About the Fund
From inception in 2005 to today, our focus remains unchanged — disciplined value investing, safeguarding capital, and compounding returns for the future
Who We Are
In a market often driven by noise and short-term trends, Provenance Value Partnership remains quietly steadfast. Established in 2005 as the Victor Value Fund and managed by Velkov Funds Management, the fund is built on discipline, alignment, and trust. Our focus is on businesses with substance — enterprises that play essential roles in the economy, demonstrate enduring quality, and have the capacity for long-term growth. Just as provenance authenticates a work of art, it defines our approach: investing with integrity, clarity, and a commitment to lasting value.
2005
Fund Inception
The Victor Value Fund was established initially for family and friends and grew by word of mouth.
2008
GFC Shock Test
After the GFC shock of 2008, the fund's 3 year return as at 31 December 2008 stood steadfast at 15.4%pa.
2020
COVID-19 Pandemic
The fund survives another global shock, with 3 year returns in the depth of the crisis at 31 March 2020 at 5.2%pa.
2025
Wholesale Fund Status
The Fund is granted an AFSL and transitioned to a wholesale fund offering.
2025
Fund Rebadged
Victor Value Fund is renamed to Provenance Value Partnership to position itself for the next 20 years.
Our History
Investment Philosophy
Our philosophy reflects a return to investing as it should be — rational, principled, and aligned. We direct capital only toward businesses with substance, steering clear of speculation and short-term trends. Fees are earned solely on performance, reinforcing our commitment to partnership. Rooted in the value-based foundations of Benjamin Graham, the fund's investment philosophy continues to evolve. At its heart, the fund's philosophy is simple - preserve our partners' capital and then deliver compound returns.
Overview
Provenance Value Partnership is a concentrated, value-focused fund investing in quality businesses with enduring potential. Guided by clear principles and a disciplined process, we align with our investors to deliver consistent, long-term results.
$0
Entry and Exit Fee
18%
Performance Fee*
0%
Management Fee
Fees
* Performance Fee is 18% of positive returns with a high-tide mark in place. Performance Fee is paid quarterly. Management Expenses including Fund audit, Fund accounting and PVP compliance costs are recovered quarterly. The Management Expense Ratio (MER) excluding performance fee is currently approximately 0.40%. This is expected to drift lower over time as FuM grows.
Testimonials
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Name, QLD
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Name, QLD
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