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Porticus Capital

Active Tactical Investment Strategy

Providing consistent returns through active management using momentum-based revenue and earnings growth strategies.

September 18, 2024 – July 31, 2026 Performance Review

The Opportunity

What to Own &
When to Own It

Markets reward those who can identify the right assets at the right time. Porticus Capital's active tactical approach delivers consistent alpha through disciplined equity momentum-based strategies, sector rotation, and rigorous risk management.

114.25%

Total Return (TWR)

Sep 18, 2024 – July 31, 2026

2.18

Sharpe Ratio

12.36%

Max Drawdown

💡 In Plain English

Total Return is the total profit earned since Sep 2024. Sharpe Ratio measures how much return we earn for each unit of risk taken — above 1.0 is considered good, and we're at 2.18 which is excellent. Max Drawdown is the biggest peak-to-trough drop — ours is much smaller than the major indices, meaning less pain during tough markets.

Note: As of July 31, 2026, Porticus has turned $1,000 into $2,142 — versus $1,468 for QQQ, $1,358 for SPY, and $1,192 for EWA. In July the Nasdaq fell sharply (QQQ −6.57%) while the S&P was flat (SPY +0.03%) and Australia rose (EWA +4.19%); Porticus held nearly flat at −0.47%, widening its lead to +67.43 percentage points over QQQ.

Strategy

How We Trade

A high-conviction, active tactical trading approach. Our strategy adapts dynamically to market conditions with clear rules for each regime.

Bullish

Structurally Bullish Markets

Short-term momentum bursts (3–5 day holds) combined with longer-term swings (1–4 months) in select, relatively strong equity names with high momentum earnings and revenue growth rates of change. Dynamic sector allocation shifts into outperforming sectors with clear fundamental support. We exit when rates of change slow and technicals suggest we pivot to other opportunities.

Uncertain / Mean Reverting

Cautious Tactical

Short-term momentum bursts (3-5 day holds) in favorable equity setups only. Quicker to take profits and quicker to manage risk. Stricter sector selection criteria with increased cash for protection and short-term yield generation.

Bearish / High Volatility

Capital Preservation

Focus on strong conviction short-term momentum bursts (3-5 day holds) equity setups only with a bias towards capital preservation. Run significantly higher cash levels to generate interest yield and reduce portfolio risk exposure during adverse conditions. Running higher levels of cash also puts us in a position of strength when markets adjust to more favorable regimes.

💡 In Plain English

We don't use a one-size-fits-all approach. When markets are rising, we invest more aggressively in strong companies. When markets are uncertain, we tighten up and hold more cash. When markets are falling, we focus primarily on protecting your capital. This flexibility is what helps us limit losses while capturing gains.

Performance

Performance Highlights

114.25%

Cumulative Return (TWR)

Sep 18, 2024 – July 31, 2026

38.73%

1-Year Return

50.48%

Since Inception Ann.

2.18 / 3.82

Sharpe / Sortino

26.38%

Year-to-Date

-0.47%

July 2026 Return

+0.16%

Daily Mean Return

55.12%

Winning Days (269 of 488)

💡 In Plain English

Cumulative Return (TWR) = Total profit since inception, adjusted so that deposits and withdrawals don't distort the numbers. This is the true measure of investment skill. Annualized = What the return would be per year if the same pace continued. Our since-inception annualized return of 50.48% shows consistent long-term growth well above market averages. Daily Mean Return = On an average day, the fund gains 0.16%. That compounds significantly over time. Winning Days = More than half of all trading days are profitable — consistency matters.

Note: Across 488 trading days since inception, the fund has produced positive returns on 269 of them (55.12%). A daily mean of 0.16% — modest in isolation — compounds powerfully over time.

