Experimental Fund T15 Holdings 9/10/24

Asset Allocation

Position	Category/Sector	Target Weight
AAPL Apple Inc	Technology	4.91%
ACGL Arch Capital Group Ltd.	Financial Services	11.67%
AMAT Applied Materials, Inc.	Technology	3.59%
AZO AutoZone, Inc.	Consumer Cyclical	4.74%
CAT Caterpillar Inc.	Industrials	5.50%
CB Chubb Limited	Financial Services	7.47%
FICO Fair Isaac Corporation	Technology	7.04%
GRMN Garmin Ltd.	Technology	4.09%
IDCC InterDigital, Inc.	Communication Services	4.73%
KLAC KLA Corporation	Technology	12.26%
MA Mastercard Inc	Financial Services	5.63%
MAR Marriott International, Inc.	Consumer Cyclical	5.67%
URI United Rentals, Inc.	Industrials	14.43%
VRSN VeriSign, Inc.	Technology	4.88%
YUM YUM! Brands, Inc.	Consumer Cyclical	3.39%

Benchmark Against

Benchmark

S&P 500 Index

Rebalance

Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in Experimental Fund T15 Holdings 9/10/24, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends. The portfolio is rebalanced Every 3 months.

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The earliest data available for this chart is May 25, 2006, corresponding to the inception date of MA

Returns By Period

As of Apr 3, 2026, the Experimental Fund T15 Holdings 9/10/24 returned 2.75% Year-To-Date and 26.05% of annualized return in the last 10 years.

	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	0.11%	-4.18%	-3.84%	-1.98%	21.98%	16.86%	10.37%	12.29%
Portfolio Experimental Fund T15 Holdings 9/10/24	0.47%	-5.32%	2.75%	2.39%	34.14%	30.30%	23.21%	26.05%
Portfolio components:
URI United Rentals, Inc.	0.08%	-14.06%	-9.34%	-25.03%	24.93%	24.74%	17.96%	28.98%
KLAC KLA Corporation	-0.20%	2.77%	25.00%	38.11%	146.18%	57.51%	35.71%	37.81%
ACGL Arch Capital Group Ltd.	1.31%	-1.71%	0.85%	6.55%	0.48%	14.03%	20.89%	15.54%
CB Chubb Limited	0.36%	-1.45%	5.50%	16.34%	9.96%	20.29%	17.37%	12.58%
FICO Fair Isaac Corporation	2.61%	-25.56%	-35.54%	-41.11%	-39.49%	16.46%	16.82%	26.39%
MAR Marriott International, Inc.	-0.46%	-1.19%	7.20%	24.59%	49.17%	27.63%	18.39%	18.57%
MA Mastercard Inc	0.36%	-5.64%	-13.44%	-14.75%	-6.46%	11.07%	6.92%	18.61%
CAT Caterpillar Inc.	-1.79%	-2.02%	25.49%	44.82%	137.80%	48.52%	27.57%	28.19%
AAPL Apple Inc	0.11%	-2.51%	-5.78%	-0.62%	26.50%	16.04%	16.39%	26.10%
VRSN VeriSign, Inc.	3.62%	8.80%	7.35%	-4.16%	3.00%	7.24%	5.44%	11.38%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Monthly Returns

Based on dividend-adjusted daily data since May 26, 2006, Experimental Fund T15 Holdings 9/10/24's average daily return is +0.09%, while the average monthly return is +1.81%. At this rate, your investment would double in approximately 3.2 years.

Historically, 66% of months were positive and 34% were negative. The best month was Apr 2009 with a return of +22.6%, while the worst month was Oct 2008 at -17.9%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 5 months.

On a daily basis, Experimental Fund T15 Holdings 9/10/24 closed higher 55% of trading days. The best single day was Mar 24, 2020 with a return of +14.2%, while the worst single day was Mar 16, 2020 at -13.1%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	2.63%	6.51%	-7.37%	1.48%									2.75%
2025	3.83%	-0.77%	-1.67%	-0.72%	4.54%	5.20%	0.61%	4.40%	6.20%	0.12%	2.91%	-0.37%	26.65%
2024	4.03%	8.02%	2.74%	-4.56%	6.09%	2.53%	4.15%	3.88%	3.04%	-3.28%	7.46%	-6.10%	30.37%
2023	10.61%	0.71%	-1.53%	0.56%	0.54%	10.96%	3.31%	0.52%	-3.43%	-2.16%	12.09%	5.72%	43.08%
2022	-2.19%	-3.00%	4.89%	-8.64%	2.80%	-10.02%	12.41%	-5.98%	-7.87%	16.45%	9.67%	-1.67%	2.84%
2021	-2.80%	11.56%	6.11%	2.97%	0.98%	-1.36%	3.46%	1.02%	-3.51%	6.15%	-2.07%	7.95%	33.55%

Benchmark Metrics

Experimental Fund T15 Holdings 9/10/24 has an annualized alpha of 11.77%, beta of 1.11, and R² of 0.83 versus S&P 500 Index. Calculated based on daily prices since May 26, 2006.

