That figure could rise a little higher, as there are still some private ILS fund managers that have not reported full-year figures at this time. To end the year, pure catastrophe bond funds averaged 0.59% for December 2025, while the private ILS funds averaged 0.91%. The negative effects of these wildfires was most severely felt in the cohort of ILS funds that allocate to private collateralized reinsurance and retrocession, so the grouping known as private ILS funds. Pure cat bond funds scraped through January still delivering a positive return and for every month following, both categories of ILS funds delivered positive performance, as the chart below shows. For full-year 2025 the pure catastrophe bond funds averaged a 10.1% return, while private ILS funds gained by 12.47%.