<![CDATA[Prometheus Research: S&P 500 Program]]>

<![CDATA[Prometheus Research: S&P 500 Program]]>https://www.prometheus-macro.com/s/s-and-p-500-programhttps://substackcdn.com/image/fetch/$s_!qmcQ!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fa02f9e91-4feb-4772-bfdd-6748b9519fa0_400x400.pngPrometheus Research: S&P 500 Programhttps://www.prometheus-macro.com/s/s-and-p-500-programSubstackSun, 24 May 2026 03:25:57 GMT<![CDATA[Prometheus S&P 500 + Crisis Program]]>https://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-c6ahttps://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-c6aMon, 18 May 2026 18:35:30 GMTThe Prometheus S&P 500 Program aims to outperform the S&P 500 over a full investment cycle. The program will strive to achieve this objective by leveraging a combination of Sector Selection, Beta Timing, Active Overlays, and Dynamic Risk Control. Our S&P 500 Program can be integrated with our Crisis Protection Program, which seeks to offer a portfolio diversifier during periods of economic and financial instability by blending active, long-only exposure to Gold, TIPS, and VIX.

For context, we visualize the live returns for our Integrated Program below:

Our programs are operating in line with their long-term expectations. Today, the S&P 500 Program is positioned as follows:

]]><![CDATA[Prometheus S&P 500 + Crisis Program]]>https://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-f12https://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-f12Mon, 11 May 2026 17:36:26 GMTThe Prometheus S&P 500 Program aims to outperform the S&P 500 over a full investment cycle. The program will strive to achieve this objective by leveraging a combination of Sector Selection, Beta Timing, Active Overlays, and Dynamic Risk Control. Our S&P 500 Program can be integrated with our Crisis Protection Program, which seeks to offer a portfolio diversifier during periods of economic and financial instability by blending active, long-only exposure to Gold, TIPS, and VIX.

Subscribe now

For context, we visualize the live returns for our Integrated Program below:

Our programs are operating in line with their long-term expectations. Today, the S&P 500 Program is positioned as follows:

]]><![CDATA[Prometheus S&P 500 + Crisis Program]]>https://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-d4chttps://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-d4cMon, 04 May 2026 17:42:12 GMTThe Prometheus S&P 500 Program aims to outperform the S&P 500 over a full investment cycle. The program will strive to achieve this objective by leveraging a combination of Sector Selection, Beta Timing, Active Overlays, and Dynamic Risk Control. Our S&P 500 Program can be integrated with our Crisis Protection Program, which seeks to offer a portfolio diversifier during periods of economic and financial instability by blending active, long-only exposure to Gold, TIPS, and VIX.

For context, we visualize the live returns for our Integrated Program below:

Our programs are operating in line with their long-term expectations. Today, the S&P 500 Program is positioned as follows:

]]><![CDATA[Prometheus S&P 500 + Crisis Program]]>https://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-2a2https://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-2a2Mon, 27 Apr 2026 17:01:42 GMTThe Prometheus S&P 500 Program aims to outperform the S&P 500 over a full investment cycle. The program will strive to achieve this objective by leveraging a combination of Sector Selection, Beta Timing, Active Overlays, and Dynamic Risk Control. Our S&P 500 Program can be integrated with our Crisis Protection Program, which seeks to offer a portfolio diversifier during periods of economic and financial instability by blending active, long-only exposure to Gold, TIPS, and VIX.

For context, we visualize the live returns for our Integrated Program below:

Our programs are operating in line with their long-term expectations. Today, the S&P 500 Program is positioned as follows:

There are four major takeaways from these positions:

Beta Timing: Our beta timing measures continue to show downward pressure on equity indexes from locally expensive equities, which may have rallied too dramatically.
Sector Selection: Macro markets are experiencing a sustained inflation shock, which will change the distribution of sector returns. Across the equity sectors, our signals favor technology and industrials.
Risk Control: Our risk control continues to guide us effectively in managing drawdowns. In a multi-standard deviation event across all our positions, our expected drawdown is 8%.
Bond Overlay: While we face an ongoing inflation shock in market pricing, fundamental conditions are beginning to align more with a weakening growth backdrop. This weakness of growth, coupled with a modestly positive yield curve, makes treasuries and amenable exposure within a portfolio. This positioning is primarily about carry and diversification during a growth slowdown, rather than an outright alpha view.

