The LYW Fund, owned by financial researcher Leandro Wagner, achieves a 418% annual return for July 2025 through June 2026, with positive performance in every month. This places LYW among the highest-returning funds in the world.
The annual performance includes a maximum drawdown of 11.3%, a Sharpe ratio of 5.08, and a Calmar ratio of 37.00. Monthly gains of 28.3% in January, 27.3% in April, and 30.2% in May made particularly strong contributions to the overall result, supporting a year characterised by sustained gains and several periods of pronounced growth.
The combination of substantial capital appreciation and strong risk-adjusted performance gives the annual result particular distinction. Within this theoretical comparison, LYW also ranks among the world’s top ten funds on a risk-adjusted basis, reflecting the relationship between its returns, return variability and maximum drawdown.
Wagner’s professional profile extends beyond fund ownership into independent academic research. His work, The Endogeneity of Liquidity Risk in Leveraged Fixed-Income Systems, examines how leverage, funding constraints, collateral requirements and market responses interact to generate financial fragility. Its subject places his research within a demanding area of financial economics, addressing the mechanisms through which instability develops inside interconnected financial systems.
The relationship between investment practice and theoretical inquiry gives this research particular relevance to his broader work. Questions concerning liquidity, financing conditions and the propagation of losses bear directly on how investment performance is interpreted, especially where favourable returns coexist with exposures that conventional summary statistics may only partially capture.
Alongside this work, Wagner is developing an ambitious pecuniary theory, conceived as a substantial independent contribution to economic thought. This undertaking reflects the breadth of his intellectual aspirations and a determination to engage with foundational questions concerning monetary relationships, capital allocation and economic coordination. Together, these projects give his professional activity a distinctive scholarly dimension.
At seventeen, Wagner combines fund ownership with a research agenda of considerable technical ambition. His work reflects financial ingenuity, an appetite for difficult theoretical problems and the resolve to develop a coherent intellectual framework alongside practical investment experience. The documented performance of the LYW Fund constitutes a notable early milestone, while his continuing research establishes a broader agenda through which the relationship between financial returns, risk and economic structure can be examined.