See our sustained growth

Composite Equity Rates of Return

Banyan Capital Management through the years.

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Year
Banyan
Gross of Fees
Banyan (1)
Net of fees
S&P 500
Composite Assets (2)
Total Assets
Number of Accounts (3)
1991
28.4%
27.2%
30.5%
4,807,000
6,147,000
35
1992
13.4%
12.1%
7.6%
5,521,000
7,734,000
33
1993
14.2%
12.9%
10.1%
6,300,000
8,409,000
30
1994
7.0%
5.8%
1.3%
6,704,000
10,557,000
33
1995
37.3%
36.0%
37.6%
11,390,000
16,273,000
34
1996
24.6%
23.6%
23.0%
13,167,000
20,481,000
32
1997
39.5%
38.5%
33.4%
19,972,000
29,455,000
35
1998
18.2%
17.2%
28.6%
25,628,000
34,945,000
42
1999
-5.2%
-6.2%
21.0%
20,066,000
26,532,000
35
2000
29.5%
28.5%
-9.1%
22,638,000
29,448,000
33
2001
-7.8%
-8.8%
-11.9%
23,278,000
31,491,000
42
2002
-14.0%
-15.0%
-22.1%
20,137,000
28,655,000
40
2003
29.2%
28.2%
28.7%
25,448,000
36,696,000
46
2004
17.8%
16.8%
10.9%
30,990,000
44,189,000
47
2005
-2.2%
-3.2%
4.9%
32,279,000
46,455,000
52
2006
26.3%
25.3%
15.8%
40,869,000
56,109,000
50
2007
2.6%
1.6%
5.5%
45,220,000
61,326,000
55
2008
-36.8%
-37.8%
-37.0%
28,447,000
40,633,000
56
2009
22.7%
21.7%
26.4%
31,044,000
47,503,000
54
2010
16.3%
15.3%
15.1%
34,259,000
54,073,000
48
2011
-1.8%
-2.8%
2.1%
34,624,000
54,335,000
54
2012
15.6%
14.6%
16.0%
42,677,000
63,128,000
63
2013
33.7%
32.7%
32.4%
48,582,000
69,020,000
75
2014
13.1%
12.1%
13.7%
57,275,000
77,184,000
84
2015
0.0%
-1.0%
1.4%
61,442,000
77,214,000
92
2016
(4)
10.8%
9.8%
12.0%
74,975,000
86,880,000
93
2017
17.5%
16.5%
21.8%
94,667,000
108,172,000
96
2018
-1.7%
-2.7%
-4.4%
93,631,000
103,433,000
101
2019
34.5%
33.5%
31.5%
121,429,000
133,812,000
108
2020
13.2%
12.2%
18.4%
142,341,000
150,920,000
117
2021
25.2%
24.2%
28.7%
181,242,000
192,877,000
125
2022
-14.5%
-15.5%
-18.1%
154,076,000
162,575,000
129
2023
19.4%
18.4%
26.3%
180,483,000
189,690,000
133
2024
11.8%
10.8%
25.0%
197,601,000
207,197,000
142
2025
10.1%
9.1%
17.9%
254,557,000
265,686,000
186
Equity Performance Summary Total Returns

Annualized / Compounded Returns

Year
Last 12 Months
Last 3 Years
Last 5 Years
Last 10 Years
Since New Management (5)
Since Inception
Banyan
Gross of Fees
10.1%
13.7%
9.5%
11.9%
13.3%
11.5%
Banyan
Net  of Fees
9.1%
12.7%
8.5%
10.9%
12.3%
10.4%
S&P 500
17.9%
23.0%
14.4%
14.8%
17.3%
11.2%

The following practices are used to calculate total returns: a) accrual accounting is used for recognizing portfolio income through 6/30/99, thereafter a cash basis is used; b) cash and cash equivalents are included as part of equity assets; c) composite returns are size and time weighted using trade-date accounting, with portfolios being valued monthly; d) leverage is not commonly used as a strategy in managing client portfolios; e) investment results include the reinvestment of dividends and other earnings; f) for a complete discussion of the investment strategy used to obtain these results, please contact Banyan Capital Management; and g) "S&P 500" is the return for Standard & Poors 500 index with dividends reinvested. The companies represented in this index are most of the largest companies in the US. Banyan invests mostly in larger companies. During the entire period depicted, portfolios contained equity securities managed for total return.

  1. For years 1996 through the present, "Net of Fees" calculations assume a 1% fee, which is the highest possible fee a client could have paid or can currently pay. For years 1991-95, "Net of Fees" calculations reflect a higher fee schedule no longer used. Our investment advisory fees are described in Part 2A of our form ADV, a copy of which is available at your request.
  2. Composite equity assets used in these performance figures include 100% of equities held in client accounts where Banyan has full discretion and complete records are available. Non-fee-paying portfolios are included in this composite.
  3. Several clients have multiple accounts. One hundred eight client relationships are represented in this equity composite at 12/31/2025. At that date there were one hundred thirty-one client relationships in total.
  4. Performance was attributable to Gary Watkins from 1991 through 08/2016. From 08/2016 through 12/2018 the portfolio was co-managed by Drew Estes and Gary Watkins. Drew Estes has managed the portfolio solely from 01/2019 to present.
  5. Beginning from 01/2019 when Drew Estes began managing the portfolio solely.

These results reflect past performance and should not be considered an indication of future results.