To this allocation, we add our Crisis Protection Program. The Prometheus Crisis Protection Program is allocated as follows:

]]><![CDATA[Prometheus S&P 500 + Crisis Program]]>https://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-6eahttps://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-6eaMon, 20 Apr 2026 17:29:03 GMTThe Prometheus S&P 500 Program aims to outperform the S&P 500 over a full investment cycle. The program will strive to achieve this objective by leveraging a combination of Sector Selection, Beta Timing, Active Overlays, and Dynamic Risk Control. Our S&P 500 Program can be integrated with our Crisis Protection Program, which seeks to offer a portfolio diversifier during periods of economic and financial instability by blending active, long-only exposure to Gold, TIPS, and VIX.

For context, we visualize the live returns for our Integrated Program below:

Our programs are operating in line with their long-term expectations. Today, the S&P 500 Program is positioned as follows:

]]><![CDATA[Prometheus S&P + Crisis Program]]>https://www.prometheus-macro.com/p/prometheus-s-and-p-crisis-program-1dbhttps://www.prometheus-macro.com/p/prometheus-s-and-p-crisis-program-1dbMon, 13 Apr 2026 17:35:06 GMTThe Prometheus S&P 500 Program aims to outperform the S&P 500 over a full investment cycle. The program will strive to achieve this objective by leveraging a combination of Sector Selection, Beta Timing, Active Overlays, and Dynamic Risk Control. Our S&P 500 Program can be integrated with our Crisis Protection Program, which seeks to offer a portfolio diversifier during periods of economic and financial instability by blending active, long-only exposure to Gold, TIPS, and VIX.

For context, we visualize the live returns for our Integrated Program below:

Our programs are operating in line with their long-term expectations. To today’s note, which we will publish in “positions-only” format.

Read more

]]><![CDATA[Prometheus S&P + Crisis Program]]>https://www.prometheus-macro.com/p/prometheus-s-and-p-crisis-programhttps://www.prometheus-macro.com/p/prometheus-s-and-p-crisis-programMon, 06 Apr 2026 18:49:07 GMTBefore we dive into today's note, we want to flag our latest milestone: 15,000 readers. Prometheus continues to grow and remains committed to bringing institutional-grade systematic investment strategies and research to everyday investors. To welcome you all, we’re offering a discount to new subscribers for the next year:

36% Off For New Annual Subscribers

The offer ends soon. See you on the other side.

The Prometheus S&P 500 Program aims to outperform the S&P 500 over a full investment cycle. The program will strive to achieve this objective by leveraging a combination of Sector Selection, Beta Timing, Active Overlays, and Dynamic Risk Control. Our S&P 500 Program can be integrated with our Crisis Protection Program, which seeks to offer a portfolio diversifier during periods of economic and financial instability by blending active, long-only exposure to Gold, TIPS, and VIX.

For context, we visualize the live returns for our Integrated Program below:

Our programs are operating in line with their long-term expectations. To today’s note, which we will publish in “positions-only” format.

]]><![CDATA[Prometheus S&P 500 + Crisis Program]]>https://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-155https://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-155Mon, 30 Mar 2026 16:54:35 GMTThe Prometheus S&P 500 Program aims to outperform the S&P 500 over a full investment cycle. The program will strive to achieve this objective by leveraging a combination of Sector Selection, Beta Timing, Active Overlays, and Dynamic Risk Control. Our S&P 500 Program can be integrated with our Crisis Protection Program, which seeks to offer a portfolio diversifier during periods of economic and financial instability by blending active, long-only exposure to Gold, TIPS, and VIX.

