Long/Short Equity

longshort · 8/6/2026 12:52 AM CT · in breach

CSCO at 6.02% exceeds the single equity cap of 6.0%

LLY at 6.02% exceeds the single equity cap of 6.0%

GOOGL at 6.01% exceeds the single equity cap of 6.0%

AAPL at 6.00% exceeds the single equity cap of 6.0%

NAV / unit

100.3919

Return

+0.39%

Value

$100,391.90

Cash

47.8%

Positions

18

Max drawdown

+0.00%

Today, pass by pass

8/6/2026 12:52 AM CT

NAV per unit, daily

Exposure

72% long · 20% short · 48% cash · net +52%

What this fund believes

Thesis

Own the strongest names and short the weakest, so part of the return comes from the spread between them rather than from the market's direction. Runs net long: markets rise more often than they fall, and this fund does not pretend otherwise.

Lineage

CFA Level II Alternative Investments LM4, equity strategies: long/short equity. The original hedge fund design, A.W. Jones (1949).

The regime that kills it

Short squeezes and junk rallies: the weakest names rip hardest exactly when sentiment turns, and the short book gives back the long book's gains. Also low-dispersion markets where longs and shorts move together and the spread earns nothing.

How it decides

Decision inputs

longs: momentum rank; shorts: broken 200-day trend AND weak relative momentum, both required

Cadence

Reconsiders every 21 days; holds 12 positions at target; refused buys fall through to the next-ranked name.

Universe

the shared 52-stock universe

Its mandate versus the base mandate

Limit	This fund	Base mandate
maxSingleEquityPct	6.0	7.0	tuned
maxSingleEtfPct	5.0	5.0
maxSectorPct	35.0	35.0
cashMinPct	0.0	10.0	tuned
cashMaxPct	100.0	20.0	tuned
minPositions	0	15	tuned
maxPositions	30	30
maxNonUsPct	10.0	10.0
allowShorting	True	True
maxSingleShortPct	3.5	4.0	tuned
maxGrossShortPct	25.0	40.0	tuned
shortCollateralCoverage	1.0	1.0
allowLeverage	False	False

Current holdings, and why each is held

Ticker	Class / sector	Weight	Last	P&L	Rationale recorded at entry
CSCO	Telecommunications	6.02%	122.56	+0.82%	Long/Short Equity: ranked 6 of 52 on Long/Short Equity (score 90.2)
LLY	Health Care	6.02%	1,178.37	+0.68%	Long/Short Equity: ranked 8 of 52 on Long/Short Equity (score 86.3)
GOOGL	Technology	6.01%	364.67	+0.57%	Long/Short Equity: ranked 4 of 52 on Long/Short Equity (score 94.1)
AAPL	Technology	6.00%	312.50	+0.43%	Long/Short Equity: ranked 10 of 52 on Long/Short Equity (score 82.3)
CAT	Industrials	5.99%	874.20	+0.31%	Long/Short Equity: ranked 3 of 52 on Long/Short Equity (score 96.1)
GS	Finance	5.99%	1,064.00	+0.29%	Long/Short Equity: ranked 12 of 52 on Long/Short Equity (score 78.4)
UNH	Health Care	5.99%	414.00	+0.25%	Long/Short Equity: ranked 5 of 52 on Long/Short Equity (score 92.2)
TXN	Technology	5.98%	278.10	+0.09%	Long/Short Equity: ranked 7 of 52 on Long/Short Equity (score 88.2)
JNJ	Health Care	5.97%	257.37	-0.14%	Long/Short Equity: ranked 11 of 52 on Long/Short Equity (score 80.4)
MRK	Health Care	5.96%	128.17	-0.18%	Long/Short Equity: ranked 9 of 52 on Long/Short Equity (score 84.3)
INTC	Technology	5.96%	100.90	-0.21%	Long/Short Equity: ranked 1 of 52 on Long/Short Equity (score 100.0)
AMD	Technology	5.96%	481.16	-0.23%	Long/Short Equity: ranked 2 of 52 on Long/Short Equity (score 98.0)
CRM	Technology	-3.15%	183.15	-5.05%	Long/Short Equity: short-ranked 5 of 16 on Long/Short Equity (score 92.2)
ORCL	Technology	-3.27%	142.16	-1.49%	Long/Short Equity: short-ranked 2 of 16 on Long/Short Equity (score 98.0)
NKE	Consumer Discretionary	-3.31%	42.29	-0.33%	Long/Short Equity: short-ranked 3 of 16 on Long/Short Equity (score 96.1)
NFLX	Consumer Discretionary	-3.32%	74.11	-0.08%	Long/Short Equity: short-ranked 4 of 16 on Long/Short Equity (score 94.1)
T	Telecommunications	-3.32%	23.04	-0.04%	Long/Short Equity: short-ranked 6 of 16 on Long/Short Equity (score 88.2)
HON	Industrials	-3.32%	248.12	+0.05%	Long/Short Equity: short-ranked 1 of 16 on Long/Short Equity (score 100.0)

Recent trades

ID	Date	Action	Ticker	Notional	Rationale
T-0018	2026-08-05	SHORT	T	$3,331.52	Long/Short Equity: short-ranked 6 of 16 on Long/Short Equity (score 88.2)
T-0017	2026-08-05	SHORT	CRM	$3,331.58	Long/Short Equity: short-ranked 5 of 16 on Long/Short Equity (score 92.2)
T-0016	2026-08-05	SHORT	NFLX	$3,331.63	Long/Short Equity: short-ranked 4 of 16 on Long/Short Equity (score 94.1)
T-0015	2026-08-05	SHORT	NKE	$3,331.69	Long/Short Equity: short-ranked 3 of 16 on Long/Short Equity (score 96.1)
T-0014	2026-08-05	SHORT	ORCL	$3,331.75	Long/Short Equity: short-ranked 2 of 16 on Long/Short Equity (score 98.0)
T-0013	2026-08-05	SHORT	HON	$3,331.80	Long/Short Equity: short-ranked 1 of 16 on Long/Short Equity (score 100.0)
T-0012	2026-08-05	ENTRY	GS	$5,998.02	Long/Short Equity: ranked 12 of 52 on Long/Short Equity (score 78.4)
T-0011	2026-08-05	ENTRY	JNJ	$5,998.20	Long/Short Equity: ranked 11 of 52 on Long/Short Equity (score 80.4)
T-0010	2026-08-05	ENTRY	AAPL	$5,998.38	Long/Short Equity: ranked 10 of 52 on Long/Short Equity (score 82.3)
T-0009	2026-08-05	ENTRY	MRK	$5,998.56	Long/Short Equity: ranked 9 of 52 on Long/Short Equity (score 84.3)
T-0008	2026-08-05	ENTRY	LLY	$5,998.74	Long/Short Equity: ranked 8 of 52 on Long/Short Equity (score 86.3)
T-0007	2026-08-05	ENTRY	TXN	$5,998.92	Long/Short Equity: ranked 7 of 52 on Long/Short Equity (score 88.2)
T-0006	2026-08-05	ENTRY	CSCO	$5,999.10	Long/Short Equity: ranked 6 of 52 on Long/Short Equity (score 90.2)
T-0005	2026-08-05	ENTRY	UNH	$5,999.28	Long/Short Equity: ranked 5 of 52 on Long/Short Equity (score 92.2)
T-0004	2026-08-05	ENTRY	GOOGL	$5,999.46	Long/Short Equity: ranked 4 of 52 on Long/Short Equity (score 94.1)