 COVID -->
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<text x="1170" y="32" text-anchor="end" font-family="Playfair Display" font-size="14" fill="var(--ink)" font-weight="600">$26.3B</text>
<!-- Annotations -->
<g font-family="Inter" font-size="10" fill="var(--ink-mute)">
<text x="370" y="265" text-anchor="middle">73–75</text>
<text x="755" y="120" text-anchor="middle">Dot-com</text>
<text x="855" y="145" text-anchor="middle">GFC</text>
<text x="1010" y="120" text-anchor="middle">COVID</text>
</g>
</svg>
</div>
</div>
</section>
<!-- ANNUAL RETURNS -->
<section class="section section--alt">
<div class="container">
<div class="section__eyebrow">Calendar-year returns</div>
<h2 class="section__title">Year by year, decade by decade.</h2>
<p class="section__lead">Balanced Growth composite. Gross of fees. Selected ten-year window.</p>
<div class="chart">
<h3 class="chart__title">Annual returns · 2016–2025</h3>
<p class="chart__sub">OPCM Balanced Growth vs. 60/40 benchmark</p>
<svg viewBox="0 0 1000 360" xmlns="http://www.w3.org/2000/svg" style="width:100%">
<line x1="60" y1="180" x2="980" y2="180" stroke="var(--line-strong)" stroke-width="1"/>
<g font-family="JetBrains Mono" font-size="10" fill="var(--ink-mute)">
<text x="50" y="40" text-anchor="end">+30%</text>
<text x="50" y="110" text-anchor="end">+15%</text>
<text x="50" y="184" text-anchor="end">0</text>
<text x="50" y="258" text-anchor="end">-15%</text>
<text x="50" y="332" text-anchor="end">-30%</text>
</g>
<!-- Bars: each year = pair (OPCM, benchmark) -->
<!-- 2016: +9.4 / +8.3 -->
<g><rect x="80" y="136" width="32" height="44" fill="var(--accent)"/><rect x="116" y="142" width="32" height="38" fill="var(--ink-soft)"/><text x="114" y="200" text-anchor="middle" font-family="JetBrains Mono" font-size="10" fill="var(--ink-mute)">'16</text></g>
<!-- 2017: +18.2 / +14.2 -->
<g><rect x="170" y="93" width="32" height="87" fill="var(--accent)"/><rect x="206" y="113" width="32" height="67" fill="var(--ink-soft)"/><text x="204" y="200" text-anchor="middle" font-family="JetBrains Mono" font-size="10" fill="var(--ink-mute)">'17</text></g>
<!-- 2018: -3.4 / -2.4 -->
<g><rect x="260" y="180" width="32" height="16" fill="var(--accent)"/><rect x="296" y="180" width="32" height="11" fill="var(--ink-soft)"/><text x="294" y="208" text-anchor="middle" font-family="JetBrains Mono" font-size="10" fill="var(--ink-mute)">'18</text></g>
<!-- 2019: +21.4 / +22.5 -->
<g><rect x="350" y="78" width="32" height="102" fill="var(--accent)"/><rect x="386" y="73" width="32" height="107" fill="var(--ink-soft)"/><text x="384" y="200" text-anchor="middle" font-family="JetBrains Mono" font-size="10" fill="var(--ink-mute)">'19</text></g>
<!-- 2020: +12.1 / +14.7 -->
<g><rect x="440" y="123" width="32" height="57" fill="var(--accent)"/><rect x="476" y="110" width="32" height="70" fill="var(--ink-soft)"/><text x="474" y="200" text-anchor="middle" font-family="JetBrains Mono" font-size="10" fill="var(--ink-mute)">'20</text></g>
<!-- 2021: +16.8 / +15.9 -->
<g><rect x="530" y="100" width="32" height="80" fill="var(--accent)"/><rect x="566" y="105" width="32" height="75" fill="var(--ink-soft)"/><text x="564" y="200" text-anchor="middle" font-family="JetBrains Mono" font-size="10" fill="var(--ink-mute)">'21</text></g>
<!-- 2022: -10.2 / -16.1 -->
<g><rect x="620" y="180" width="32" height="48" fill="var(--accent)"/><rect x="656" y="180" width="32" height="76" fill="var(--ink-soft)"/><text x="654" y="270" text-anchor="middle" font-family="JetBrains Mono" font-size="10" fill="var(--ink-mute)">'22</text></g>
<!-- 2023: +17.4 / +17.7 -->
<g><rect x="710" y="97" width="32" height="83" fill="var(--accent)"/><rect x="746" y="96" width="32" height="84" fill="var(--ink-soft)"/><text x="744" y="200" text-anchor="middle" font-family="JetBrains Mono" font-size="10" fill="var(--ink-mute)">'23</text></g>
<!-- 2024: +13.8 / +14.0 -->
<g><rect x="800" y="115" width="32" height="65" fill="var(--accent)"/><rect x="836" y="114" width="32" height="66" fill="var(--ink-soft)"/><text x="834" y="200" text-anchor="middle" font-family="JetBrains Mono" font-size="10" fill="var(--ink-mute)">'24</text></g>
<!-- 2025: +14.7 / +12.1 -->
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<!-- legend -->
