Return since 10 Oct 2025
+100.0%
Updated through 2 Oct 2026
- vs S&P 500
- +80.8%
- Sharpe ratio
- 1.91
- Max drawdown
- -17.2%
- Realized vol
- 41%
- Forecast vol
- 26.6%
- Leverage
- 2.18×
Performance
- Portfolio
- S&P 500 (SPY)
Show data
| Date | Portfolio | S&P 500 |
|---|---|---|
| 2025-10-10 | 100.0 | 100.0 |
| 2025-10-13 | 99.0 | 101.5 |
| 2025-10-14 | 95.1 | 101.4 |
| 2025-10-15 | 96.3 | 101.9 |
| 2025-10-16 | 101.9 | 101.2 |
| 2025-10-17 | 104.6 | 101.7 |
| 2025-10-20 | 102.2 | 102.8 |
| 2025-10-21 | 101.6 | 102.8 |
| 2025-10-22 | 106.2 | 102.3 |
| 2025-10-23 | 108.3 | 102.9 |
| 2025-10-24 | 106.4 | 103.7 |
| 2025-10-27 | 106.5 | 104.9 |
| 2025-10-28 | 109.7 | 105.2 |
| 2025-10-29 | 115.9 | 105.3 |
| 2025-10-30 | 115.7 | 104.1 |
| 2025-10-31 | 116.5 | 104.4 |
| 2025-11-03 | 120.1 | 104.6 |
| 2025-11-04 | 121.0 | 103.4 |
| 2025-11-05 | 123.9 | 103.8 |
| 2025-11-06 | 124.6 | 102.6 |
| 2025-11-07 | 122.4 | 102.7 |
| 2025-11-10 | 126.0 | 104.4 |
| 2025-11-11 | 125.3 | 104.6 |
| 2025-11-12 | 125.6 | 104.6 |
| 2025-11-13 | 126.5 | 102.9 |
| 2025-11-14 | 128.5 | 102.9 |
| 2025-11-17 | 128.7 | 101.9 |
| 2025-11-18 | 127.3 | 101.1 |
| 2025-11-19 | 129.5 | 101.5 |
| 2025-11-20 | 124.0 | 99.9 |
| 2025-11-21 | 125.7 | 100.9 |
| 2025-11-24 | 128.4 | 102.4 |
| 2025-11-25 | 127.5 | 103.4 |
| 2025-11-26 | 126.1 | 104.1 |
| 2025-11-28 | 128.8 | 104.7 |
| 2025-12-01 | 128.1 | 104.2 |
| 2025-12-02 | 127.8 | 104.4 |
| 2025-12-03 | 127.4 | 104.7 |
| 2025-12-04 | 127.3 | 104.8 |
| 2025-12-05 | 131.3 | 105.0 |
| 2025-12-08 | 130.4 | 104.7 |
| 2025-12-09 | 130.6 | 104.6 |
| 2025-12-10 | 131.5 | 105.3 |
| 2025-12-11 | 131.5 | 105.5 |
| 2025-12-12 | 126.2 | 104.4 |
| 2025-12-15 | 130.3 | 104.2 |
| 2025-12-16 | 125.4 | 104.0 |
| 2025-12-17 | 124.3 | 102.8 |
| 2025-12-18 | 127.6 | 103.6 |
| 2025-12-19 | 130.6 | 104.5 |
| 2025-12-22 | 134.4 | 105.2 |
| 2025-12-23 | 135.6 | 105.7 |
| 2025-12-24 | 136.2 | 106.0 |
| 2025-12-26 | 136.4 | 106.0 |
| 2025-12-29 | 138.1 | 105.6 |
| 2025-12-30 | 137.9 | 105.5 |
| 2025-12-31 | 137.0 | 104.7 |
| 2026-01-02 | 136.7 | 104.9 |
| 2026-01-05 | 135.2 | 105.6 |
| 2026-01-06 | 137.8 | 106.3 |
| 2026-01-07 | 137.8 | 105.9 |
| 2026-01-08 | 136.0 | 105.9 |
| 2026-01-09 | 139.2 | 106.6 |
| 2026-01-12 | 140.5 | 106.8 |
| 2026-01-13 | 143.4 | 106.6 |
| 2026-01-14 | 140.8 | 106.0 |
| 2026-01-15 | 140.0 | 106.3 |
| 2026-01-16 | 140.9 | 106.2 |
| 2026-01-20 | 143.3 | 104.1 |
| 2026-01-21 | 143.9 | 105.3 |
| 2026-01-22 | 138.9 | 105.8 |
| 2026-01-23 | 140.8 | 105.9 |
| 2026-01-26 | 142.1 | 106.4 |
| 2026-01-27 | 146.3 | 106.8 |
| 2026-01-28 | 150.9 | 106.8 |
| 2026-01-29 | 151.9 | 106.6 |
| 2026-01-30 | 148.5 | 106.3 |
| 2026-02-02 | 153.9 | 106.8 |
| 2026-02-03 | 161.2 | 105.9 |
| 2026-02-04 | 157.2 | 105.4 |
| 2026-02-05 | 161.9 | 104.1 |
| 2026-02-06 | 167.1 | 106.1 |
| 2026-02-09 | 172.4 | 106.6 |
| 2026-02-10 | 170.3 | 106.3 |
| 2026-02-11 | 180.2 | 106.3 |
| 2026-02-12 | 176.6 | 104.6 |
| 2026-02-13 | 176.7 | 104.7 |
| 2026-02-16 | 177.6 | 104.7 |
| 2026-02-17 | 180.2 | 104.9 |
| 2026-02-18 | 180.5 | 105.4 |
| 2026-02-19 | 179.8 | 105.1 |
| 2026-02-20 | 182.1 | 105.9 |
| 2026-02-23 | 184.3 | 104.8 |
| 2026-02-24 | 187.9 | 105.6 |
| 2026-02-25 | 189.8 | 106.5 |
| 2026-02-26 | 183.1 | 105.9 |
| 2026-02-27 | 182.6 | 105.4 |
| 2026-03-02 | 186.1 | 105.4 |
| 2026-03-03 | 179.0 | 104.5 |
| 2026-03-04 | 181.5 | 105.2 |
| 2026-03-05 | 175.5 | 104.6 |
| 2026-03-06 | 164.6 | 103.3 |
| 2026-03-09 | 172.9 | 104.2 |
| 2026-03-10 | 175.4 | 104.0 |
| 2026-03-11 | 173.0 | 103.9 |
| 2026-03-12 | 167.3 | 102.3 |
| 2026-03-13 | 165.6 | 101.7 |
| 2026-03-16 | 170.8 | 102.8 |
| 2026-03-17 | 174.6 | 103.0 |
| 2026-03-18 | 175.6 | 101.6 |
| 2026-03-19 | 179.3 | 101.3 |
| 2026-03-20 | 172.0 | 99.9 |
| 2026-03-23 | 174.7 | 100.9 |
| 2026-03-24 | 185.5 | 100.6 |
| 2026-03-25 | 186.4 | 101.2 |
| 2026-03-26 | 175.7 | 99.3 |
| 2026-03-27 | 178.6 | 97.7 |
| 2026-03-30 | 170.4 | 97.3 |
| 2026-03-31 | 176.5 | 100.2 |
| 2026-04-01 | 180.6 | 100.9 |
| 2026-04-02 | 183.4 | 101.0 |
| 2026-04-03 | 183.9 | 101.0 |
| 2026-04-06 | 182.8 | 101.5 |
| 2026-04-07 | 184.5 | 101.5 |
