Long/short portfolio

DISCRETIONARYUS EQUITY LONG/SHORT

Return year to date

+44.9%

Updated through 2 Oct 2026

vs S&P 500: +31.1%
Sharpe ratio: 1.34
Max drawdown: -17.3%
Realized vol: 43%
Forecast vol: 26.7%
Leverage: 2.18×

Portfolio
S&P 500 (SPY)

Show data

Date	Portfolio	S&P 500
2025-12-31	100.0	100.0
2026-01-02	99.8	100.2
2026-01-05	98.0	100.9
2026-01-06	100.9	101.5
2026-01-07	100.7	101.1
2026-01-08	99.0	101.1
2026-01-09	101.4	101.8
2026-01-12	102.7	101.9
2026-01-13	104.7	101.7
2026-01-14	102.6	101.2
2026-01-15	102.5	101.5
2026-01-16	102.9	101.4
2026-01-20	104.6	99.4
2026-01-21	105.6	100.5
2026-01-22	101.0	101.0
2026-01-23	102.1	101.1
2026-01-26	103.4	101.6
2026-01-27	105.5	102.0
2026-01-28	109.8	102.0
2026-01-29	110.8	101.8
2026-01-30	109.3	101.5
2026-02-02	112.5	102.0
2026-02-03	117.0	101.1
2026-02-04	115.0	100.6
2026-02-05	119.1	99.4
2026-02-06	121.4	101.3
2026-02-09	125.3	101.8
2026-02-10	124.5	101.5
2026-02-11	131.7	101.5
2026-02-12	129.6	99.9
2026-02-13	128.3	100.0
2026-02-16	129.0	100.0
2026-02-17	130.7	100.1
2026-02-18	131.9	100.6
2026-02-19	130.4	100.4
2026-02-20	131.7	101.1
2026-02-23	134.1	100.1
2026-02-24	136.6	100.8
2026-02-25	137.2	101.6
2026-02-26	132.9	101.1
2026-02-27	132.8	100.6
2026-03-02	135.3	100.7
2026-03-03	129.7	99.8
2026-03-04	131.6	100.5
2026-03-05	127.8	99.9
2026-03-06	118.5	98.6
2026-03-09	124.7	99.5
2026-03-10	128.2	99.3
2026-03-11	125.7	99.2
2026-03-12	122.0	97.7
2026-03-13	120.8	97.1
2026-03-16	123.5	98.1
2026-03-17	126.5	98.4
2026-03-18	127.9	97.0
2026-03-19	129.0	96.8
2026-03-20	125.2	95.4
2026-03-23	126.9	96.4
2026-03-24	134.5	96.0
2026-03-25	134.8	96.6
2026-03-26	128.3	94.9
2026-03-27	130.1	93.2
2026-03-30	123.7	92.9
2026-03-31	127.3	95.6
2026-04-01	132.0	96.3
2026-04-02	133.0	96.4
2026-04-03	133.4	96.4
2026-04-06	132.1	96.9
2026-04-07	133.2	96.9
2026-04-08	142.0	99.4
2026-04-09	144.7	100.0
2026-04-10	146.9	99.9
2026-04-13	145.8	100.9
2026-04-14	148.2	102.1
2026-04-15	135.9	102.9
2026-04-16	137.8	103.2
2026-04-17	140.6	104.4
2026-04-20	139.5	104.2
2026-04-21	140.3	103.5
2026-04-22	137.4	104.6
2026-04-23	141.3	104.2
2026-04-24	142.7	105.0
2026-04-27	141.5	105.2
2026-04-28	131.6	104.7
2026-04-29	132.5	104.6
2026-04-30	137.6	105.7
2026-05-01	138.0	106.0
2026-05-04	137.1	105.6
2026-05-05	142.9	106.4
2026-05-06	142.4	107.9
2026-05-07	134.7	107.6
2026-05-08	135.6	108.5
