Return month to date
+4.0%
Updated through 2 Oct 2026
- vs S&P 500
- +3.1%
- Sharpe ratio
- 74.97
- Max drawdown
- 0.0%
- Realized vol
- 7%
- Forecast vol
- 26.6%
- Leverage
- 2.18×
Performance
- Portfolio
- S&P 500 (SPY)
Show data
| Date | Portfolio | S&P 500 |
|---|---|---|
| 2026-09-30 | 100.0 | 100.0 |
| 2026-10-01 | 101.7 | 100.2 |
| 2026-10-02 | 104.0 | 100.9 |
Methodology
Growth of 100 invested on 30 Sep 2026. 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 | 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | +4.0% | +4.0% | |||||||||||
| S&P 500 (SPY) | +0.9% | +0.9% | |||||||||||
| Difference | +3.1% | +3.1% |
Returns by book
- Long book
- Short book
- Carry, financing & costs
- Outside the model & other
Long book+3.2%
Short book+0.9%
Carry, financing & costs-0.1%
Outside the model & other0.0%
Portfolio+4.0%
Methodology
Each book's contribution to the portfolio's return since 1 Oct 2026, 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.
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.