| 2026-04-08 | 194.8 | 104.1 |
| 2026-04-09 | 200.0 | 104.7 |
| 2026-04-10 | 201.9 | 104.6 |
| 2026-04-13 | 202.0 | 105.7 |
| 2026-04-14 | 203.5 | 107.0 |
| 2026-04-15 | 188.4 | 107.8 |
| 2026-04-16 | 190.3 | 108.1 |
| 2026-04-17 | 193.1 | 109.4 |
| 2026-04-20 | 192.6 | 109.1 |
| 2026-04-21 | 193.1 | 108.4 |
| 2026-04-22 | 189.4 | 109.5 |
| 2026-04-23 | 194.5 | 109.1 |
| 2026-04-24 | 197.5 | 110.0 |
| 2026-04-27 | 194.4 | 110.1 |
| 2026-04-28 | 181.4 | 109.6 |
| 2026-04-29 | 181.6 | 109.6 |
| 2026-04-30 | 191.0 | 110.7 |
| 2026-05-01 | 191.0 | 111.0 |
| 2026-05-04 | 188.5 | 110.6 |
| 2026-05-05 | 196.7 | 111.5 |
| 2026-05-06 | 195.6 | 113.0 |
| 2026-05-07 | 184.1 | 112.7 |
| 2026-05-08 | 186.8 | 113.6 |
| 2026-05-11 | 198.1 | 113.9 |
| 2026-05-12 | 198.4 | 113.7 |
| 2026-05-13 | 199.1 | 114.3 |
| 2026-05-14 | 194.9 | 115.2 |
| 2026-05-15 | 188.7 | 113.8 |
| 2026-05-18 | 183.5 | 113.8 |
| 2026-05-19 | 181.7 | 113.0 |
| 2026-05-20 | 183.4 | 114.2 |
| 2026-05-21 | 185.1 | 114.4 |
| 2026-05-22 | 187.0 | 114.8 |
| 2026-05-25 | 187.3 | 114.8 |
| 2026-05-26 | 187.4 | 115.6 |
| 2026-05-27 | 181.7 | 115.6 |
| 2026-05-28 | 173.9 | 116.2 |
| 2026-05-29 | 169.8 | 116.5 |
| 2026-06-01 | 168.4 | 116.8 |
| 2026-06-02 | 182.4 | 117.0 |
| 2026-06-03 | 187.1 | 116.2 |
| 2026-06-04 | 182.5 | 116.6 |
| 2026-06-05 | 176.0 | 113.6 |
| 2026-06-08 | 179.0 | 113.8 |
| 2026-06-09 | 172.5 | 113.5 |
| 2026-06-10 | 168.9 | 111.7 |
| 2026-06-11 | 176.8 | 113.6 |
| 2026-06-12 | 182.5 | 114.2 |
| 2026-06-15 | 185.5 | 116.2 |
| 2026-06-16 | 180.1 | 115.6 |
| 2026-06-17 | 180.1 | 114.1 |
| 2026-06-18 | 181.5 | 115.3 |
| 2026-06-22 | 187.9 | 114.9 |
| 2026-06-23 | 180.8 | 113.3 |
| 2026-06-24 | 180.6 | 113.2 |
| 2026-06-25 | 186.1 | 113.4 |
| 2026-06-26 | 174.4 | 112.6 |
| 2026-06-29 | 176.3 | 114.4 |
| 2026-06-30 | 188.3 | 115.3 |
| 2026-07-01 | 176.4 | 115.1 |
| 2026-07-02 | 171.7 | 115.0 |
| 2026-07-06 | 177.2 | 116.0 |
| 2026-07-07 | 173.4 | 115.4 |
| 2026-07-08 | 177.1 | 115.1 |
| 2026-07-09 | 180.8 | 116.1 |
| 2026-07-10 | 181.0 | 116.6 |
| 2026-07-13 | 177.0 | 115.7 |
| 2026-07-14 | 179.0 | 116.1 |
| 2026-07-15 | 175.4 | 116.5 |
| 2026-07-16 | 171.5 | 115.9 |
| 2026-07-17 | 176.4 | 114.8 |
| 2026-07-20 | 175.4 | 114.6 |
| 2026-07-21 | 188.4 | 115.5 |
| 2026-07-22 | 185.9 | 115.4 |
| 2026-07-23 | 189.3 | 114.0 |
| 2026-07-24 | 186.8 | 114.1 |
| 2026-07-27 | 179.4 | 114.1 |
| 2026-07-28 | 177.1 | 114.4 |
| 2026-07-29 | 174.7 | 112.6 |
| 2026-07-30 | 179.4 | 114.5 |
| 2026-07-31 | 182.6 | 115.3 |
| 2026-08-03 | 179.9 | 117.0 |
| 2026-08-04 | 182.9 | 119.1 |
| 2026-08-05 | 184.9 | 118.9 |
| 2026-08-06 | 190.3 | 118.7 |
| 2026-08-07 | 181.4 | 119.4 |
| 2026-08-10 | 184.1 | 119.4 |
| 2026-08-11 | 184.9 | 119.0 |
| 2026-08-12 | 188.5 | 119.3 |
| 2026-08-13 | 186.0 | 120.1 |
| 2026-08-14 | 188.3 | 119.9 |
| 2026-08-17 | 196.7 | 119.3 |
| 2026-08-18 | 193.9 | 118.5 |
| 2026-08-19 | 189.2 | 118.7 |
| 2026-08-20 | 189.6 | 117.7 |
| 2026-08-21 | 185.2 | 118.2 |
| 2026-08-24 | 183.0 | 117.9 |
| 2026-08-25 | 183.0 | 118.3 |
| 2026-08-26 | 184.1 | 118.3 |
| 2026-08-27 | 185.9 | 119.1 |
| 2026-08-28 | 184.1 | 118.8 |
| 2026-08-31 | 184.8 | 118.4 |
| 2026-09-01 | 188.0 | 117.6 |
| 2026-09-02 | 186.2 | 118.1 |
| 2026-09-03 | 182.8 | 119.4 |
| 2026-09-04 | 182.7 | 118.9 |
| 2026-09-08 | 187.1 | 118.3 |
| 2026-09-09 | 190.7 | 117.7 |
| 2026-09-10 | 190.1 | 117.0 |
| 2026-09-11 | 194.6 | 118.0 |
| 2026-09-14 | 186.6 | 117.5 |
| 2026-09-15 | 189.3 | 116.9 |
| 2026-09-16 | 192.4 | 116.4 |
| 2026-09-17 | 191.9 | 117.7 |
| 2026-09-18 | 193.3 | 117.9 |
| 2026-09-21 | 190.1 | 119.7 |
| 2026-09-22 | 187.4 | 119.7 |
| 2026-09-23 | 190.2 | 118.8 |
| 2026-09-24 | 191.6 | 118.7 |
| 2026-09-25 | 191.1 | 119.4 |
| 2026-09-28 | 192.6 | 118.5 |
| 2026-09-29 | 193.0 | 118.3 |
| 2026-09-30 | 192.3 | 118.0 |
| 2026-10-01 | 195.5 | 118.3 |
| 2026-10-02 | 200.0 | 119.1 |
Methodology
Growth of 100 invested on 10 Oct 2025. Daily time-weighted returns in USD, adjusted for deposits and withdrawals and net of commissions, borrow fees and margin interest. Benchmark: SPY with dividends reinvested.