2026-05-11	143.4	108.7
2026-05-12	144.0	108.5
2026-05-13	144.5	109.2
2026-05-14	141.5	110.0
2026-05-15	136.6	108.7
2026-05-18	132.8	108.6
2026-05-19	132.0	107.9
2026-05-20	132.7	109.0
2026-05-21	134.4	109.2
2026-05-22	135.9	109.6
2026-05-25	136.1	109.6
2026-05-26	136.3	110.4
2026-05-27	132.1	110.4
2026-05-28	125.8	111.0
2026-05-29	123.4	111.2
2026-06-01	122.6	111.5
2026-06-02	132.9	111.7
2026-06-03	136.4	110.9
2026-06-04	133.0	111.3
2026-06-05	130.0	108.5
2026-06-08	130.3	108.7
2026-06-09	126.2	108.4
2026-06-10	122.5	106.7
2026-06-11	128.0	108.5
2026-06-12	132.4	109.1
2026-06-15	135.0	111.0
2026-06-16	130.3	110.3
2026-06-17	132.5	109.0
2026-06-18	132.5	110.1
2026-06-22	137.0	109.7
2026-06-23	131.5	108.1
2026-06-24	131.4	108.1
2026-06-25	134.8	108.3
2026-06-26	127.0	107.5
2026-06-29	128.1	109.2
2026-06-30	136.5	110.1
2026-07-01	127.9	109.9
2026-07-02	124.1	109.8
2026-07-06	128.1	110.8
2026-07-07	126.0	110.2
2026-07-08	128.8	109.9
2026-07-09	131.3	110.8
2026-07-10	132.0	111.3
2026-07-13	129.0	110.4
2026-07-14	129.8	110.8
2026-07-15	126.5	111.3
2026-07-16	125.0	110.7
2026-07-17	128.1	109.6
2026-07-20	127.6	109.4
2026-07-21	137.1	110.3
2026-07-22	135.0	110.2
2026-07-23	137.5	108.8
2026-07-24	135.9	108.9
2026-07-27	130.6	109.0
2026-07-28	128.8	109.2
2026-07-29	126.0	107.5
2026-07-30	129.9	109.3
2026-07-31	131.9	110.1
2026-08-03	130.9	111.7
2026-08-04	132.9	113.7
2026-08-05	134.7	113.5
2026-08-06	138.5	113.3
2026-08-07	131.8	114.0
2026-08-10	133.7	114.0
2026-08-11	134.2	113.6
2026-08-12	137.3	113.9
2026-08-13	135.0	114.7
2026-08-14	136.8	114.5
2026-08-17	142.9	113.9
2026-08-18	140.9	113.1
2026-08-19	136.5	113.4
2026-08-20	138.0	112.4
2026-08-21	134.7	112.9
2026-08-24	132.9	112.6
2026-08-25	132.6	112.9
2026-08-26	134.1	112.9
2026-08-27	134.8	113.7
2026-08-28	134.5	113.4
2026-08-31	134.4	113.1
2026-09-01	136.6	112.3
2026-09-02	135.0	112.8
2026-09-03	132.7	114.0
2026-09-04	133.0	113.5
2026-09-08	135.6	112.9
2026-09-09	138.8	112.4
2026-09-10	138.3	111.7
2026-09-11	141.2	112.7
2026-09-14	135.7	112.2
2026-09-15	137.5	111.7
2026-09-16	141.0	111.2
2026-09-17	139.4	112.4
2026-09-18	140.2	112.6
2026-09-21	138.7	114.3
2026-09-22	136.5	114.3
2026-09-23	138.6	113.5
2026-09-24	139.4	113.4
2026-09-25	138.9	114.0
2026-09-28	140.4	113.1
2026-09-29	140.6	112.9
2026-09-30	140.1	112.7
2026-10-01	142.2	112.9
2026-10-02	144.9	113.7

