QUARCCPaper fund Active
US Long-Short Equities
Net asset value · US$1bn at inception
US$20.318bn▼ −0.25%1 day
Marks Nov 3, 2026, 3:00 PM EST · USD · Total return after modelled costs- YTD
- +30.34%
- 1 year
- +75.14%
- Since inception, ann.
- +66.84%
- Since 31 Aug 2026 (live)
- +11.72%
Overview
Fund
Growth of US$1bn, rebased to the start of the selected range. Shaded: live marks since 31 Aug 2026; earlier values are simulated.
Performance
As of 31 Aug 2026| Cumulative | Annualised | |||||||
|---|---|---|---|---|---|---|---|---|
| Return | 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | Since inc. |
| Fund | 1.34% | 22.04% | 23.84% | 30.34% | 75.14% | 89.94% | 78.60% | 66.84% |
| S&P 500 (benchmark) | 2.62% | 1.40% | 11.74% | 12.28% | 18.98% | 19.47% | 11.19% | 13.47% |
| Excess vs benchmark | −1.29% | +20.64% | +12.10% | +18.06% | +56.17% | +70.47% | +67.42% | +53.37% |
Calendar-year returns
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026YTD |
|---|---|---|---|---|---|---|
| Fund | 17.34% | 65.17% | 76.38% | 97.66% | 106.46% | 30.34% |
| S&P 500 (benchmark) | 26.89% | -19.44% | 24.23% | 23.31% | 16.39% | 12.28% |
Simulated performance. Returns from 01-Jan-2021 to 31 Aug 2026 are an out-of-sample simulation, after modelled trading and borrow costs. From 31 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 | S&P 500 (benchmark) |
|---|---|---|
| Volatility, annualised | 12.36% | 15.10% |
| Sharpe ratio | 4.10 | 0.70 |
| Sortino ratio | 16.94 | 1.51 |
| Max drawdown | -4.49% | -24.77% |
| Worst month | -4.49% | -9.34% |
| Worst day | — | — |
| Ulcer index | 1.11% | 8.04% |
Relative to the S&P 500
- Beta, monthly
- 0.08
- Beta, daily
- —
- Alpha, a year
- +48.88% · t 9.37
- Tracking error vs benchmark
- 12.14%
- Upside capture
- 126%
- Downside capture
- -174%
Drawdown
Fund
Return vs benchmark by market state
Holdings
475 (335 long, 140 short)Top 10 longs
12.2% of NAV| # | Ticker | Company | Weight |
|---|---|---|---|
| 1 | TXG | 10x Genomics Inc | 3.00% |
| 2 | MU | Micron Technology Inc | 1.47% |
| 3 | PRCH | Porch Group, Inc. | 1.45% |
| 4 | DAVE | Dave Inc | 1.17% |
| 5 | CDNA | CareDx, Inc. | 0.97% |
| 6 | MKSI | Mks Inc | 0.94% |
| 7 | INTC | Intel Corp | 0.88% |
| 8 | QLYS | Qualys Inc | 0.82% |
| 9 | PTON | Peloton Interactive Inc | 0.77% |
| 10 | VRT | Vertiv Holdings Co | 0.74% |
Top 10 shorts
-14.1% of NAV| # | Ticker | Company | Weight |
|---|---|---|---|
| 1 | REPL | Replimune Group, Inc. | -4.05% |
| 2 | AGPU | Axe Compute Inc. | -1.49% |
| 3 | NUAI | New ERA Energy & Digital, Inc. | -1.29% |
| 4 | CUE | Cue Biopharma Inc | -1.28% |
| 5 | CPHI | China Pharma Holdings Inc | -1.24% |
| 6 | STI | Solidion Technology Inc. | -1.02% |
| 7 | SKYQ | Sky Quarry Inc | -1.00% |
| 8 | CRVO | CervoMed Inc. | -0.96% |
| 9 | EKSO | Ekso Bionics Holdings Inc | -0.93% |
| 10 | SGN | Signing Day Sports Inc | -0.88% |
Exposure
- Gross
- 76.1%
- Net
- +11.7%
- Long
- 43.9%
- Short
- 32.2%
- Names
- 475
Communication Services+1.83%
Consumer Discretionary+2.24%
Consumer Staples−0.56%
Energy−1.72%
Financials+8.03%
Health Care−4.20%
Industrials−1.89%
Information Technology+6.93%
Materials+0.10%
Other+0.21%
Real Estate+0.65%
Utilities+0.09%
% of NAV by GICS sector. Net is long minus short.
Mandate
Outperform the benchmark, S&P 500, with a long/short portfolio of US equities built from machine-learning return forecasts, inside the limits below.
| Constraint | Limit | Fund | Status |
|---|---|---|---|
| Positions | 100–500 names | 475 | ✓ Within |
| Gross | ≤ 200% of NAV | 76% | ✓ Within |
| Net | −50% to +50% | +11.7% | ✓ Within |
| Single Name | ≤ 5% of NAV | 4.0% | ✓ Within |
| Sector Net | ≤ 20% each | max 8.0% | ✓ Within |
| Volatility | — | 12.4% | ✓ Within |