Monthly returns
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | |||||||||||||
| Portfolio | +16.5% | +10.5% | +6.3% | +37.0% | |||||||||
| S&P 500 (SPY) | +4.4% | +0.2% | +0.1% | +4.7% | |||||||||
| Difference | +12.1% | +10.4% | +6.2% | +32.2% | |||||||||
| 2026 | |||||||||||||
| Portfolio | +8.4% | +22.9% | -3.3% | +8.2% | -11.1% | +10.9% | -3.0% | +1.2% | +4.1% | +4.0% | +46.0% | ||
| S&P 500 (SPY) | +1.5% | -0.9% | -4.9% | +10.5% | +5.3% | -1.0% | 0.0% | +2.7% | -0.3% | +0.9% | +13.7% | ||
| Difference | +6.9% | +23.8% | +1.6% | -2.3% | -16.4% | +11.9% | -3.1% | -1.4% | +4.4% | +3.1% | +32.2% | ||
Returns by book
- Long book
- Short book
- Carry, financing & costs
- Outside the model & other
Long book+102.0%
Short book+16.3%
Carry, financing & costs-23.6%
Outside the model & other+5.3%
Portfolio+100.0%
Methodology
Each book's contribution to the portfolio's return since 13 Oct 2025, from daily price moves in the positions the risk model covers. Borrow fees, margin interest, commissions and other charges, net of dividends received, sit outside the books and are shown as one line. The rest, mostly positions the model doesn't cover (foreign listings, delisted names), is shown separately; it is larger in late 2025 when model coverage was lower. All four are Carino-linked so they add up exactly to the portfolio's return over the same period.
Long positions (26)
| # | % of NAV | Sector | Industry | |
|---|---|---|---|---|
| 1 | +10.13% | Industrials | Trading Companies & Distributors | |
| 2 | +9.85% | Information Technology | Semiconductors & Semiconductor Equipment | |
| 3 | +9.09% | Energy | Oil, Gas & Consumable Fuels | |
| 4 | +8.71% | Industrials | Marine Transportation | |
| 5 | +7.23% | Energy | Energy Equipment & Services | |
| 6 | +7.14% | Information Technology | Communications Equipment | |
| 7 | +6.14% | Financials | Insurance | |
| 8 | +5.95% | Information Technology | Electronic Equipment, Instruments & Components | |
| 9 | +5.53% | Industrials | Electrical Equipment | |
| 10 | +5.09% | Health Care | Biotechnology | |
| 11 | +5.08% | Health Care | Health Care Equipment & Supplies | |
| 12 | +4.96% | Health Care | Life Sciences Tools & Services | |
| 13 | +4.72% | Information Technology | Communications Equipment | |
| 14 | +4.20% | Health Care | Pharmaceuticals | |
| 15 | +4.02% | Consumer Discretionary | Specialty Retail | |
| 16 | +3.96% | Health Care | Health Care Providers & Services | |
| 17 | +3.40% | Information Technology | Software | |
| 18 | +3.37% | Information Technology | Electronic Equipment, Instruments & Components | |
| 19 | +3.29% | Consumer Staples | Tobacco | |
| 20 | +3.05% | Energy | Oil, Gas & Consumable Fuels | |
| 21 | +2.83% | Health Care | Pharmaceuticals | |
| 22 | +2.83% | Industrials | Machinery | |
| 23 | +2.28% | Energy | Oil, Gas & Consumable Fuels | |
| 24 | +1.91% | Health Care | Biotechnology | |
| 25 | +1.58% | Industrials | Industrial Conglomerates | |
| 26 | +0.26% | Other instruments | Option |
The ten largest add up to +74.9% of NAV. Each row is one holding, sized as market value over net asset value. Names and share counts are intentionally not published.