Methodology

Growth of 100 invested on 31 Dec 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.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	2026
Portfolio	+9.3%	+21.5%	-4.1%	+8.1%	-10.3%	+10.7%	-3.4%	+1.9%	+4.2%	+3.4%	+44.9%
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	+7.8%	+22.4%	+0.8%	-2.4%	-15.6%	+11.7%	-3.4%	-0.8%	+4.6%	+2.5%	+31.1%

Long book
Short book
Carry, financing & costs
Outside the model & other

Long book+62.0%

Short book-2.1%

Carry, financing & costs-14.7%

Outside the model & other-0.3%

Portfolio+44.9%

Methodology

Each book's contribution to the portfolio's return since 2 Jan 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	+10.16%	Industrials	Trading Companies & Distributors
2	+9.88%	Information Technology	Semiconductors & Semiconductor Equipment
3	+9.12%	Energy	Oil, Gas & Consumable Fuels
4	+8.73%	Industrials	Marine Transportation
5	+7.25%	Energy	Energy Equipment & Services
6	+7.16%	Information Technology	Communications Equipment
7	+6.16%	Financials	Insurance
8	+5.96%	Information Technology	Electronic Equipment, Instruments & Components
9	+5.55%	Industrials	Electrical Equipment
10	+5.11%	Health Care	Biotechnology
11	+5.09%	Health Care	Health Care Equipment & Supplies
12	+4.98%	Health Care	Life Sciences Tools & Services
13	+4.73%	Information Technology	Communications Equipment
14	+4.22%	Health Care	Pharmaceuticals
15	+4.04%	Consumer Discretionary	Specialty Retail
16	+3.97%	Health Care	Health Care Providers & Services
17	+3.42%	Information Technology	Software
18	+3.38%	Information Technology	Electronic Equipment, Instruments & Components
19	+3.30%	Consumer Staples	Tobacco
20	+3.06%	Energy	Oil, Gas & Consumable Fuels
21	+2.84%	Health Care	Pharmaceuticals
22	+2.84%	Industrials	Machinery
23	+2.29%	Energy	Oil, Gas & Consumable Fuels
24	+1.92%	Health Care	Biotechnology
25	+1.59%	Industrials	Industrial Conglomerates
26	+0.26%	Other instruments	Option

The ten largest add up to +75.1% 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	-1.84%	Consumer Discretionary	Specialty Retail
2	-1.39%	Health Care	Health Care Equipment & Supplies
3	-1.37%	Communication Services	Interactive Home Entertainment
4	-1.36%	Health Care	Biotechnology
5	-1.31%	Communication Services	Diversified Telecommunication Services
6	-1.25%	Information Technology	Software
7	-1.25%	Consumer Staples	Consumer Staples Distribution & Retail
8	-1.24%	Information Technology	Semiconductors & Semiconductor Equipment
9	-1.24%	Consumer Discretionary	Broadline Retail
10	-1.21%	Information Technology	Software
11	-1.19%	Financials	Capital Markets
12	-1.17%	Consumer Discretionary	Leisure Products
13	-1.16%	Information Technology	Software
14	-1.09%	Health Care	Health Care Equipment & Supplies
15	-1.07%	Consumer Discretionary	Specialty Retail
16	-1.04%	Industrials	Professional Services
17	-1.04%	Industrials	Building Products
18	-1.03%	Industrials	Industrial Conglomerates
19	-1.03%	Financials	Capital Markets
20	-1.00%	Communication Services	Media
21	-1.00%	Consumer Discretionary	Specialty Retail
