Paper Fund

Inception 2026-05-30 · $100,000 starting capital · 9 positions

Paper Fund NAV

$86,617.94

Today +0.34% · Inception -13.38%

Cash: $14,303.24 (16.5%)

Benchmark (SPY)

$100,549.91

Inception +0.55%

Alpha: -13.93%

Days

116

Sharpe

-1.24

Max DD

-15.77%

Win rate

37%

Positions

Ticker	Shares	Avg cost	Mkt value	Weight	P/L	Thesis P	Target
ISRG	23	$407.19	$10,424.29	12.0%	$1,058.92 (+11.3%)	0.62	12.1%
CEG	41	$271.73	$10,354.14	12.0%	−$786.79 (-7.1%)	0.75	12.0%
VST	74	$148.99	$10,332.62	11.9%	−$692.64 (-6.3%)	0.76	12.0%
ETN	28	$410.31	$10,316.60	11.9%	−$1,172.08 (-10.2%)	0.89	12.0%
PWR	18	$649.57	$9,886.86	11.4%	−$1,805.40 (-15.4%)	0.84	12.0%
LEU	92	$121.77	$9,530.28	11.0%	−$1,672.56 (-14.9%)	0.75	11.1%
GEV	7	$950.59	$5,737.16	6.6%	−$916.97 (-13.8%)	0.62	6.7%
CLF	211	$11.87	$2,952.94	3.4%	$448.38 (+17.9%)	0.58	3.4%
SCCO	15	$191.46	$2,779.80	3.2%	−$92.10 (-3.2%)	0.54	3.4%

Factor exposure

Factor	Actual	Target	Names
Nuclear & fuel	34.9%	35.0%	CEG, VST, LEU
Grid & power equipment	29.9%	30.7%	ETN, PWR, GEV
Materials	6.6%	6.8%	SCCO, CLF
Robotics	12.0%	12.1%	ISRG

Recent trades

Date	Action	Ticker	Shares	Price	Value	Reason
2026-10-23	SELL	CLF	247	$13.99	$3,456.76	CLF drift 7.4% -> 3.4%
2026-10-23	BUY	SCCO	2	$185.32	$370.64	CLF drift 7.4% -> 3.4%
2026-10-23	BUY	LEU	22	$103.59	$2,278.98	CLF drift 7.4% -> 3.4%
2026-10-23	SELL	CEG	1	$252.54	$252.54	CLF drift 7.4% -> 3.4%
2026-10-23	BUY	VST	2	$139.63	$279.26	CLF drift 7.4% -> 3.4%
2026-10-23	BUY	ISRG	1	$453.23	$453.23	CLF drift 7.4% -> 3.4%
2026-10-20	SELL	SCCO	18	$202.34	$3,642.12	SCCO drift 7.0% -> 3.0%; LEU drift 5.6% -> 8.7%
2026-10-20	SELL	CLF	126	$13.65	$1,719.90	SCCO drift 7.0% -> 3.0%; LEU drift 5.6% -> 8.7%
2026-10-20	BUY	GEV	1	$890.33	$890.33	SCCO drift 7.0% -> 3.0%; LEU drift 5.6% -> 8.7%
2026-10-20	BUY	LEU	24	$109.88	$2,637.12	SCCO drift 7.0% -> 3.0%; LEU drift 5.6% -> 8.7%
2026-10-20	BUY	ISRG	1	$438.00	$438.00	SCCO drift 7.0% -> 3.0%; LEU drift 5.6% -> 8.7%
2026-10-20	BUY	ETN	1	$381.98	$381.98	SCCO drift 7.0% -> 3.0%; LEU drift 5.6% -> 8.7%
2026-10-20	BUY	PWR	1	$596.00	$596.00	SCCO drift 7.0% -> 3.0%; LEU drift 5.6% -> 8.7%
2026-10-20	BUY	CEG	2	$258.84	$517.68	SCCO drift 7.0% -> 3.0%; LEU drift 5.6% -> 8.7%
2026-10-20	BUY	VST	2	$150.32	$300.64	SCCO drift 7.0% -> 3.0%; LEU drift 5.6% -> 8.7%
2026-10-18	BUY	LEU	4	$114.94	$459.76	SCCO drift 10.4% -> 7.0%
2026-10-18	BUY	GEV	1	$921.20	$921.20	SCCO drift 10.4% -> 7.0%
2026-10-18	SELL	SCCO	16	$200.51	$3,208.16	SCCO drift 10.4% -> 7.0%
2026-10-18	BUY	CLF	30	$12.12	$363.60	SCCO drift 10.4% -> 7.0%
2026-10-18	BUY	ISRG	4	$426.70	$1,706.80	SCCO drift 10.4% -> 7.0%

Method. Edge-proportional allocation from thesis conviction. Edge = P − 0.50, normalized to 85% invested / 15% cash. Caps: 12% per name, 35% per factor. Rebalance on >3% weight drift. Benchmark: SPY from inception. Sharpe annualized, rf = 5%, requires 20+ days. Paper only.