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The founder effect, classified and indexed
Lumenary classifies founder and family influence across approximately 4,500 listed companies worldwide. The methodology underlies a family of global indices, independently calculated and administered, and a decade of published research.
17.10%1
p.a. from founder-led companies, 2016 to 2026, against 13.53% for the benchmark and 11.9% for non-founder-led companies
5,0312
the founder-led series indexed to 1,000 at the start of 2016; the benchmark reached 3,665
~4,5003
companies identified founder-led globally, diversified across capitalisations, regions and sectors
26.4%3
of global equity market capitalisation in 2026, up from 11.6% in 2016
¹ Lumenary Research, The Founder Effect Annual Report 2026. Annualised total return, January 2016 to April 2026; an advantage of roughly 357 basis points a year over the benchmark. Risk over the same period: 18.66% annualised standard deviation and −42.65% maximum drawdown for the founder-led cohort, against 14.23% and −33.60% for the benchmark. Results are historical and partly backtested; past or simulated performance is not a reliable indicator of future performance. ² Total-return series indexed to 1,000 at January 2016. ³ Lumenary Research classification, 2026, from a global all-cap screened universe of approximately 14,700 listed companies.
What Lumenary provides
Methodology
The founder-led classification: what founder-led means, how the universe is maintained, and how the framework evolves.
Explore the methodologyLicensing
Reference, Implement and Products & Mandates licences, structured by whose capital runs on the index.
See licensingResearch ↗︎
Annual reports, data notes and founder interviews, published by Lumenary Research.
Read the research ↗︎Latest research
The Founder Effect: China and Hong Kong 2026
Founder-led China A-shares returned 13.75% a year from 2020 to 2026 against 0.63% for the China all-cap index. Hong Kong went the other way.
ReadThe Founder Effect: Annual Report 2026
Founder-led companies returned 17.10% a year from 2016 to 2026 against 13.53% for the benchmark, with higher volatility and a deeper drawdown.
ReadNew research on founder-led companies, delivered when published.
The Australian fund
Australian offering
Lumenary Global Founders Fund
The methodology in practice: a portfolio of founder-led companies worldwide, managed by Lumenary for Australian wholesale investors since 2017.
About the fundIndices in the Lumenary family are calculated and administered by an independent index administrator.
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