Short positions (133)
| # | % of NAV | Sector | Industry | |
|---|---|---|---|---|
| 1 | -1.83% | Consumer Discretionary | Specialty Retail | |
| 2 | -1.38% | Health Care | Health Care Equipment & Supplies | |
| 3 | -1.37% | Communication Services | Interactive Home Entertainment | |
| 4 | -1.35% | Health Care | Biotechnology | |
| 5 | -1.31% | Communication Services | Diversified Telecommunication Services | |
| 6 | -1.24% | Information Technology | Semiconductors & Semiconductor Equipment | |
| 7 | -1.24% | Consumer Discretionary | Broadline Retail | |
| 8 | -1.24% | Information Technology | Software | |
| 9 | -1.24% | Consumer Staples | Consumer Staples Distribution & Retail | |
| 10 | -1.21% | Information Technology | Software | |
| 11 | -1.19% | Financials | Capital Markets | |
| 12 | -1.16% | Consumer Discretionary | Leisure Products | |
| 13 | -1.16% | Information Technology | Software | |
| 14 | -1.08% | Health Care | Health Care Equipment & Supplies | |
| 15 | -1.07% | Consumer Discretionary | Specialty Retail | |
| 16 | -1.04% | Industrials | Building Products | |
| 17 | -1.03% | Industrials | Industrial Conglomerates | |
| 18 | -1.03% | Industrials | Professional Services | |
| 19 | -1.02% | Financials | Capital Markets | |
| 20 | -1.00% | Communication Services | Media | |
| 21 | -1.00% | Consumer Discretionary | Specialty Retail | |
| 22 | -0.99% | Consumer Discretionary | Specialty Retail | |
| 23 | -0.99% | Information Technology | Technology Hardware, Storage & Peripherals | |
| 24 | -0.98% | Health Care | Biotechnology | |
| 25 | -0.95% | Health Care | Health Care Providers & Services | |
| 26 | -0.94% | Industrials | Industrial Conglomerates | |
| 27 | -0.93% | Consumer Discretionary | Automobile Components | |
| 28 | -0.93% | Information Technology | IT Services | |
| 29 | -0.92% | Information Technology | Software | |
| 30 | -0.92% | Information Technology | Software | |
| 31 | -0.91% | Information Technology | Software | |
| 32 | -0.89% | Industrials | Construction & Engineering | |
| 33 | -0.88% | Health Care | Health Care Equipment & Supplies | |
| 34 | -0.88% | Communication Services | Diversified Telecommunication Services | |
| 35 | -0.88% | Financials | Insurance | |
| 36 | -0.87% | Information Technology | Semiconductors & Semiconductor Equipment | |
| 37 | -0.87% | Information Technology | Software | |
| 38 | -0.85% | Consumer Discretionary | Automobile Components | |
| 39 | -0.85% | Industrials | Machinery | |
| 40 | -0.84% | Information Technology | Software | |
| 41 | -0.84% | Industrials | Electrical Equipment | |
| 42 | -0.83% | Industrials | Electrical Equipment | |
| 43 | -0.83% | Industrials | Aerospace & Defense | |
| 44 | -0.81% | Information Technology | Electronic Equipment, Instruments & Components | |
| 45 | -0.80% | Health Care | Life Sciences Tools & Services | |
| 46 | -0.79% | Consumer Discretionary | Textiles, Apparel & Luxury Goods | |
| 47 | -0.79% | Information Technology | Software | |
| 48 | -0.78% | Financials | Mortgage Real Estate Investment Trusts (REITs) | |
| 49 | -0.78% | Communication Services | Interactive Media & Services | |
| 50 | -0.77% | Health Care | Pharmaceuticals | |
| 51 | -0.77% | Health Care | Biotechnology | |
| 52 | -0.76% | Communication Services | Entertainment | |
| 53 | -0.75% | Consumer Discretionary | Broadline Retail | |
| 54 | -0.74% | Industrials | Aerospace & Defense | |
| 55 | -0.74% | Communication Services | Media | |
| 56 | -0.73% | Industrials | Aerospace & Defense | |
| 57 | -0.73% | Consumer Discretionary | Broadline Retail | |
| 58 | -0.73% | Health Care | Biotechnology | |
| 59 | -0.72% | Information Technology | IT Services | |
| 60 | -0.72% | Health Care | Health Care Equipment & Supplies | |
| 61 | -0.72% | Utilities | Renewable Electricity | |
| 62 | -0.72% | Financials | Capital Markets | |
| 63 | -0.72% | Real Estate | Health Care REITs | |
| 64 | -0.70% | Unclassified | Unclassified | |
| 65 | -0.70% | Health Care | Health Care Equipment & Supplies | |
| 66 | -0.68% | Information Technology | Software | |
| 67 | -0.68% | Financials | Capital Markets | |
| 68 | -0.67% | Health Care | Pharmaceuticals | |
| 69 | -0.67% | Information Technology | Software | |
| 70 | -0.66% | Information Technology | Technology Hardware, Storage & Peripherals | |
| 71 | -0.65% | Health Care | Health Care Providers & Services | |
| 72 | -0.64% | Information Technology | Software | |
| 73 | -0.63% | Materials | Metals & Mining | |
| 74 | -0.63% | Industrials | Electrical Equipment | |
| 75 | -0.63% | Consumer Staples | Food Products | |
| 76 | -0.63% | Real Estate | Office REITs | |
| 77 | -0.63% | Health Care | Biotechnology | |
| 78 | -0.62% | Real Estate | Specialized REITs | |
| 79 | -0.62% | Health Care | Biotechnology | |
| 80 | -0.61% | Real Estate | Office REITs | |
| 81 | -0.61% | Industrials | Electrical Equipment | |
| 82 | -0.61% | Consumer Discretionary | Specialty Retail | |
| 83 | -0.60% | Consumer Staples | Food Products | |
| 84 | -0.60% | Financials | Capital Markets | |
| 85 | -0.60% | Health Care | Health Care Providers & Services | |
| 86 | -0.60% | Consumer Discretionary | Automobile Components | |
| 87 | -0.59% | Consumer Staples | Food Products | |
| 88 | -0.59% | Consumer Staples | Consumer Staples Distribution & Retail | |
| 89 | -0.59% | Communication Services | Interactive Media & Services | |
| 90 | -0.58% | Information Technology | Software | |
| 91 | -0.58% | Information Technology | IT Services | |
| 92 | -0.57% | Consumer Staples | Diversified Consumer Services | |
| 93 | -0.57% | Health Care | Health Care Providers & Services | |
| 94 | -0.57% | Health Care | Biotechnology | |
| 95 | -0.55% | Information Technology | Software | |
| 96 | -0.55% | Communication Services | Media | |
| 97 | -0.53% | Information Technology | Software | |
| 98 | -0.53% | Industrials | Trading Companies & Distributors | |
| 99 | -0.52% | Unclassified | Unclassified | |
| 100 | -0.52% | Consumer Discretionary | Textiles, Apparel & Luxury Goods | |
| 101 | -0.50% | Information Technology | Software | |
| 102 | -0.49% | Information Technology | Technology Hardware, Storage & Peripherals | |
| 103 | -0.48% | Communication Services | Diversified Telecommunication Services | |
| 104 | -0.48% | Consumer Discretionary | Specialty Retail | |
| 105 | -0.47% | Information Technology | Software | |
| 106 | -0.46% | Industrials | Aerospace & Defense | |
| 107 | -0.44% | Communication Services | Interactive Media & Services | |
| 108 | -0.43% | Communication Services | Media | |
| 109 | -0.41% | Industrials | Commercial Services & Supplies | |
| 110 | -0.41% | Information Technology | Software | |
| 111 | -0.40% | Health Care | Biotechnology | |
| 112 | -0.39% | Communication Services | Interactive Media & Services | |
| 113 | -0.38% | Health Care | Biotechnology | |
| 114 | -0.38% | Industrials | Industrial Conglomerates | |
| 115 | -0.38% | Health Care | Biotechnology | |
| 116 | -0.37% | Materials | Chemicals | |
| 117 | -0.35% | Information Technology | Technology Hardware, Storage & Peripherals | |
| 118 | -0.32% | Consumer Discretionary | Leisure Products | |
| 119 | -0.31% | Health Care | Biotechnology | |
| 120 | -0.27% | Information Technology | Technology Hardware, Storage & Peripherals | |
| 121 | -0.25% | Materials | Chemicals | |
| 122 | -0.25% | Information Technology | Software | |
| 123 | -0.12% | Information Technology | Renewable Electricity | |
| 124 | -0.08% | Consumer Staples | Beverages | |
| 125 | -0.03% | Health Care | Health Care Equipment & Supplies | |
| 126 | -0.02% | Consumer Discretionary | Automobiles | |
| 127 | 0.00% | Other instruments | Warrant | |
| 128 | 0.00% | Unclassified | Unclassified | |
| 129 | 0.00% | Unclassified | Unclassified | |
| 130 | 0.00% | Unclassified | Unclassified | |
| 131 | 0.00% | Unclassified | Unclassified | |
| 132 | 0.00% | Unclassified | Unclassified | |
| 133 | 0.00% | Information Technology | Software |
The ten largest add up to -13.4% of NAV. Each row is one holding, sized as market value over net asset value. Names and share counts are intentionally not published.
