Methodology & disclosuresHypothetical model · 0% market drift
Since-inception time-weighted return, linked at daily closes; pre-tax and net of modeled costs. Deposits, withdrawals, tax payments and refunds are excluded. Current assumption: 0% annual market drift. Model output, not actual performance. Purely hypothetical and illustrative. Results may vary considerably. Investing involves risk of loss.
CNCL since inception, as a share of original NAV, across short- and long-term realizations. Not tax savings or the remaining carryforward; negative means net gains.
Leverage: longs and shorts as shares of invested stock equity (longs minus shorts); pending cash excluded. Once delevering, the unwind budget: net loss realized since the press and not yet spent. The unwind cannot realize a positive cumulative net gain since the press; other sales can require further losses.
Whole-book tracking error, annualized over the trailing year, pre-tax. Forecast is whole-book risk. The overlay budget sizes incremental variance above the core floor; red means that overlay forecast exceeds its budget. Now: no forecast yet.
Caution: Hypothetical. Illustrative only. One path on an infinite continuum.