Equity Market Neutral

neutral · 8/6/2026 12:52 AM CT · in breach
CSCO at 4.02% exceeds the single equity cap of 4.0%
LLY at 4.01% exceeds the single equity cap of 4.0%
GOOGL at 4.01% exceeds the single equity cap of 4.0%
AAPL at 4.00% exceeds the single equity cap of 4.0%
NAV / unit
100.3247
Return
+0.32%
Value
$100,324.72
Cash
93.6%
Positions
20
Max drawdown
+0.00%
Today, pass by pass
8/6/2026 12:52 AM CT
NAV per unit, daily
Exposure
40% long · 34% short · 94% cash · net +6%

What this fund believes

Thesis
Hold the market's direction at roughly zero -- long book and short book near the same size -- so the only thing being bet on is which stocks beat which. If the market crashes or melts up, this fund intends to shrug. Approximate neutrality by dollars, not beta.
Lineage
CFA Level II Alternative Investments LM4, equity strategies: equity market neutral. Dollar-neutral implementation.
The regime that kills it
Factor unwinds, where crowded longs fall while crowded shorts squeeze -- both books lose at once, which dollar neutrality does nothing to prevent. Also its returns are structurally small; in a strong bull it will look broken when it is merely neutral.

How it decides

Decision inputs
same signal both ways, books balanced by dollars (~40% long, ~34% short) so market direction roughly cancels
Cadence
Reconsiders every 21 days; holds 10 positions at target; refused buys fall through to the next-ranked name.
Universe
the shared 52-stock universe

Its mandate versus the base mandate

LimitThis fundBase mandate
maxSingleEquityPct4.07.0 tuned
maxSingleEtfPct5.05.0
maxSectorPct35.035.0
cashMinPct0.010.0 tuned
cashMaxPct100.020.0 tuned
minPositions015 tuned
maxPositions3030
maxNonUsPct10.010.0
allowShortingTrueTrue
maxSingleShortPct3.54.0 tuned
maxGrossShortPct40.040.0
shortCollateralCoverage1.01.0
allowLeverageFalseFalse

Current holdings, and why each is held

TickerClass / sector WeightLastP&L Rationale recorded at entry
CSCOTelecommunications4.02%122.56+0.82%Equity Market Neutral: ranked 6 of 52 on Equity Market Neutral (score 90.2)
LLYHealth Care4.01%1,178.37+0.68%Equity Market Neutral: ranked 8 of 52 on Equity Market Neutral (score 86.3)
GOOGLTechnology4.01%364.67+0.57%Equity Market Neutral: ranked 4 of 52 on Equity Market Neutral (score 94.1)
AAPLTechnology4.00%312.50+0.43%Equity Market Neutral: ranked 10 of 52 on Equity Market Neutral (score 82.3)
CATIndustrials4.00%874.20+0.31%Equity Market Neutral: ranked 3 of 52 on Equity Market Neutral (score 96.1)
UNHHealth Care4.00%414.00+0.25%Equity Market Neutral: ranked 5 of 52 on Equity Market Neutral (score 92.2)
TXNTechnology3.99%278.10+0.09%Equity Market Neutral: ranked 7 of 52 on Equity Market Neutral (score 88.2)
MRKHealth Care3.98%128.17-0.18%Equity Market Neutral: ranked 9 of 52 on Equity Market Neutral (score 84.3)
INTCTechnology3.98%100.90-0.21%Equity Market Neutral: ranked 1 of 52 on Equity Market Neutral (score 100.0)
AMDTechnology3.98%481.16-0.23%Equity Market Neutral: ranked 2 of 52 on Equity Market Neutral (score 98.0)
CRMTechnology-3.21%183.15-5.05%Equity Market Neutral: short-ranked 5 of 16 on Equity Market Neutral (score 92.2)
ORCLTechnology-3.33%142.16-1.49%Equity Market Neutral: short-ranked 2 of 16 on Equity Market Neutral (score 98.0)
NKEConsumer Discretionary-3.37%42.29-0.33%Equity Market Neutral: short-ranked 3 of 16 on Equity Market Neutral (score 96.1)
PFEHealth Care-3.38%25.76-0.14%Equity Market Neutral: short-ranked 10 of 16 on Equity Market Neutral (score 76.5)
NFLXConsumer Discretionary-3.38%74.11-0.08%Equity Market Neutral: short-ranked 4 of 16 on Equity Market Neutral (score 94.1)
TTelecommunications-3.38%23.04-0.04%Equity Market Neutral: short-ranked 6 of 16 on Equity Market Neutral (score 88.2)
DISConsumer Discretionary-3.38%101.69-0.02%Equity Market Neutral: short-ranked 8 of 16 on Equity Market Neutral (score 84.3)
MCDConsumer Discretionary-3.38%273.88+0.00%Equity Market Neutral: short-ranked 9 of 16 on Equity Market Neutral (score 78.4)
HONIndustrials-3.39%248.12+0.05%Equity Market Neutral: short-ranked 1 of 16 on Equity Market Neutral (score 100.0)
METATechnology-3.40%591.42+0.50%Equity Market Neutral: short-ranked 7 of 16 on Equity Market Neutral (score 86.3)

Recent trades

IDDateAction TickerNotionalRationale
T-00202026-08-05SHORTPFE$3,393.80Equity Market Neutral: short-ranked 10 of 16 on Equity Market Neutral (score 76.5)
T-00192026-08-05SHORTMCD$3,393.86Equity Market Neutral: short-ranked 9 of 16 on Equity Market Neutral (score 78.4)
T-00182026-08-05SHORTDIS$3,393.92Equity Market Neutral: short-ranked 8 of 16 on Equity Market Neutral (score 84.3)
T-00172026-08-05SHORTMETA$3,393.98Equity Market Neutral: short-ranked 7 of 16 on Equity Market Neutral (score 86.3)
T-00162026-08-05SHORTT$3,394.03Equity Market Neutral: short-ranked 6 of 16 on Equity Market Neutral (score 88.2)
T-00152026-08-05SHORTCRM$3,394.09Equity Market Neutral: short-ranked 5 of 16 on Equity Market Neutral (score 92.2)
T-00142026-08-05SHORTNFLX$3,394.15Equity Market Neutral: short-ranked 4 of 16 on Equity Market Neutral (score 94.1)
T-00132026-08-05SHORTNKE$3,394.21Equity Market Neutral: short-ranked 3 of 16 on Equity Market Neutral (score 96.1)
T-00122026-08-05SHORTORCL$3,394.26Equity Market Neutral: short-ranked 2 of 16 on Equity Market Neutral (score 98.0)
T-00112026-08-05SHORTHON$3,394.32Equity Market Neutral: short-ranked 1 of 16 on Equity Market Neutral (score 100.0)
T-00102026-08-05ENTRYAAPL$3,999.28Equity Market Neutral: ranked 10 of 52 on Equity Market Neutral (score 82.3)
T-00092026-08-05ENTRYMRK$3,999.36Equity Market Neutral: ranked 9 of 52 on Equity Market Neutral (score 84.3)
T-00082026-08-05ENTRYLLY$3,999.44Equity Market Neutral: ranked 8 of 52 on Equity Market Neutral (score 86.3)
T-00072026-08-05ENTRYTXN$3,999.52Equity Market Neutral: ranked 7 of 52 on Equity Market Neutral (score 88.2)
T-00062026-08-05ENTRYCSCO$3,999.60Equity Market Neutral: ranked 6 of 52 on Equity Market Neutral (score 90.2)