QUARCCPaper fund Active
Market Neutral US Quant Fund
Net asset value · US$1bn at inception
US$1.518bn▲ +0.25%1 day
Marks Nov 2, 2026, 7:00 PM EST · USD · Total return after modelled costs- YTD
- +5.12%
- 1 year
- +3.93%
- Since inception, ann.
- +7.45%
- Since 24 Aug 2026 (live)
- +1.32%
Overview
Fund
Growth of US$1bn, rebased to the start of the selected range. Shaded: live marks since 24 Aug 2026; earlier values are simulated.
Performance
As of 03 Nov 2026| Cumulative | Annualised | |||||||
|---|---|---|---|---|---|---|---|---|
| Return | 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | Since inc. |
| Fund | -1.04% | 2.43% | 1.56% | 5.12% | 3.93% | 6.42% | 8.16% | 7.45% |
| Benchmark | 0.65% | 1.95% | 3.92% | 6.62% | 7.96% | 8.67% | 8.14% | 7.57% |
| S&P 500 | -2.64% | -1.76% | 4.75% | 11.49% | 11.80% | 23.96% | 12.08% | 14.47% |
| Excess vs benchmark | −1.68% | +0.48% | −2.36% | −1.50% | −4.03% | −2.26% | +0.02% | −0.12% |
Calendar-year returns
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026YTD |
|---|---|---|---|---|---|---|
| Fund | 7.78% | 1.43% | 15.05% | 12.24% | 2.30% | 5.12% |
| Benchmark | 4.09% | 6.20% | 9.42% | 9.38% | 8.33% | 6.62% |
| S&P 500 | 29.59% | -18.18% | 26.18% | 24.89% | 17.72% | 11.49% |
Simulated performance. Returns from 04-Jan-2021 to 24 Aug 2026 are an out-of-sample simulation, after modelled trading and borrow costs. From 24 Aug 2026 the book is marked daily against live US equity prices. This is a paper portfolio: no capital is invested. Past performance does not guarantee future results.
Risk
| Since inception | Fund | Benchmark | S&P 500 |
|---|---|---|---|
| Volatility, annualised | 4.38% | 0.12% | 16.57% |
| Sharpe ratio | 0.91 | — | 0.70 |
| Sortino ratio | 1.33 | — | 1.01 |
| Max drawdown | -2.94% | 0.00% | -24.50% |
| Worst month | -1.48% | — | -9.24% |
| Worst day | -1.42% | — | -5.86% |
| Ulcer index | 0.94% | — | 7.84% |
Relative to the S&P 500
- Beta, monthly
- 0.01
- Beta, daily
- 0.02
- Alpha, a year
- +3.98% · t 2.39
- Tracking error vs benchmark
- 3.89%
- Upside capture
- 16%
- Downside capture
- -19%
Drawdown
Fund
Return vs benchmark by market state
Holdings
326 (140 long, 186 short)Top 10 longs
32.3% of NAV| # | Ticker | Company | Weight |
|---|---|---|---|
| 1 | EXPD | Expeditors International WA Inc | 4.18% |
| 2 | COST | Costco Wholesale Corp New | 4.12% |
| 3 | MET | Metlife Inc | 4.01% |
| 4 | PRU | Prudential Financial Inc | 3.74% |
| 5 | IBKR | Interactive Brokers Group Inc | 3.19% |
| 6 | ABBV | Abbvie Inc | 2.87% |
| 7 | LRCX | Lam Resh Corp | 2.73% |
| 8 | PM | Philip Morris International Inc | 2.62% |
| 9 | AVGO | Broadcom Inc | 2.48% |
| 10 | ABNB | Airbnb Inc | 2.34% |
Top 10 shorts
-11.7% of NAV| # | Ticker | Company | Weight |
|---|---|---|---|
| 1 | LLY | Lilly Eli & Co | -1.22% |
| 2 | SNPS | Synopsys Inc | -1.21% |
| 3 | TXN | Texas Instruments Inc | -1.20% |
| 4 | ADI | Analog Devices Inc | -1.18% |
| 5 | SPGI | S & P Global Inc | -1.18% |
| 6 | MAR | Marriott International Inc New | -1.16% |
| 7 | GH | Guardant Health Inc | -1.16% |
| 8 | WMT | Walmart Inc | -1.15% |
| 9 | HLT | Hilton Worldwide Holdings Inc | -1.14% |
| 10 | MSI | Motorola Solutions Inc | -1.11% |
Exposure
- Gross
- 184.2%
- Net
- +0.3%
- Long
- 92.3%
- Short
- 92.0%
- Names
- 326
Energy+0.02%
Materials+0.31%
Industrials+0.75%
Consumer Discretionary−0.54%
Consumer Staples+0.86%
Health Care+0.09%
Financials+1.35%
Information Technology−2.16%
Communication Services−0.22%
Utilities−0.08%
Real Estate−0.12%
% of NAV by GICS sector. Net is long minus short.
Mandate
Outperform the benchmark, 3-month US T-bills + 4%, with a long/short portfolio of US equities built from machine-learning return forecasts, inside the limits below.
| Constraint | Limit | Fund | Status |
|---|---|---|---|
| Positions | 200–500 names | 326 | ✓ Within |
| Gross | ≤ 200% of NAV | 184% | ✓ Within |
| Net | −50% to +50% | +0.3% | ✓ Within |
| Single Name | ≤ 5% of NAV | 4.2% | ✓ Within |
| Sector Net | ≤ 20% each | max 2.2% | ✓ Within |
| Volatility | ≤ 12–14% a year | 4.4% | ✓ Within |