By sector (13)
| Sector | Positions | Long | Short | Net |
|---|---|---|---|---|
| Information Technology | 38 | 34.4% | -22.2% | +12.3% |
| Health Care | 31 | 28.0% | -16.9% | +11.1% |
| Industrials | 22 | 28.8% | -12.8% | +16.0% |
| Energy | 4 | 21.7% | — | +21.7% |
| Consumer Discretionary | 18 | 4.0% | -13.9% | -9.9% |
| Financials | 8 | 6.1% | -5.9% | +0.3% |
| Communication Services | 13 | — | -9.7% | -9.7% |
| Consumer Staples | 8 | 3.3% | -4.3% | -1.0% |
| Real Estate | 4 | — | -2.6% | -2.6% |
| Materials | 3 | — | -1.3% | -1.3% |
| Unclassified | 7 | — | -1.2% | -1.2% |
| Utilities | 1 | — | -0.7% | -0.7% |
| Other instruments | 2 | 0.3% | — | +0.3% |
Sum of position market values in each GICS sector over net asset value, largest gross first. “Other instruments” are options and warrants; “Unclassified” names have no sector in the risk model's data.
Trade log (290 trades · 13 notes)
| Date | Trade | Change | Position after | Industry |
|---|---|---|---|---|
| 28 Sep 2026 | Reduce beta, tax loss harvest, cut leverage costs | |||
| Exit long | -3.58% | closed | Semiconductors & Semiconductor Equipment | |
| 25 Sep 2026 | Cut short that squeezed. Stupid and risky position to begin with | |||
| Exit short | -2.92% | closed | Oil, Gas & Consumable Fuels | |
| 21 Sep 2026 | Cut expensive shorts | |||
| Enter short | +1.06% | 1.06% | Software | |
| Exit short | -0.77% | closed | Household Durables | |
| Exit short | -0.12% | closed | Insurance | |
| 17 Sep 2026 | Exit short | -2.01% | closed | Capital Markets |
| 15 Sep 2026 | Increase working inexpensive shorts | |||
| Add short | +0.68% | 1.19% | Specialty Retail | |
| Add short | +0.54% | 1.08% | IT Services | |
| Add short | +0.53% | 1.08% | Semiconductors & Semiconductor Equipment | |
| Add short | +0.48% | 0.95% | Broadline Retail | |
| Add short | +0.44% | 0.68% | Biotechnology | |
| Add short | +0.40% | 0.80% | Automobile Components | |
| 8 Sep 2026 | Cut Oil beta | |||
| Reduce long | -2.18% | 8.73% | Energy Equipment & Services | |
| 2 Sep 2026 | Exit short | -1.84% | closed | Biotechnology |
| 1 Sep 2026 | Cut long that didn't work, add to shorts that are working | |||
| Exit long | -1.27% | closed | Independent Power Producers & Energy Traders | |
| Add short | +0.79% | 1.38% | Industrial Conglomerates | |
| Add short | +0.52% | 1.04% | Diversified Telecommunication Services | |
| Add short | +0.44% | 0.99% | Diversified Telecommunication Services | |
| Add short | +0.43% | 0.86% | Health Care Providers & Services | |
| 31 Aug 2026 | Reduce beta and net | |||
| Enter short | +0.95% | 0.95% | Media | |
| Enter short | +0.92% | 0.92% | Software | |
| Enter short | +0.82% | 0.82% | IT Services | |
| 27 Aug 2026 | Re-structure short book | |||
| Exit short | -1.59% | closed | Capital Markets | |
| Exit short | -1.42% | closed | Industrial Conglomerates | |
| Enter long | +1.42% | 1.42% | Industrial Conglomerates | |
| Enter short | +0.98% | 0.98% | Technology Hardware, Storage & Peripherals | |
| Add short | +0.69% | 1.10% | Electronic Equipment, Instruments & Components | |
| Add short | +0.61% | 1.02% | Health Care Equipment & Supplies | |
| Add short | +0.51% | 0.84% | Commercial Services & Supplies | |
| Add short | +0.42% | 0.73% | Textiles, Apparel & Luxury Goods | |
| 26 Aug 2026 | Reduce gross and momentum concentration, cut leverage costs | |||
| Reduce long | -2.86% | 4.29% | Life Sciences Tools & Services | |
| Exit long | -2.27% | closed | Electrical Equipment | |
| Reduce long | -2.24% | 6.71% | Communications Equipment | |
| 20 Aug 2026 | Exit long | -3.57% | closed | Real Estate Management & Development |
| Exit long | -1.64% | closed | Biotechnology | |
| Enter short | +0.84% | 0.84% | Biotechnology | |
| Enter short | +0.81% | 0.81% | Mortgage Real Estate Investment Trusts (REITs) | |
| 17 Aug 2026 | Enter short | +0.89% | 0.89% | Electrical Equipment |
| 14 Aug 2026 | Exit short | -0.78% | closed | Biotechnology |
| Enter long | +0.63% | 0.63% | Biotechnology | |
| 10 Aug 2026 | Exit long | -3.63% | closed | Metals & Mining |
| Exit short | -1.71% | closed | Specialty Retail | |
| Enter short | +0.80% | 0.80% | Aerospace & Defense | |
| Enter short | +0.73% | 0.73% | Biotechnology | |
| 7 Aug 2026 | Re-structure short book | |||
| Reduce short | -0.94% | 0.94% | Software | |
| Reduce short | -0.84% | 0.84% | Health Care Providers & Services | |
| Reduce short | -0.76% | 0.76% | Entertainment | |
| Reduce short | -0.76% | 0.48% | Chemicals | |
| Reduce short | -0.76% | 0.76% | Biotechnology | |
| Reduce short | -0.72% | 0.72% | Consumer Staples Distribution & Retail | |
| Reduce short | -0.63% | 0.63% | Technology Hardware, Storage & Peripherals | |
| Add short | +0.52% | 1.03% | Electrical Equipment | |
| Add short | +0.50% | 1.01% | Capital Markets | |
| Add short | +0.49% | 0.99% | Software | |
| Add short | +0.44% | 1.03% | Health Care Equipment & Supplies | |
| Add short | +0.42% | 1.06% | Specialty Retail | |