<g font-family="Inter" font-size="11" fill="var(--ink-soft)">
<rect x="60" y="320" width="14" height="14" fill="var(--accent)"/>
<text x="80" y="332">OPCM Balanced Growth</text>
<rect x="240" y="320" width="14" height="14" fill="var(--ink-soft)"/>
<text x="260" y="332">60/40 Benchmark</text>
</g>
</svg>
</div>
</div>
</section>
<!-- ASSET CLASS RETURNS TABLE -->
<section class="section">
<div class="container">
<div class="section__eyebrow">By asset class · 12/31/2025</div>
<h2 class="section__title">Composite returns by sleeve.</h2>
<table class="table">
<thead>
<tr><th>Strategy</th><th>YTD</th><th>1 yr</th><th>3 yr</th><th>5 yr</th><th>10 yr</th><th>Since incept.</th></tr>
</thead>
<tbody>
<tr><td>OPCM US Equity</td><td>+18.2%</td><td>+18.2%</td><td>+13.4%</td><td>+14.6%</td><td>+13.1%</td><td>+11.9%</td></tr>
<tr><td>OPCM Foreign Equity</td><td>+12.7%</td><td>+12.7%</td><td>+8.9%</td><td>+9.4%</td><td>+7.6%</td><td>+8.2%</td></tr>
<tr><td>OPCM Balanced Growth</td><td>+14.7%</td><td>+14.7%</td><td>+11.1%</td><td>+11.1%</td><td>+10.4%</td><td>+11.4%</td></tr>
<tr><td>OPCM Income</td><td>+6.9%</td><td>+6.9%</td><td>+4.8%</td><td>+5.4%</td><td>+4.9%</td><td>+5.7%</td></tr>
<tr><td>OPCM Real Assets</td><td>+9.2%</td><td>+9.2%</td><td>+7.1%</td><td>+8.0%</td><td>+6.4%</td><td>+7.0%</td></tr>
</tbody>
</table>
<p style="margin-top:24px;font-size:12px;color:var(--ink-mute);max-width:780px;line-height:1.6">
Composite returns shown gross of fees and taxes. Past performance is not indicative of future
results. Individual client experience will differ based on the client's IPS, tax circumstances,
contributions, and withdrawals. Full GIPS-compliant disclosures available upon request.
</p>
</div>
</section>
<!-- DRAWDOWN -->
<section class="section section--alt">
<div class="container">
<div class="section__eyebrow">Defense matters</div>
<h2 class="section__title">Selected drawdowns vs. benchmark.</h2>
<p class="section__lead">
How the firm has historically performed in the worst years. Multi-asset construction does
not eliminate drawdowns — but it has consistently softened them.
</p>
<div class="chart">
<svg viewBox="0 0 1000 280" xmlns="http://www.w3.org/2000/svg" style="width:100%">
<line x1="60" y1="40" x2="980" y2="40" stroke="var(--line)" />
<line x1="60" y1="40" x2="60" y2="240" stroke="var(--line-strong)"/>
<!-- 5 events: 2000-02, 2008, 2018Q4, 2020Q1, 2022 -->
<g font-family="Inter" font-size="11" fill="var(--ink-soft)">
<text x="170" y="265" text-anchor="middle">'00–'02</text>
<text x="350" y="265" text-anchor="middle">'08 GFC</text>
<text x="530" y="265" text-anchor="middle">'18 Q4</text>
<text x="710" y="265" text-anchor="middle">'20 Covid</text>
<text x="890" y="265" text-anchor="middle">'22</text>
</g>
<!-- OPCM (better, smaller bars going down) -->
<g fill="var(--accent)">
<rect x="140" y="40" width="40" height="124"/> <!-- OPCM -31% -->
<rect x="320" y="40" width="40" height="138"/> <!-- OPCM -34% -->
<rect x="500" y="40" width="40" height="48"/> <!-- OPCM -12% -->
<rect x="680" y="40" width="40" height="76"/> <!-- OPCM -19% -->
<rect x="860" y="40" width="40" height="40"/> <!-- OPCM -10% -->
</g>
<!-- 60/40 baseline (worse, longer bars) -->
<g fill="var(--ink-soft)">
<rect x="180" y="40" width="40" height="160"/> <!-- 60/40 -40% -->
<rect x="360" y="40" width="40" height="180"/> <!-- 60/40 -45% -->
<rect x="540" y="40" width="40" height="62"/> <!-- -15% -->
<rect x="720" y="40" width="40" height="98"/> <!-- -24% -->
<rect x="900" y="40" width="40" height="64"/> <!-- -16% -->
</g>
<!-- labels above bars -->
<g font-family="JetBrains Mono" font-size="11" fill="var(--ink)">
<text x="160" y="178" text-anchor="middle">-31%</text>
<text x="200" y="214" text-anchor="middle">-40%</text>
<text x="340" y="192" text-anchor="middle">-34%</text>
<text x="380" y="234" text-anchor="middle">-45%</text>
<text x="520" y="102" text-anchor="middle">-12%</text>
<text x="560" y="116" text-anchor="middle">-15%</text>
<text x="700" y="130" text-anchor="middle">-19%</text>
<text x="740" y="152" text-anchor="middle">-24%</text>
<text x="880" y="94" text-anchor="middle">-10%</text>
<text x="920" y="118" text-anchor="middle">-16%</text>
</g>
</svg>
</div>
</div>
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