For context, we visualize the live returns for our Integrated Program below:

Our programs are operating in line with their long-term expectations. To today’s note, which we will publish in “positions-only” format.

Today, the S&P 500 Program is positioned as follows:

There are four major takeaways from these positions:

Beta Timing: Our beta timing measures continue to show downward pressure on equity indexes coming from locally expensive equities, which are in a downtrend.
Sector Selection: Macro markets are experiencing a sustained inflation shock, which will change the distribution of sector returns. Within the cross-section of equity sectors, our signals have moved to favour energy and builders. This signal is in its early days and does run a modest risk of reversal.
Risk Control: Our risk control continues to guide us effectively in managing drawdowns. In a multi-standard deviation event across all our positions, our expected drawdown is 8%.
Bond Overlay: While we face an ongoing inflation shock in market pricing, fundamental conditions are beginning to align more with a weakening growth backdrop. This weakness of growth, coupled with a modestly positive yield curve, makes treasuries and amenable exposure within a portfolio. This positioning is primarily about carry and diversification during a growth slowdown, rather than an outright alpha view.

These portfolio levers, in aggregate, create an allocation mix with a modest sector-selection bias towards rising inflation and a macro bias towards falling growth.

To this allocation, we add our Crisis Protection Program.

]]><![CDATA[Prometheus S&P 500 + Crisis Program]]>https://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-1a9https://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-1a9Mon, 23 Mar 2026 17:25:54 GMTThe Prometheus S&P 500 Program aims to outperform the S&P 500 over a full investment cycle. The program will strive to achieve this objective by leveraging a combination of Sector Selection, Beta Timing, Active Overlays, and Dynamic Risk Control. Our S&P 500 Program can be integrated with our Crisis Protection Program, which seeks to offer a portfolio diversifier during periods of economic and financial instability by blending active, long-only exposure to Gold, TIPS, and VIX.

Subscribe now

For context, we visualize the live returns for our Integrated Program below:

Our programs are operating in line with their long-term expectations. To today’s note, which we will publish in “positions-only” format.

Today, the S&P 500 Program is positioned as follows:

There are four major takeaways from these positions:

Beta Timing: Our beta timing measures continue to show downward pressure on equity indexes coming from locally expensive equities, which are in a downtrend.
Sector Selection: Macro markets are experiencing a sustained inflation shock, which will change the distribution of sector returns. Within the cross-section of equity sectors, our signals have moved to favour energy and builders. This signal is in its early days and does run a modest risk of reversal.
Risk Control: Our risk control continues to guide us effectively in managing drawdowns. In a multi-standard deviation event across all our positions, our expected drawdown is 8%.
Bond Overlay: While we face an ongoing inflation shock in market pricing, fundamental conditions are beginning to align more with a weakening growth backdrop. This weakness of growth, coupled with a modestly positive yield curve, makes treasuries and amenable exposure within a portfolio. This positioning is primarily about carry and diversification during a growth slowdown, rather than an outright alpha view.

These portfolio levers, in aggregate, create an allocation mix with a modest sector-selection bias towards rising inflation and a macro bias towards falling growth.

To this allocation, we add our Crisis Protection Program.

]]><![CDATA[Prometheus S&P 500 + Crisis Program]]>https://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-e71https://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-e71Mon, 16 Mar 2026 16:47:02 GMTThe Prometheus S&P 500 Program aims to outperform the S&P 500 over a full investment cycle. The program will strive to achieve this objective by leveraging a combination of Sector Selection, Beta Timing, Active Overlays, and Dynamic Risk Control. Our S&P 500 Program can be integrated with our Crisis Protection Program, which seeks to offer a portfolio diversifier during periods of economic and financial instability by blending active, long-only exposure to Gold, TIPS, and VIX.

Subscribe now

For context, we visualize the live returns for our Integrated Program below:

Our programs are operating in line with their long-term expectations. To today’s note, which we will publish in “positions-only” format.