| Add short | +0.30% | 0.90% | Metals & Mining | |
| 29 Jul 2026 | Enter short | +0.97% | 0.97% | Electrical Equipment |
| Exit short | -0.57% | closed | Software | |
| 27 Jul 2026 | Reduce gross, AI exposure, reduce net, diversify, cut leverage costs. This sets the focus for the summer: the portfolio has been too volatile, and I don't really have any strong views. So, step by step: cut concentration in momentum, reduce leverage costs by taking down gross, reduce net and cut expensive shorts. | |||
| Enter long | +4.19% | 4.19% | Health Care Providers & Services | |
| Enter long | +3.83% | 3.83% | Tobacco | |
| Reduce long | -2.97% | 11.88% | Trading Companies & Distributors | |
| Enter long | +2.89% | 2.89% | Software | |
| Exit long | -2.56% | closed | Electronic Equipment, Instruments & Components | |
| Exit long | -2.45% | closed | Electronic Equipment, Instruments & Components | |
| Reduce long | -2.31% | 5.39% | Electronic Equipment, Instruments & Components | |
| Exit long | -2.21% | closed | Automobile Components | |
| Reduce long | -1.64% | 8.21% | Semiconductors & Semiconductor Equipment | |
| Exit long | -1.30% | closed | Pharmaceuticals | |
| Enter short | +0.94% | 0.94% | Software | |
| Add short | +0.69% | 0.93% | Capital Markets | |
| Add short | +0.67% | 1.14% | Electrical Equipment | |
| Add short | +0.51% | 1.01% | Aerospace & Defense | |
| Add short | +0.46% | 0.92% | Oil, Gas & Consumable Fuels | |
| Add short | +0.44% | 0.88% | Media | |
| Add short | +0.43% | 0.86% | Electronic Equipment, Instruments & Components | |
| Add short | +0.37% | 0.75% | Household Durables | |
| Add short | +0.35% | 0.69% | Building Products | |
| 24 Jul 2026 | Reduce long | -3.50% | 7.00% | Electrical Equipment |
| Exit long | -1.59% | closed | Health Care Providers & Services | |
| 23 Jul 2026 | Exit long | -5.04% | closed | Electrical Equipment |
| Exit long | -2.93% | closed | Software | |
| Reduce long | -2.61% | 10.43% | Semiconductors & Semiconductor Equipment | |
| Reduce long | -2.12% | 10.62% | Electrical Equipment | |
| Exit long | -1.61% | closed | Software | |
| Reduce short | -1.31% | 0.66% | Software | |
| Exit long | -1.14% | closed | Technology Hardware, Storage & Peripherals | |
| Enter short | +1.01% | 1.01% | Capital Markets | |
| Enter short | +0.70% | 0.70% | Biotechnology | |
| Reduce short | -0.62% | 0.95% | Software | |
| Enter short | +0.47% | 0.47% | Industrial Conglomerates | |
| Enter short | +0.25% | 0.25% | Capital Markets | |
| 21 Jul 2026 | Add long | +2.51% | 7.54% | Oil, Gas & Consumable Fuels |
| 1 Jul 2026 | Enter short | +1.02% | 1.02% | Health Care Equipment & Supplies |
| 19 Jun 2026 | Exit long | -2.75% | closed | Oil, Gas & Consumable Fuels |
| 17 Jun 2026 | Exit short | -3.85% | closed | Specialty Retail |
| Add long | +3.73% | 6.21% | Biotechnology | |
| Reduce long | -1.88% | 9.39% | Electronic Equipment, Instruments & Components | |
| Reduce short | -1.36% | 1.70% | Entertainment | |
| Exit long | -1.25% | closed | Oil, Gas & Consumable Fuels | |
| Reduce short | -1.24% | 0.62% | Insurance | |
| Exit long | -1.05% | closed | Commercial Services & Supplies | |
| Enter short | +1.02% | 1.02% | Capital Markets | |
| Enter short | +0.95% | 0.95% | Other | |
| Enter short | +0.93% | 0.93% | Software | |
| Enter short | +0.70% | 0.70% | Oil, Gas & Consumable Fuels | |
| 1 Jun 2026 | Exit long | -5.66% | closed | Transportation Infrastructure |
| Exit short | -1.11% | closed | Diversified Telecommunication Services | |
| 27 May 2026 | Exit short | -2.29% | closed | Construction & Engineering |
| Reduce short | -1.21% | 1.21% | Diversified Consumer Services | |
| 26 May 2026 | Reduce long | -5.36% | 13.78% | Electrical Equipment |
| Reduce long | -4.50% | 13.50% | Semiconductors & Semiconductor Equipment | |
| Reduce long | -4.34% | 10.42% | Electronic Equipment, Instruments & Components | |
| Exit long | -1.64% | closed | Specialty Retail | |
| Enter short | +1.22% | 1.22% | Diversified Telecommunication Services | |
| Enter short | +1.01% | 1.01% | Diversified Telecommunication Services | |
| Enter short | +1.01% | 1.01% | Food Products | |
| Enter short | +0.96% | 0.96% | Textiles, Apparel & Luxury Goods | |
| Enter short | +0.95% | 0.95% | Media | |
| Enter short | +0.90% | 0.90% | Broadline Retail | |
| Enter short | +0.74% | 0.74% | Broadline Retail | |
| Enter short | +0.71% | 0.71% | Office REITs | |
| Enter short | +0.67% | 0.67% | Office REITs | |
| Enter short | +0.64% | 0.64% | Media | |
| Exit long | -0.39% | closed | Electrical Equipment | |
| 14 May 2026 | Reduce short | -1.85% | 0.12% | Semiconductors & Semiconductor Equipment |
| 28 Apr 2026 | Enter long | +3.27% | 3.27% | Oil, Gas & Consumable Fuels |
| 24 Apr 2026 | Reduce short | -1.19% | 1.19% | Semiconductors & Semiconductor Equipment |
| Enter short | +0.87% | 0.87% | Software | |
| Enter short | +0.80% | 0.80% | Interactive Media & Services | |
| Enter short | +0.57% | 0.57% | Professional Services | |
