Baseline
Track disclosed holdings with the standard reporting lag and no active reweighting.
AI Summary
High-return small-cap growth profile, but current results hinge on an extreme CVNA-driven concentration bet.
Portfolio Snapshot
Current optimized weights for the selected default session.
| Symbol | Name | Sector | Weight | Diff |
|---|---|---|---|---|
| CVNA | Carvana Co. | Consumer Discretionary | 83.25% | 0 |
| HGV | Hilton Grand Vacations Inc. | Consumer Discretionary | 10.18% | 0 |
| COF | Capital One Financial Corporation | Financials | 6.05% | 0 |
| CDLX | Cardlytics, Inc. | Communication Services | 0.26% | 0 |
| SWIM | Latham Group, Inc. | Consumer Discretionary | 0.26% | 0 |
Sector Exposure
- Consumer Discretionary93.69%
- Financials6.05%
- Communication Services0.26%
Weight Changes
Notable position adjustments in the latest snapshot.
Performance vs Benchmark
Strategy NAV vs benchmark — hover for exact values.
Alpha Trend
Excess return vs benchmark over time.
Drawdown Trend
Underwater curve and peak drawdown marker.
Turnover Trend
Per-period turnover with average reference.
Strategy Comparison
All four default strategies side-by-side.
| Strategy | Annualized | Alpha | Sharpe | Max DD |
|---|---|---|---|---|
| Baseline | 32.42% | 23.07% | 0.93 | -66.04% |
| Momentum Screen | 72.38% | 59.04% | 1.09 | -73.34% |
| Basic Value Screen | -9.78% | -4.74% | 0.27 | -98.99% |
| Combo Equal Screen | 17.94% | 12.36% | 0.89 | -46.49% |
Recent Periods
Per-period performance vs benchmark.
| Period | Strategy | Benchmark | Excess | Turnover | Trades |
|---|---|---|---|---|---|
| 2022-12-31 | -0.94% | -0.25% | -0.69 | 19.98 | 2 |
| 2023-03-31 | 37.40% | 7.90% | +29.50 | 9.78 | 2 |
| 2023-06-30 | -8.13% | -1.77% | -6.36 | 10.63 | 2 |
| 2023-09-30 | 21.67% | 10.11% | +11.57 | 15.57 | 2 |
| 2023-12-31 | 52.59% | 4.96% | +47.63 | 9.68 | 2 |
| 2024-03-31 | 9.75% | 2.31% | +7.44 | 15.29 | 2 |
| 2024-06-30 | 46.46% | 9.83% | +36.63 | 9.88 | 2 |
| 2024-09-30 | 10.24% | 2.76% | +7.48 | 1.97 | 2 |
| 2024-12-31 | 5.09% | -3.63% | +8.72 | 0.92 | 2 |
| 2025-03-31 | 14.12% | 9.22% | +4.90 | 0.87 | 2 |
| 2025-06-30 | -5.70% | 4.20% | -9.90 | 2.76 | 2 |
| 2025-09-30 | 27.43% | 1.49% | +25.95 | 4.87 | 2 |
Strategy Q&A
Pre-generated questions and answers about this strategy.
- baseline13FChat AI
What does directly following the disclosed baseline portfolio expose an investor to?
Following the baseline means accepting an extremely top-heavy portfolio with almost total dependence on CVNA. In the strategy artifact, CVNA is 83.25%, HGV 10.18%, and COF 6.05%, while the top 5 make up 100.0% of assets. Sector exposure is 93.69% Consumer Discretionary, 6.05% Financials, and 0.26% Communication Services. The reward has been high, with 32.42% annualized return and 23.07 alpha, but the cost is a -66.04% max drawdown and explicit filing-lag risk noted in the baseline risk notes.
strategyViews.baseline.topHoldingsstrategyViews.baseline.concentrationstrategyViews.baseline.sectorWeightsstrategyViews.baseline.metricsstrategyViews.baseline.riskNotes↳ Ask whether the baseline’s top-heavy structure was consistently this concentrated or only became extreme in recent periods.
- baseline13FChat AI
Which recent baseline periods best explain the risk-return trade-off?
Three recent periods capture the trade-off well. First, 2023-12-31 gained 52.59% versus SPY's 4.96%, a +47.63 excess return, showing the upside when the core thesis works. Second, 2024-06-30 gained 46.46% versus 9.83%, another +36.63 excess. But the downside is visible in 2025-06-30, when the baseline lost -5.70% versus SPY's +4.20%, a -9.90 excess return. Turnover in those periods was moderate to low at 9.68, 9.88, and 2.76 respectively, so the result was driven more by holdings than by heavy trading.
strategyViews.baseline.periodPerformance↳ Ask for a ranking of the best and worst baseline quarters by excess return and the holdings that dominated each period.
- baseline13FChat AI
What should a user inspect next before deciding whether the baseline is acceptable?
A user should inspect concentration, drawdown path, and turnover together. The baseline top holding is 83.25%, top 5 concentration is 100.0%, and max drawdown reached -66.04%. RecoveryDays is 339, showing that losses were not brief. It also helps to review quarterly path dependence: the baseline risk notes mention only 32 periods and 53 trades, which means a small number of episodes may explain a large part of the backtest outcome.
strategyViews.baseline.topHoldingsstrategyViews.baseline.concentrationstrategyViews.baseline.metrics.maxDrawdownriskMetrics.recoveryDaysstrategyViews.baseline.riskNotes↳ Ask for the exact drawdown dates, recovery timeline, and whether a lower concentration cap would have changed the baseline outcome materially.
Other strategies for this fund
Momentum Screen
Select holdings by historically observable momentum, targeting roughly one quarter of each period's original member count and no more than 20 names; when a period has over 100 members, pre-rank to the top 50 first.
Basic Value Screen
Select holdings using PE, PB, P/FCF, and EV/EBITDA, targeting roughly one quarter of each period's original member count and no more than 20 names; when a period has over 100 members, pre-rank to the top 50 first.
Combo Equal Screen
Filter for large-cap, quality, and low-leverage holdings, rank by composite quality/value/size score, keep the top 20 names, and equal-weight the selected names.