Today, the S&P 500 Program is positioned as follows:

Read more

]]><![CDATA[Prometheus S&P 500 + Crisis Program]]>https://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-a8dhttps://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-a8dMon, 09 Mar 2026 16:38:06 GMTThe Prometheus S&P 500 Program aims to outperform the S&P 500 over a full investment cycle. The program will strive to achieve this objective by leveraging a combination of Sector Selection, Beta Timing, Active Overlays, and Dynamic Risk Control. Our S&P 500 Program can be integrated with our Crisis Protection Program, which seeks to offer a portfolio diversifier during periods of economic and financial instability by blending active, long-only exposure to Gold, TIPS, and VIX.

This week, we also offer an active overlay through our Energy Program. The Energy Program seeks to provide exposure to the energy complex using our short-term timing measures. The objective of the Energy Program is to provide dynamic exposure to energy that can complement equity and fixed-income portfolios.

For context, we visualize the live returns for our Integrated Program below:

Our programs are operating in line with their long-term expectations. As we approach the one-year anniversary of the program, we continue to seek to add more signals and return streams to further improve long-term expected performance. Below, we share the simulated historical performance of our Integrated Program:

To today’s note. The team is hard at work on a variety of research projects; as such, we will publish in “positions-only” format. Today, the S&P 500 Program is positioned as follows:

]]><![CDATA[Prometheus S&P 500 + Crisis Program]]>https://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-c7ehttps://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-c7eMon, 02 Mar 2026 16:43:26 GMTThe Prometheus S&P 500 Program aims to outperform the S&P 500 over a full investment cycle. The program will strive to achieve this objective by leveraging a combination of Sector Selection, Beta Timing, Active Overlays, and Dynamic Risk Control. Our S&P 500 Program can be integrated with our Crisis Protection Program, which seeks to offer a portfolio diversifier during periods of economic and financial instability by blending active, long-only exposure to Gold, TIPS, and VIX.

For context, we visualize the live returns for our Integrated Program below:

Our programs are operating in line with their long-term expectations. As we approach the one-year anniversary of the program, we continue to seek to add more signals and return streams to further improve long-term expected performance. Below, we share a sneak preview of the next generation of tools we have in development at Prometheus:

We look forward to sharing these new programs with you soon. To today’s note. The team is hard at work on a variety of research projects; as such, we will publish in “positions-only” format.

Read more

]]><![CDATA[Prometheus S&P 500 + Crisis Program]]>https://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-671https://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-671Mon, 23 Feb 2026 18:28:06 GMTThe Prometheus S&P 500 Program aims to outperform the S&P 500 over a full investment cycle. The program will strive to achieve this objective by leveraging a combination of Sector Selection, Beta Timing, Active Overlays, and Dynamic Risk Control. Our S&P 500 Program can be integrated with our Crisis Protection Program, which seeks to offer a portfolio diversifier during periods of economic and financial instability by blending active, long-only exposure to Gold, TIPS, and VIX.

For context, we visualize the live returns for our Integrated Program below:

Our programs are operating in line with their long-term expectations. As we approach the one-year anniversary of the program, we continue to seek to add more signals and return streams to further improve long-term expected performance. Below, we share a sneak preview of the next generation of tools we have in development at Prometheus:

We look forward to sharing these new programs with you soon. To today’s note.

]]><![CDATA[Prometheus S&P 500 + Crisis Program]]>https://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-e99https://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-e99Tue, 17 Feb 2026 17:30:09 GMTThe Prometheus S&P 500 Program aims to outperform the S&P 500 over a full investment cycle. The program will aim to achieve this objective by leveraging a combination of Sector Selection, Beta Timing, Active Overlays, and Dynamic Risk Control. Our S&P 500 Program can be integrated with our Crisis Protection Program, which seeks to offer a portfolio diversifier during periods of economic and financial instability by blending active, long-only exposure to Gold, TIPS, and VIX.