| Add short | +0.47% | 0.97% | Pharmaceuticals | |
| Add short | +0.39% | 0.74% | Technology Hardware, Storage & Peripherals | |
| 20 Apr 2026 | Enter long | +4.56% | 4.56% | Biotechnology |
| 16 Apr 2026 | Enter short | +0.70% | 0.70% | Diversified Telecommunication Services |
| 13 Apr 2026 | Enter short | +0.94% | 0.94% | Health Care Providers & Services |
| 10 Apr 2026 | Taking down net, adding to shorts | |||
| Reduce long | -2.40% | 16.03% | Semiconductors & Semiconductor Equipment | |
| Add short | +0.34% | 0.78% | Biotechnology | |
| Add short | +0.27% | 0.76% | Insurance | |
| Add short | +0.24% | 0.81% | Specialty Retail | |
| Add short | +0.22% | 0.67% | Automobile Components | |
| Add short | +0.18% | 0.43% | Capital Markets | |
| Add short | +0.04% | 0.47% | Pharmaceuticals | |
| 9 Apr 2026 | Taking down net, adding to shorts | |||
| Enter long | +2.68% | 2.68% | Oil, Gas & Consumable Fuels | |
| Add short | +0.56% | 0.92% | Software | |
| Add short | +0.53% | 0.94% | Electronic Equipment, Instruments & Components | |
| Add short | +0.49% | 0.99% | Capital Markets | |
| Add short | +0.48% | 0.96% | Biotechnology | |
| Add short | +0.46% | 0.93% | Software | |
| Add short | +0.44% | 0.99% | Specialty Retail | |
| Add short | +0.44% | 0.98% | Health Care Equipment & Supplies | |
| Add short | +0.42% | 0.84% | Specialty Retail | |
| Add short | +0.39% | 0.98% | Machinery | |
| Add short | +0.35% | 0.48% | Automobiles | |
| Add short | +0.34% | 0.91% | Aerospace & Defense | |
| Add short | +0.30% | 0.64% | Software | |
| Add short | +0.29% | 0.71% | Leisure Products | |
| Add short | +0.16% | 0.55% | Diversified Telecommunication Services | |
| 2 Apr 2026 | Add short | +0.39% | 0.95% | Construction & Engineering |
| Add short | +0.34% | 1.01% | Automobile Components | |
| 1 Apr 2026 | Enter long | +4.04% | 4.04% | Oil, Gas & Consumable Fuels |
| Add short | +0.44% | 0.87% | Automobile Components | |
| Add short | +0.40% | 0.99% | Software | |
| Add short | +0.39% | 0.75% | IT Services | |
| Add short | +0.38% | 0.49% | Semiconductors & Semiconductor Equipment | |
| Add short | +0.35% | 0.78% | Biotechnology | |
| Add short | +0.34% | 0.69% | Automobile Components | |
| Add short | +0.31% | 0.83% | Metals & Mining | |
| Add short | +0.31% | 0.78% | Software | |
| Add short | +0.24% | 0.72% | Machinery | |
| Add short | +0.17% | 0.40% | Interactive Media & Services | |
| Add short | +0.04% | 0.57% | Construction & Engineering | |
| 31 Mar 2026 | Enter long | +3.04% | 3.04% | Oil, Gas & Consumable Fuels |
| 27 Mar 2026 | Add short | +0.73% | 1.03% | Specialized REITs |
| Add short | +0.67% | 1.01% | Entertainment | |
| Add short | +0.54% | 0.94% | Health Care Providers & Services | |
| Add short | +0.45% | 0.89% | Software | |
| Add short | +0.42% | 0.71% | Biotechnology | |
| Add short | +0.39% | 1.06% | Specialty Retail | |
| Add short | +0.37% | 0.78% | Software | |
| Add short | +0.33% | 0.64% | Food Products | |
| Add short | +0.25% | 0.47% | Specialty Retail | |
| 3 Mar 2026 | Exit short | -0.59% | closed | Software |
| 27 Feb 2026 | Enter short | +0.90% | 0.90% | IT Services |
| Enter short | +0.81% | 0.81% | Consumer Staples Distribution & Retail | |
| Enter short | +0.73% | 0.73% | Capital Markets | |
| Add short | +0.33% | 0.65% | Other | |
| 18 Feb 2026 | Exit short | -0.92% | closed | Semiconductors & Semiconductor Equipment |
| 11 Feb 2026 | Enter long | +5.11% | 5.11% | Semiconductors & Semiconductor Equipment |
| Add short | +0.72% | 1.00% | Diversified Consumer Services | |
| Add short | +0.56% | 0.93% | Software | |
| 10 Feb 2026 | Enter short | +0.94% | 0.94% | Software |
| Enter short | +0.88% | 0.88% | Software | |
| Enter short | +0.85% | 0.85% | Software | |
| Add short | +0.68% | 0.95% | Electrical Equipment | |
| Add short | +0.45% | 0.67% | Automobile Components | |
| Add short | +0.29% | 0.97% | Commercial Services & Supplies | |
| 9 Feb 2026 | Enter short | +0.89% | 0.89% | Software |
| Enter short | +0.85% | 0.85% | Insurance | |
| Enter short | +0.72% | 0.72% | Capital Markets | |
| 6 Feb 2026 | Enter long | +3.43% | 3.43% | Software |
| Enter long | +2.13% | 2.13% | Specialty Retail | |
| Enter long | +1.98% | 1.98% | Other | |
| Add short | +0.13% | 0.46% | Capital Markets | |
| 2 Feb 2026 | Exit short | -0.83% | closed | Food Products |
| 14 Jan 2026 | Add short | +0.42% | 0.77% | Health Care Providers & Services |
| 13 Jan 2026 | Enter long | +3.04% | 3.04% | Health Care Providers & Services |
| Enter short | +0.91% | 0.91% | Interactive Media & Services | |
| Add short | +0.44% | 0.88% | Leisure Products | |
| Add short | +0.35% | 0.47% | Renewable Electricity | |
| 12 Jan 2026 | Enter long | +3.58% | 3.58% | Biotechnology |
| Enter long | +2.27% | 2.27% | Life Sciences Tools & Services | |
| Enter long | +2.25% | 2.25% | Biotechnology | |
| Exit short | -1.49% | closed | Technology Hardware, Storage & Peripherals | |
| Enter short | +1.16% | 1.16% | Food Products | |