This portfolio captured 156.69% of S&P 500 Index gains but only 97.68% of its losses — a favorable profile for investors.
This portfolio generated an annualized alpha of 11.77% versus S&P 500 Index — delivering returns beyond what market exposure alone would predict.
With beta of 1.11 and R² of 0.83, this portfolio moves broadly in line with S&P 500 Index — much of its variation is explained by market exposure rather than independent behavior.

Alpha: 11.77%

Beta: 1.11

R²: 0.83

Upside Capture: 156.69%

Downside Capture: 97.68%

Expense Ratio

Experimental Fund T15 Holdings 9/10/24 has an expense ratio of 0.00%, meaning no management fees are charged. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.

The portfolio doesn't include any funds that charge management fees.

Return for Risk

Risk / Return Rank

Experimental Fund T15 Holdings 9/10/24 ranks 57 for risk / return — on par with similar portfolios. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.

Overall Rank

Sharpe Ratio Rank

Sortino Ratio Rank

Omega Ratio Rank

Calmar Ratio Rank

Martin Ratio Rank

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

Return / Risk — by metrics

	Portfolio	Benchmark	Difference
Sharpe ratio Return per unit of total volatility	1.31	0.88	+0.43
Sortino ratio Return per unit of downside risk	1.90	1.37	+0.54
Omega ratio Gain probability vs. loss probability	1.27	1.21	+0.06
Calmar ratio Return relative to maximum drawdown	2.20	1.39	+0.81
Martin ratio Return relative to average drawdown	8.79	6.43	+2.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

How much return does each position deliver for the risk it carries? Higher values mean better reward for the risk taken.

	Risk / Return Rank	Sharpe ratio	Sortino ratio	Omega ratio	Calmar ratio	Martin ratio
URI United Rentals, Inc.	51	0.37	0.78	1.11	0.56	1.30
KLAC KLA Corporation	92	2.50	2.81	1.41	5.53	17.56
ACGL Arch Capital Group Ltd.	37	-0.00	0.16	1.02	0.05	0.10
CB Chubb Limited	55	0.52	0.85	1.11	0.88	1.75
FICO Fair Isaac Corporation	10	-0.81	-1.03	0.86	-0.76	-1.45
MAR Marriott International, Inc.	80	1.30	2.05	1.25	3.14	7.68
MA Mastercard Inc	21	-0.39	-0.38	0.95	-0.50	-1.21
CAT Caterpillar Inc.	96	3.39	4.01	1.54	6.61	23.24
AAPL Apple Inc	55	0.47	0.92	1.13	0.66	2.04
VRSN VeriSign, Inc.	40	0.11	0.33	1.05	0.11	0.21

Sharpe Ratio

The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.

Experimental Fund T15 Holdings 9/10/24 Sharpe ratios as of Apr 3, 2026 (values are recalculated daily):

1-Year: 1.31
5-Year: 1.17
10-Year: 1.16
All Time: 0.91

These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns (including price changes and dividends).

Compared to the broad market, where average Sharpe ratios range from 0.98 to 1.66, this portfolio's current Sharpe ratio falls between the 25th and 75th percentiles. This indicates that its risk-adjusted performance is in line with the majority of portfolios, suggesting a balanced approach to risk and return—likely suitable for a wide range of investors.

The chart below shows the rolling Sharpe ratio of Experimental Fund T15 Holdings 9/10/24 compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.

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Dividends

Dividend yield

Experimental Fund T15 Holdings 9/10/24 provided a 0.68% dividend yield over the last twelve months.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	0.68%	0.69%	1.36%	0.82%	0.83%	0.64%	0.80%	0.96%	1.26%	0.97%	2.55%	1.59%
Portfolio components:
URI United Rentals, Inc.	1.00%	0.88%	0.93%	1.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
KLAC KLA Corporation	0.50%	0.61%	0.96%	0.92%	1.25%	0.91%	1.35%	1.74%	3.17%	2.15%	2.67%	2.94%
ACGL Arch Capital Group Ltd.	0.00%	0.00%	5.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
CB Chubb Limited	1.18%	1.22%	1.30%	1.51%	1.49%	1.65%	2.01%	1.91%	2.24%	1.93%	2.07%	4.23%
FICO Fair Isaac Corporation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.07%	0.08%
MAR Marriott International, Inc.	0.81%	0.85%	0.86%	0.87%	0.67%	0.00%	0.36%	1.22%	1.44%	0.95%	1.39%	1.42%
MA Mastercard Inc	0.64%	0.53%	0.50%	0.53%	0.56%	0.49%	0.45%	0.44%	0.53%	0.58%	0.74%	0.66%
CAT Caterpillar Inc.	0.83%	1.02%	1.49%	1.69%	1.93%	2.07%	2.26%	2.56%	2.58%	1.97%	3.32%	4.33%
AAPL Apple Inc	0.41%	0.38%	0.40%	0.49%	0.70%	0.49%	0.61%	1.04%	1.79%	1.45%	1.93%	1.93%
VRSN VeriSign, Inc.	1.20%	0.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

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Worst Drawdowns

The table below displays the maximum drawdowns of the Experimental Fund T15 Holdings 9/10/24. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Experimental Fund T15 Holdings 9/10/24 was 58.31%, occurring on Mar 9, 2009. Recovery took 393 trading sessions.