22	-1.00%	Information Technology	Technology Hardware, Storage & Peripherals
23	-0.99%	Consumer Discretionary	Specialty Retail
24	-0.98%	Health Care	Biotechnology
25	-0.95%	Industrials	Industrial Conglomerates
26	-0.95%	Health Care	Health Care Providers & Services
27	-0.94%	Consumer Discretionary	Automobile Components
28	-0.93%	Information Technology	Software
29	-0.93%	Information Technology	IT Services
30	-0.92%	Information Technology	Software
31	-0.92%	Information Technology	Software
32	-0.90%	Industrials	Construction & Engineering
33	-0.89%	Communication Services	Diversified Telecommunication Services
34	-0.88%	Health Care	Health Care Equipment & Supplies
35	-0.88%	Financials	Insurance
36	-0.88%	Information Technology	Software
37	-0.87%	Information Technology	Semiconductors & Semiconductor Equipment
38	-0.85%	Information Technology	Software
39	-0.85%	Industrials	Electrical Equipment
40	-0.85%	Consumer Discretionary	Automobile Components
41	-0.85%	Industrials	Machinery
42	-0.84%	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%	Information Technology	Software
47	-0.79%	Consumer Discretionary	Textiles, Apparel & Luxury Goods
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	-0.74%	Health Care	Biotechnology
57	-0.73%	Information Technology	IT Services
58	-0.73%	Industrials	Aerospace & Defense
59	-0.73%	Consumer Discretionary	Broadline Retail
60	-0.72%	Real Estate	Health Care REITs
61	-0.72%	Health Care	Health Care Equipment & Supplies
62	-0.72%	Utilities	Renewable Electricity
63	-0.72%	Financials	Capital Markets
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%	Materials	Metals & Mining
73	-0.64%	Industrials	Electrical Equipment
74	-0.64%	Health Care	Biotechnology
75	-0.64%	Information Technology	Software
76	-0.63%	Consumer Staples	Food Products
77	-0.63%	Real Estate	Office REITs
78	-0.62%	Industrials	Electrical Equipment
79	-0.62%	Real Estate	Specialized REITs
80	-0.62%	Health Care	Biotechnology
81	-0.61%	Real Estate	Office REITs
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	-0.56%	Information Technology	Software
96	-0.55%	Communication Services	Media
97	-0.53%	Information Technology	Software
98	-0.53%	Consumer Discretionary	Textiles, Apparel & Luxury Goods
99	-0.53%	Industrials	Trading Companies & Distributors
100	-0.52%	Unclassified	Unclassified
101	-0.50%	Information Technology	Software
102	-0.49%	Information Technology	Technology Hardware, Storage & Peripherals
103	-0.48%	Information Technology	Software
104	-0.48%	Communication Services	Diversified Telecommunication Services
105	-0.48%	Consumer Discretionary	Specialty Retail
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	-0.26%	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 -13.5% 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	34.5%	-22.3%	+12.3%
Health Care	31	28.1%	-17.0%	+11.2%
Industrials	22	28.9%	-12.8%	+16.0%
Energy	4	21.7%	—	+21.7%
Consumer Discretionary	18	4.0%	-13.9%	-9.9%
Financials	8	6.2%	-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 (227 trades · 13 notes)

