PERFORMANCE
Five quarters. +52.9% alpha vs Russell 2000, after costs.
Cumulative alpha vs iShares Russell 2000 (IWM) — Top 20 by score, equal-weighted, quarterly-rebalanced, net of 50bps round-trip transaction costs on ~75% turnover.
5 out-of-sample quarters · Q4 2024 → Q1 2026 · beat IWM in 4 of 5 quarters
Backtested, hypothetical results — not actual portfolio returns. Past performance is not a reliable indicator of future results. Full disclosure below.
What the score is finding right now
Three highest-scoring small-caps in our universe today. Each has a research note covering business, real peers, growth thesis, and named risks. Live data, refreshed monthly.
COE
51Talk Online Education Group
Online English-tutoring chain post-China-ban, now scaling Southeast-Asia consumer base.
Read research note →HIT
Health In Tech, Inc.
AI-driven underwriting platform for SMB self-funded health plans. Founder-led, already profitable.
Read research note →TTGT
TechTarget, Inc.
Post-Informa-merger B2B IT-buyer intent-data and lead-gen platform. Subscription + lead-fee mix.
Read research note →Quarter by quarter
Top 20 by score versus the Russell 2000 each quarter. Net of all transaction costs.
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METHODOLOGY
How the backtest works
Scoring model
Each stock scored 0–100 on 8 weighted fundamental metrics: Revenue Growth (20%), Cash Runway (20%), Gross Margin (15%), Debt/Equity (10%), Price/Sales (10%), Rule of 40 (10%), Insider Ownership (10%), Share Dilution (5%).
Backtest setup
Quarterly rebalance using actual earnings-release dates (no look-ahead bias on score availability). Equal-weight Top 20 portfolios. 50 bps roundtrip transaction costs × 75% assumed turnover. Benchmark: iShares Russell 2000 (IWM). Full backtest data including alternative-scenario robustness checks is published in our open-source repository.
KNOWN LIMITATIONS
- —Survivorship bias: the universe contains only currently listed stocks. Companies that delisted during the backtest period (bankruptcy, M&A at loss) are missing, which inflates results. Polygon delisted-tickers integration is on the roadmap.
- —Insider ownership uses the current value for every historical period because yfinance doesn't serve point-in-time insider data. SEC EDGAR Form 4 integration is planned but nontrivial.
- —5 quarters is a small sample. The 95% confidence interval on the Top 20 alpha figure spans roughly ±12%. Another year of data will sharpen the estimate.
IMPORTANT — PAST PERFORMANCE & BACKTEST DISCLOSURE
Past performance is not a reliable indicator of future results. The figures shown above are derived from a historical backtest. They are hypothetical, not records of actual portfolios held by real investors, and would not have been achievable without perfect foresight of the score on each rebalance date.
Returns are quarterly, equal-weighted, gross of taxes, and net of an estimated 50 bps round-trip transaction cost applied to ~75% turnover. The universe is currently-listed stocks only — survivorship bias is present and is documented in the limitations section above. Nothing on this page is investment advice, a solicitation, or a personal recommendation under Swiss Federal Act on Financial Services (FinSA Art. 68) or MiFID II Art. 44(6). Investors should not rely on these figures alone when making investment decisions.
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