You can read the 27-page primer detailing the mechanics of our approach to our S&P 500 Program below:

And the primer for our Crisis Protection Program as well:

For reference, we visualize the simulated path of the integrated Prometheus S&P 500 + Crisis Protection Program below:

And the live returns for the Integrated S&P 500 + Crisis Program:

Our program is operating in line with its long-term expectations. Today, the S&P 500 Program is positioned as follows:

]]><![CDATA[S&P 500 + Crisis Program]]>https://www.prometheus-macro.com/p/s-and-p-500-crisis-program-649https://www.prometheus-macro.com/p/s-and-p-500-crisis-program-649Mon, 09 Feb 2026 19:32:12 GMTThe Prometheus S&P 500 Program aims to outperform the S&P 500 over a full investment cycle. The program will strive to achieve this objective by leveraging a combination of Sector Selection, Beta Timing, Active Overlays, and Dynamic Risk Control. Our S&P 500 Program can be integrated with our Crisis Protection Program, which seeks to offer a portfolio diversifier during periods of economic and financial instability by blending active, long-only exposure to Gold, TIPS, and VIX.

You can read the 27-page primer detailing the mechanics of our approach to our S&P 500 Program below:

And the primer for our Crisis Protection Program as well:

For reference, we visualize the simulated path of the integrated Prometheus S&P 500 + Crisis Protection Program below:

And the live returns for our S&P 500 + Crisis Program for context:

Our programs are operating in line with their long-term expectations. To today’s note.

]]><![CDATA[S&P 500 + Crisis Program]]>https://www.prometheus-macro.com/p/s-and-p-500-crisis-program-742https://www.prometheus-macro.com/p/s-and-p-500-crisis-program-742Mon, 02 Feb 2026 19:20:12 GMTThe Prometheus S&P 500 Program aims to outperform the S&P 500 over a full investment cycle. The program will strive to achieve this objective by leveraging a combination of Sector Selection, Beta Timing, Active Overlays, and Dynamic Risk Control. Our S&P 500 Program can be integrated with our Crisis Protection Program, which seeks to offer a portfolio diversifier during periods of economic and financial instability by blending active, long-only exposure to Gold, TIPS, and VIX.

Subscribe now

You can read the 27-page primer detailing the mechanics of our approach to our S&P 500 Program below:

And the primer for our Crisis Protection Program as well:

For reference, we visualize the simulated path of the integrated Prometheus S&P 500 + Crisis Protection Program below:

And the live returns for our S&P 500 + Crisis Program for context:

Our programs are operating in line with their long-term expectations. To today’s note.

Read more

]]><![CDATA[Prometheus S&P 500 + Crisis Program]]>https://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-dfahttps://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-dfaMon, 26 Jan 2026 18:45:14 GMTThe Prometheus S&P 500 Program aims to outperform the S&P 500 over a full investment cycle. The program will aim to achieve this objective by leveraging a combination of Sector Selection, Beta Timing, Active Overlays, and Dynamic Risk Control. Our S&P 500 Program can be integrated with our Crisis Protection Program, which seeks to offer a portfolio diversifier during periods of economic and financial instability by blending active, long-only exposure to Gold, TIPS, and VIX.

You can read the 27-page primer detailing the mechanics of our approach to our S&P 500 Program below:

And the primer for our Crisis Protection Program as well:

For reference, we visualize the simulated path of the integrated Prometheus S&P 500 + Crisis Protection Program below:

And the live returns for the Integrated S&P 500 + Crisis Program:

Our program is operating in line with its long-term expectations. Today, the S&P 500 Program is positioned as follows:

]]><![CDATA[Prometheus S&P 500 + Crisis Program]]>https://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-542https://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-542Mon, 12 Jan 2026 18:57:56 GMTThe Prometheus S&P 500 Program aims to outperform the S&P 500 over a full investment cycle. The program will aim to achieve this objective by leveraging a combination of Sector Selection, Beta Timing, Active Overlays, and Dynamic Risk Control. Our S&P 500 Program can be integrated with our Crisis Protection Program, which seeks to offer a portfolio diversifier during periods of economic and financial instability by blending active, long-only exposure to Gold, TIPS, and VIX.