Date	Trade	Change	Position after	Industry
28 Sep 2026	Reduce beta, tax loss harvest, cut leverage costs
	Exit long	-3.57%	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	+1.05%	1.05%	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	-2.19%	8.75%	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%	1.00%	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%	1.11%	Electronic Equipment, Instruments & Components
	Add short	+0.62%	1.03%	Health Care Equipment & Supplies
	Add short	+0.51%	0.85%	Commercial Services & Supplies
	Add short	+0.43%	0.73%	Textiles, Apparel & Luxury Goods
26 Aug 2026	Reduce gross and momentum concentration, cut leverage costs
	Reduce long	-2.86%	4.28%	Life Sciences Tools & Services
	Exit long	-2.27%	closed	Electrical Equipment
	Reduce long	-2.23%	6.69%	Communications Equipment
20 Aug 2026	Exit long	-3.56%	closed	Real Estate Management & Development
	Exit long	-1.64%	closed	Biotechnology
	Enter short	+0.83%	0.83%	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%	1.04%	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	-0.58%	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	+4.18%	4.18%	Health Care Providers & Services
	Enter long	+3.82%	3.82%	Tobacco
	Reduce long	-2.96%	11.85%	Trading Companies & Distributors
	Enter long	+2.88%	2.88%	Software
	Exit long	-2.55%	closed	Electronic Equipment, Instruments & Components
	Exit long	-2.45%	closed	Electronic Equipment, Instruments & Components
	Reduce long	-2.31%	5.38%	Electronic Equipment, Instruments & Components
	Exit long	-2.21%	closed	Automobile Components
	Reduce long	-1.64%	8.19%	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%	0.85%	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%	6.99%	Electrical Equipment
	Exit long	-1.58%	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%	7.53%	Oil, Gas & Consumable Fuels
1 Jul 2026	Enter short	+1.03%	1.03%	Health Care Equipment & Supplies
19 Jun 2026	Exit long	-2.73%	closed	Oil, Gas & Consumable Fuels
17 Jun 2026	Exit short	-3.80%	closed	Specialty Retail
	Add long	+3.68%	6.13%	Biotechnology
	Reduce long	-1.85%	9.27%	Electronic Equipment, Instruments & Components
	Reduce short	-1.35%	1.68%	Entertainment
	Exit long	-1.23%	closed	Oil, Gas & Consumable Fuels
	Reduce short	-1.22%	0.61%	Insurance
	Exit long	-1.04%	closed	Commercial Services & Supplies
	Enter short	+1.01%	1.01%	Capital Markets
	Enter short	+0.94%	0.94%	Other
	Enter short	+0.92%	0.92%	Software
	Enter short	+0.69%	0.69%	Oil, Gas & Consumable Fuels
1 Jun 2026	Exit long	-5.65%	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	-5.35%	13.76%	Electrical Equipment
	Reduce long	-4.50%	13.49%	Semiconductors & Semiconductor Equipment
	Reduce long	-4.34%	10.41%	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	+0.94%	0.94%	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	+0.81%	0.81%	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	+4.57%	4.57%	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%	15.97%	Semiconductors & Semiconductor Equipment
	Add short	+0.34%	0.77%	Biotechnology
	Add short	+0.26%	0.76%	Insurance
	Add short	+0.24%	0.81%	Specialty Retail
	Add short	+0.22%	0.67%	Automobile Components
	Add short	+0.17%	0.42%	Capital Markets
	Add short	+0.04%	0.47%	Pharmaceuticals
9 Apr 2026	Taking down net, adding to shorts
	Enter long	+2.69%	2.69%	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%	0.97%	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%	0.92%	Aerospace & Defense
	Add short	+0.30%	0.64%	Software
	Add short	+0.29%	0.72%	Leisure Products
	Add short	+0.16%	0.56%	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	+4.01%	4.01%	Oil, Gas & Consumable Fuels
	Add short	+0.43%	0.87%	Automobile Components
	Add short	+0.39%	0.98%	Software
	Add short	+0.38%	0.75%	IT Services
	Add short	+0.38%	0.49%	Semiconductors & Semiconductor Equipment
	Add short	+0.35%	0.78%	Biotechnology
	Add short	+0.34%	0.68%	Automobile Components
	Add short	+0.31%	0.82%	Metals & Mining
	Add short	+0.31%	0.78%	Software
	Add short	+0.24%	0.72%	Machinery
	Add short	+0.16%	0.40%	Interactive Media & Services
	Add short	+0.04%	0.56%	Construction & Engineering
31 Mar 2026	Enter long	+3.06%	3.06%	Oil, Gas & Consumable Fuels
27 Mar 2026	Add short	+0.73%	1.02%	Specialized REITs
	Add short	+0.67%	1.01%	Entertainment
	Add short	+0.53%	0.93%	Health Care Providers & Services
	Add short	+0.44%	0.89%	Software
	Add short	+0.42%	0.70%	Biotechnology
	Add short	+0.39%	1.06%	Specialty Retail
	Add short	+0.37%	0.77%	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	+5.10%	5.10%	Semiconductors & Semiconductor Equipment
	Add short	+0.71%	1.00%	Diversified Consumer Services
	Add short	+0.55%	0.92%	Software
10 Feb 2026	Enter short	+0.94%	0.94%	Software
	Enter short	+0.87%	0.87%	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%	0.96%	Commercial Services & Supplies
9 Feb 2026	Enter short	+0.89%	0.89%	Software
	Enter short	+0.86%	0.86%	Insurance
	Enter short	+0.73%	0.73%	Capital Markets
6 Feb 2026	Enter long	+3.44%	3.44%	Software
	Enter long	+2.14%	2.14%	Specialty Retail
	Enter long	+1.99%	1.99%	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	+2.24%	2.24%	Biotechnology
	Exit short	-1.48%	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	-0.88%	0.88%	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

Gross leverage2.18×

Long book127.0%

Short book-91.7%

Net exposure+35.3%

Forecast volatility26.7%

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.

Stock-specific51%
Styles (momentum, volatility)39%
Sectors5%
Macro (rates, oil, credit)4%
Market1%

Momentum0.87
Rates (macro)-0.34
Volatility-0.22
Market0.17
Energy0.10
Credit (macro)-0.10
Industrials0.07
Information Technology0.06
Health Care0.05
Consumer Discretionary-0.05

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.

Lars

Performance

Monthly returns

Returns by book

Exposure & risk

Where the risk comes from

Net factor exposures