| Reduce short | -1.07% | 1.07% | Health Care Providers & Services | |
| Enter short | +1.06% | 1.06% | Interactive Media & Services | |
| Add short | +0.89% | 1.19% | Machinery | |
| Reduce short | -0.89% | 0.89% | Technology Hardware, Storage & Peripherals | |
| Reduce short | -0.84% | 0.84% | Technology Hardware, Storage & Peripherals | |
| Enter short | +0.73% | 0.73% | Renewable Electricity | |
| Enter short | +0.71% | 0.71% | Textiles, Apparel & Luxury Goods | |
| Add short | +0.61% | 1.04% | Capital Markets | |
| Add short | +0.55% | 0.82% | Software | |
| Add short | +0.51% | 0.94% | Software | |
| Add short | +0.51% | 0.89% | Specialty Retail | |
| Add short | +0.50% | 0.74% | Capital Markets | |
| 16 Dec 2025 | Exit short | -2.34% | closed | Specialty Retail |
| Exit short | -1.65% | closed | Technology Hardware, Storage & Peripherals | |
| Enter short | +1.26% | 1.26% | Specialty Retail | |
| Exit short | -1.11% | closed | Capital Markets | |
| Enter short | +1.10% | 1.10% | Construction & Engineering | |
| Enter short | +1.05% | 1.05% | Health Care Equipment & Supplies | |
| Enter short | +1.04% | 1.04% | Specialty Retail | |
| Enter short | +1.02% | 1.02% | Software | |
| Enter short | +0.92% | 0.92% | Other | |
| Enter short | +0.88% | 0.88% | Chemicals | |
| Enter short | +0.63% | 0.63% | Chemicals | |
| Add short | +0.51% | 1.07% | Automobiles | |
| 11 Dec 2025 | Exit short | -5.07% | closed | Technology Hardware, Storage & Peripherals |
| Enter long | +1.84% | 1.84% | Technology Hardware, Storage & Peripherals | |
| 3 Dec 2025 | Exit long | -4.41% | closed | Biotechnology |
| Reduce short | -2.34% | 0.78% | Diversified Telecommunication Services | |
| Enter long | +2.22% | 2.22% | Electronic Equipment, Instruments & Components | |
| Exit short | -2.19% | closed | Other | |
| Enter long | +2.07% | 2.07% | Automobile Components | |
| Reduce short | -1.90% | 0.63% | Media | |
| Enter short | +1.07% | 1.07% | Software | |
| Enter short | +1.02% | 1.02% | Biotechnology | |
| Enter short | +1.00% | 1.00% | Software | |
| Enter short | +0.96% | 0.96% | Electrical Equipment | |
| Enter short | +0.96% | 0.96% | Unclassified | |
| Enter short | +0.95% | 0.95% | Pharmaceuticals | |
| Enter short | +0.95% | 0.95% | Interactive Media & Services | |
| Enter short | +0.83% | 0.83% | Metals & Mining | |
| Add short | +0.70% | 1.30% | Software | |
| 26 Nov 2025 | Exit long | -11.76% | closed | Oil, Gas & Consumable Fuels |
| Reduce short | -9.50% | 1.06% | Specialized REITs | |
| Enter long | +4.13% | 4.13% | Communications Equipment | |
| Enter long | +3.37% | 3.37% | Electrical Equipment | |
| Exit short | -3.13% | closed | Electrical Equipment | |
| Enter short | +1.49% | 1.49% | Health Care Providers & Services | |
| Add long | +1.34% | 2.68% | Specialty Retail | |
| Enter short | +1.26% | 1.26% | Biotechnology | |
| Enter short | +1.04% | 1.04% | Software | |
| Enter long | +1.04% | 1.04% | Electrical Equipment | |
| 24 Nov 2025 | Enter long | +1.90% | 1.90% | Electrical Equipment |
| Enter long | +1.88% | 1.88% | Oil, Gas & Consumable Fuels | |
| Enter short | +1.43% | 1.43% | Food Products | |
| Enter short | +1.12% | 1.12% | Consumer Staples Distribution & Retail | |
| Enter short | +1.05% | 1.05% | Software | |
| Enter short | +0.94% | 0.94% | Insurance | |
| 20 Nov 2025 | Enter short | +10.56% | 10.56% | Specialized REITs |
| Enter long | +6.88% | 6.88% | Marine Transportation | |
| Enter long | +2.71% | 2.71% | Electronic Equipment, Instruments & Components | |
| Enter long | +2.29% | 2.29% | Communications Equipment | |
| Exit short | -1.88% | closed | Renewable Electricity | |
| Enter short | +1.29% | 1.29% | Other | |
| Enter short | +1.00% | 1.00% | Capital Markets | |
| Enter short | +0.81% | 0.81% | Aerospace & Defense | |
| Enter short | +0.80% | 0.80% | Building Products | |
| Enter short | +0.77% | 0.77% | Biotechnology | |
| Enter short | +0.66% | 0.66% | Leisure Products | |
| 6 Nov 2025 | Exit long | -6.14% | closed | Capital Markets |
| Exit long | -3.37% | closed | Specialty Retail | |
| Enter long | +1.21% | 1.21% | Specialty Retail | |
| Enter short | +1.20% | 1.20% | Automobile Components | |
| Enter short | +0.90% | 0.90% | Capital Markets | |
| Exit short | -0.61% | closed | Specialty Retail | |
| Exit short | -0.24% | closed | Health Care Providers & Services | |
Exposure & risk
Gross leverage2.18×
Long book126.6%
Short book-91.4%
Net exposure+35.2%
Forecast volatility26.6%
Beta to S&P 5000.60
Factor risk49%
Stock-specific risk51%
Methodology
Forecasts from a 17-factor model (market, 11 GICS sectors, momentum, volatility and rates/oil/credit macro betas) estimated nightly by cross-sectional regression, plus stock-specific risk. Leverage is gross exposure divided by equity.
Where the risk comes from
Net factor exposures
Methodology
Long book plus short book exposure to each factor, in units of gross exposure (style and macro factors are z-scored). Largest ten shown; hover a row for the long/short split.