You can read the 27-page primer detailing the mechanics of our approach to our S&P 500 Program below:

And the primer for our Crisis Protection Program as well:

For reference, we visualize the simulated path of the integrated Prometheus S&P 500 + Crisis Protection Program below:

And the live returns for the Integrated S&P 500 + Crisis Program:

Our program is operating in line with its long-term expectations. Today, the S&P 500 Program is positioned as follows:

]]><![CDATA[Prometheus S&P 500 + Crisis Program]]>https://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-8e8https://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-8e8Mon, 05 Jan 2026 17:57:08 GMTThe Prometheus S&P 500 Program aims to outperform the S&P 500 over a full investment cycle. The program will aim to achieve this objective by leveraging a combination of Sector Selection, Beta Timing, Active Overlays, and Dynamic Risk Control. Our S&P 500 Program can be integrated with our Crisis Protection Program, which seeks to offer a portfolio diversifier during periods of economic and financial instability by blending active, long-only exposure to Gold, TIPS, and VIX.

You can read the 27-page primer detailing the mechanics of our approach to our S&P 500 Program below:

And the primer for our Crisis Protection Program as well:

For reference, we visualize the simulated path of the integrated Prometheus S&P 500 + Crisis Protection Program below:

And the live returns for our major programs (with simulation extension for context):

Our S&P 500 Program is operating in line with its long-term expectations. Today, the S&P 500 Program is positioned as follows:

Our systems are maintaining equity allocations with elevated cash. There are four major takeaways from these positions:

Beta Timing: Our beta timing measures show downward pressures in equity markets. More moderate exposure looks warranted.
Sector Selection: Within the cross-section of equity sectors, our signals favor a mix of industrial and technology stocks. Our positioning remains skewed towards industrials due to better relative valuations.
Risk Control: Our risk control continues to guide us effectively in managing drawdowns. In a multi-standard deviation event across all our positions, our expected drawdown is 3%.
Bond Overlay: While the term structure of interest rates has continued to normalize, macro conditions remain too positive to consistently support bonds. We continue to look for better pricing to re-enter the bond market.

Our systems combine these dimensions to create one comprehensive outlook reflected in our portfolio positions.

Our latest tracking of economic growth indicates that the business cycle is slowing modestly, but remains in an expansionary phase. We show these proprietary tradable signals below:

]]><![CDATA[Prometheus S&P 500 + Crisis Program]]>https://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-adbhttps://www.prometheus-macro.com/p/prometheus-s-and-p-500-crisis-program-adbTue, 30 Dec 2025 19:09:46 GMTThe Prometheus S&P 500 Program aims to outperform the S&P 500 over a full investment cycle. The program will aim to achieve this objective by leveraging a combination of Sector Selection, Beta Timing, Active Overlays, and Dynamic Risk Control. Our S&P 500 Program can be integrated with our Crisis Protection Program, which seeks to offer a portfolio diversifier during periods of economic and financial instability by blending active, long-only exposure to Gold, TIPS, and VIX.

You can read the 27-page primer detailing the mechanics of our approach to our S&P 500 Program below:

And the primer for our Crisis Protection Program as well:

For reference, we visualize the simulated path of the integrated Prometheus S&P 500 + Crisis Protection Program below:

And the live returns for our major programs (with simulation extension for context):

Our S&P 500 Program is operating in line with its long-term expectations.

To today’s note. The team will be on vacation through the New Year for some much-needed rest and relaxation. For the duration of this break, portfolios will be published in “positions-only” format. We’ll be back at it in full swing in 2026.

Today, the S&P 500 Program is positioned as follows:

]]>