The current Experimental Fund T15 Holdings 9/10/24 drawdown is 6.40%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-58.31%	Jul 20, 2007	412	Mar 9, 2009	393	Sep 28, 2010	805
-42.31%	Feb 14, 2020	26	Mar 23, 2020	97	Aug 10, 2020	123
-22.1%	Sep 21, 2018	65	Dec 24, 2018	38	Feb 20, 2019	103
-20.4%	Jan 5, 2022	182	Sep 26, 2022	34	Nov 11, 2022	216
-19.29%	Jul 25, 2011	50	Oct 3, 2011	18	Oct 27, 2011	68

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

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Diversification

Diversification Metrics

Number of Effective Assets

The portfolio contains 15 assets, with an effective number of assets of 12.08, reflecting the diversification based on asset allocation. This number of effective assets suggests that the portfolio's investments are spread across a variety of assets, indicating a well-diversified allocation. However, true diversification also depends on the correlations between assets.

Asset Correlations Table

The table below displays the correlation coefficients between the individual components of the portfolio, the entire portfolio, and the chosen benchmark.

	Benchmark	AZO	ACGL	IDCC	CB	AAPL	VRSN	YUM	GRMN	FICO	MA	URI	CAT	AMAT	MAR	KLAC	Portfolio
Benchmark	1.00	0.42	0.48	0.54	0.54	0.60	0.58	0.56	0.60	0.59	0.63	0.61	0.67	0.66	0.65	0.67	0.86
AZO	0.42	1.00	0.32	0.25	0.33	0.26	0.32	0.39	0.29	0.30	0.29	0.29	0.30	0.26	0.34	0.28	0.45
ACGL	0.48	0.32	1.00	0.29	0.63	0.25	0.29	0.37	0.33	0.35	0.38	0.33	0.35	0.28	0.40	0.28	0.55
IDCC	0.54	0.25	0.29	1.00	0.29	0.37	0.35	0.31	0.39	0.39	0.35	0.41	0.42	0.43	0.39	0.43	0.59
CB	0.54	0.33	0.63	0.29	1.00	0.27	0.32	0.43	0.34	0.33	0.40	0.36	0.40	0.31	0.42	0.31	0.56
AAPL	0.60	0.26	0.25	0.37	0.27	1.00	0.42	0.34	0.40	0.39	0.43	0.35	0.38	0.46	0.39	0.47	0.57
VRSN	0.58	0.32	0.29	0.35	0.32	0.42	1.00	0.41	0.40	0.45	0.47	0.35	0.35	0.41	0.39	0.42	0.57
YUM	0.56	0.39	0.37	0.31	0.43	0.34	0.41	1.00	0.37	0.40	0.43	0.37	0.40	0.36	0.47	0.37	0.56
GRMN	0.60	0.29	0.33	0.39	0.34	0.40	0.40	0.37	1.00	0.41	0.40	0.43	0.46	0.45	0.43	0.45	0.61
FICO	0.59	0.30	0.35	0.39	0.33	0.39	0.45	0.40	0.41	1.00	0.45	0.41	0.39	0.43	0.44	0.44	0.63
MA	0.63	0.29	0.38	0.35	0.40	0.43	0.47	0.43	0.40	0.45	1.00	0.40	0.43	0.42	0.47	0.43	0.62
URI	0.61	0.29	0.33	0.41	0.36	0.35	0.35	0.37	0.43	0.41	0.40	1.00	0.62	0.46	0.52	0.46	0.78
CAT	0.67	0.30	0.35	0.42	0.40	0.38	0.35	0.40	0.46	0.39	0.43	0.62	1.00	0.48	0.53	0.47	0.70
AMAT	0.66	0.26	0.28	0.43	0.31	0.46	0.41	0.36	0.45	0.43	0.42	0.46	0.48	1.00	0.47	0.80	0.71
MAR	0.65	0.34	0.40	0.39	0.42	0.39	0.39	0.47	0.43	0.44	0.47	0.52	0.53	0.47	1.00	0.47	0.69
KLAC	0.67	0.28	0.28	0.43	0.31	0.47	0.42	0.37	0.45	0.44	0.43	0.46	0.47	0.80	0.47	1.00	0.74
Portfolio	0.86	0.45	0.55	0.59	0.56	0.57	0.57	0.56	0.61	0.63	0.62	0.78	0.70	0.71	0.69	0.74	1.00

The correlation results are calculated based on daily price changes starting from May 26, 2006

Experimental Fund T15 Holdings 9/10/24

Asset Allocation

Performance

Performance Chart

Returns By Period

Monthly Returns

Benchmark Metrics

Expense Ratio

Return for Risk

Risk / Return Rank

Return / Risk — by metrics

Sharpe ratio

Sortino ratio

Omega ratio

Calmar ratio

Martin ratio

Sharpe Ratio

Dividends

Dividend yield

Drawdowns

Drawdowns Chart

Worst Drawdowns

Volatility

Volatility Chart

Diversification

Diversification Metrics

Number of Effective Assets

Asset Correlations Table