Origins
Our History
"We set out to build a house that would still be standing in fifty years — not a fund that would be remembered for a single trade."
— Alaric M. Vance, Founding Partner
MMV · Founded in the City of London
Invictus Heritage was founded in 2005 by three partners drawn together by a shared conviction: that the world's commodity markets — energy, metals, grain — were too important, and too cyclical, to be left to generalists.
From a single office near Bishopsgate, the partnership began trading options on energy and metals for a small circle of family-office and institutional clients who valued discretion above all else.
MMXXVI · A Global House
Two decades on, the partnership has grown deliberately — never quickly. London remains the headquarters; Chicago, Singapore and Dubai followed as the firm built specialist coverage of the world's principal commodity venues.
Through commodity supercycles, the financial crisis of 2008, the energy dislocation of 2014, the pandemic of 2020 and the geopolitical shocks of recent years — the firm has remained partner-owned, single-strategy, and independent.
Chronology
Milestones
Two decades of measured growth, built one chapter at a time.
Founded in London
Invictus Heritage established by Alaric M. Vance, Cecilia Marchetti and Julian R. Thorne near Bishopsgate in the City of London.
Tested by Crisis
Navigated the global financial crisis with capital preserved and the partnership intact. Options discipline proved its worth.
Chicago Opened
Americas trading hub launched, anchoring coverage of the US agricultural complex and energy benchmarks.
Singapore Opened
Asia-Pacific centre established; LNG, base metals and Asian benchmark coverage added.
Pandemic Resilience
Capital protected through pandemic dislocation; options discipline rewarded by historic volatility regimes.
Dubai Opened
Middle East office launched to serve Gulf sovereign and family-office capital across the MENA energy corridor.
Philosophy
Our Core Values
Six virtues, drawn from the discipline of Rome — the values that have guided our partnership since MMV.
FIDES
Trust
Capital entrusted to us is held in absolute confidence. Discretion is not a service — it is a covenant between partner and client.
GRAVITAS
Strength
We act with the weight of conviction. Positions are taken slowly, sized deliberately, and held with the resolve to see them through the cycle.
VIRTUS
Excellence
Mastery of a single craft. Commodities options is our discipline, and we hold ourselves to the standard of those who came before us.
CONSTANTIA
Steadfastness
Through cycles, crises and renewals, we hold our course. The patient capital we steward is rewarded with the patience we bring to every position.
PRUDENTIA
Wisdom
Sound judgement built on two decades of cycles. We measure risk before we measure return, and we never confuse activity with progress.
HONESTAS
Integrity
Aligned interests, transparent terms, and the partners' own capital invested alongside yours. What we say, we do; what we earn, we have earned.
Track Record
Tested by Cycles
Heritage is earned in difficult markets. Five tests, two decades, one partnership intact.
Crises Navigated · Capital Preserved
12-Year Performance · 2013–2024
Annual Performance Summary (2013–2024)
Net returns after fees · Benchmarked against Bloomberg Commodity Index (BCOM)
| Year | Gross Return | Net Return | BCOM Index | Sharpe Ratio | Max Drawdown |
|---|---|---|---|---|---|
| 2024 | +38.7% | +35.2% | +7.4% | 1.54 | -4.1% |
| 2023 | +32.1% | +28.5% | +9.3% | 1.67 | -3.7% |
| 2022 | +28.3% | +24.0% | +6.0% | 1.42 | -5.2% |
| 2021 | +27.8% | +23.0% | +12.1% | 1.89 | -2.6% |
| 2020 | +19.5% | +15.2% | +4.0% | 1.20 | -6.3% |
| 2019 | +11.8% | +9.1% | +7.7% | 1.31 | -3.9% |
| 2018 | +12.4% | +8.6% | -11.3% | 0.92 | -7.1% |
| 2017 | +13.6% | +10.5% | +1.7% | 1.40 | -2.8% |
| 2016 | +16.1% | +12.7% | +11.8% | 1.56 | -4.5% |
| 2015 | +7.2% | +5.1% | -24.7% | 1.10 | -5.9% |
| 2014 | +9.9% | +7.4% | -17.0% | 1.22 | -4.2% |
| 2013 | +12.3% | +9.3% | -9.5% | 1.47 | -3.3% |
Past performance is not a guarantee of future results. All investments carry risk. For qualified and professional investors only. Detailed audited figures available under NDA.
Identity
Defining Attributes
Four qualities that set Invictus Heritage apart as a single-strategy, partner-owned investment house.
Specialist by Design
A single-strategy house: commodities options, nothing diluted. Every partner-hour is committed to this market.
Partner-Owned
Independent, with the partners' own capital invested alongside clients on identical terms. Our interests are demonstrated, not declared.
Globally Positioned
Coverage of European, American, Asian, and Gulf commodity flows from four offices spanning the world's principal commodity hubs.
Discreet & Long-Standing
Two decades of relationships, built one cycle at a time. Quiet excellence and results that speak for themselves.
Begin a Conversation
We welcome qualified investors, family offices, and institutional clients who share our conviction in commodity markets. Explore our services, review our leadership team, or open an account directly.