Q1'25

Core long-only performance, quant experiment, and what I've been up to.

For this quarter I’ll keep it brief:

1. Core long-only performance and portfolio

2. Quant portfolio experiment

3. Some thoughts

Core Long-Only

~0% vs ~-4% for the S&P:

Since inception is sitting at just over 17% CAGR, which I’m very happy with:

Since inception vs S&P 500 Total Return:

I’ve officially crossed the 3-year mark of tracking performance vs a benchmark, so that’s cool.

Here is the full portfolio (as of 2025-05-02):

It’s too bad IBKR doesn’t let you sort by % of net liquid.

I’m still quite happy with holdings. I think INTC is quite undervalued here, but I could be very wrong. RBLX is doing great, so is MSFT. I could go on, but you get the idea. I’m thinking about axing NVDA and NET. There is ~2.5% of liq sitting in something I don’t have a lot of conviction in. Not good.

Quant Experiment

I mentioned a while ago that I started a long-term experiment with some of my own capital. The idea is “unforgiving”. The target market is someone like me, who is intent on growing their capital. It’s quite risky in terms of volatility, but not risky in terms of permanent capital loss.

The rules:

1. Annual rebalancing to specific weights

2. Capital contribution goes to most underweight position, attempting to bring the portfolio back to target weights. (This quickly becomes impossible with a growing overall portfolio).

Since inception (time weighted) against SPXTR:

We’ll see how this shapes up.

What I’ve been up to

Nothing new on my end, other than continual studying for the CFA level 1, training people, and training myself.