Alpha Generation

Benchmark Outperformance

Ending VAMI — Growth of $1,000

$2,142

Porticus

$1,468

QQQ

$1,358

SPY

$1,192

EWA

Metric	Porticus	QQQ	SPY	EWA
Ending VAMI	2,142	1,468	1,358	1,192
1-Year Return	38.73%	22.34%	19.46%	16.36%
Max Drawdown	12.36%	22.77%	18.76%	21.91%
Recovery Days	25	55	57	45

💡 In Plain English

VAMI (Value Added Monthly Index) shows what $1,000 would have grown to. Porticus turned $1,000 into $2,142 — more than doubling — vs $1,468 for QQQ (the Nasdaq 100) and $1,358 for SPY (the S&P 500). QQQ = Nasdaq 100 ETF (big US tech stocks). SPY = S&P 500 ETF (broad US market). EWA = Australian market ETF. Max Drawdown = The worst peak-to-valley decline. Ours was only 12.36% compared to 22.77% for QQQ. Recovery Days = How quickly we bounced back from that worst drop — just 25 days vs months for benchmarks.

Note: During the Feb 27 – Apr 6, 2026 market drawdown, Porticus declined just 2.01% while QQQ fell 3.28%, SPY fell 4.14%, and EWA fell 6.37% — defending capital materially better than every benchmark. Porticus then captured the April–May rally, crossing the doubling milestone on May 8, 2026. That defensive edge showed again in July, when the Nasdaq fell 6.57% and the fund held nearly flat at −0.47% — extending its lead over every benchmark through July 31.

Visual Comparison

Performance vs Benchmarks

Cumulative Growth — Porticus vs Benchmarks

Returns Comparison

1-Year Returns

Porticus

38.73%

QQQ

22.34%

SPY

19.46%

EWA

16.36%

Max Drawdown (Lower = Better)

Porticus

12.36%

QQQ

22.77%

SPY

18.76%

EWA

21.91%

Track Record

Monthly Returns (%)

Porticus vs. Benchmarks

Porticus is labelled in red each year — QQQ, SPY and EWA shown beneath for direct month-by-month comparison.

		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year
2024	PORTICUS	—	—	—	—	—	—	—	—	3.98	2.38	18.77	0.72	27.31
	QQQ	—	—	—	—	—	—	—	—	2.62	-0.86	5.35	0.45	7.72
	SPY	—	—	—	—	—	—	—	—	2.10	-0.89	5.96	-2.41	4.68
	EWA	—	—	—	—	—	—	—	—	4.79	-6.49	4.26	-8.21	-6.10

2025	PORTICUS	4.22	-1.65	-2.15	0.58	9.98	8.15	0.52	1.22	6.13	5.06	-0.87	-1.89	32.41
	QQQ	2.16	-2.70	-7.59	1.40	9.18	6.38	2.42	0.95	5.38	4.78	-1.56	-0.67	20.77
	SPY	2.69	-1.27	-5.57	-0.87	6.28	5.14	2.30	2.05	3.56	2.38	0.19	0.08	17.72
	EWA	3.14	-2.52	-2.29	5.25	4.62	3.53	-1.14	4.07	-0.30	-0.85	-3.44	3.06	13.35

2026	PORTICUS	3.03	1.07	-3.03	12.43	10.22	1.48	-0.47	—	—	—	—	—	26.38*
	QQQ	1.23	-2.34	-4.84	15.67	10.57	-0.15	-6.57	—	—	—	—	—	12.25
	SPY	1.47	-0.86	-4.93	10.49	5.26	-1.03	0.03	—	—	—	—	—	10.11
	EWA	5.96	8.43	-7.74	6.26	-0.81	-2.36	4.19	—	—	—	—	—	13.65

QUARTERLY · PORTICUS		Q1			Q2			Q3			Q4
2024		—			—			3.98			22.46
2025		0.30			19.63			7.99			2.19
2026		0.99			25.75			-0.47			—

* YTD through July 31, 2026 (daily-chained TWR). Differs slightly from the compound of rounded monthly figures shown in the row.

💡 In Plain English

Each row is a fund's month-by-month return, with the calendar-year total on the right. Porticus is the row labelled in red in each year; QQQ, SPY, and EWA sit beneath it for direct comparison. Green cells are positive, red negative — the deeper the colour, the stronger the move. Notice Porticus's negative months stay shallow (mostly -1% to -2%) while its winners run strong (up to +18.77%). That asymmetry — cutting losses quickly and letting winners run — is what compounds into the year totals, and why Porticus leads every benchmark in every year.

Attribution

Sector Performance & Attribution

Strong outperformance across Technology, Industrials, Energy, and Basic Materials. Total attribution effect of +67.43% versus QQQ.

Attribution Breakdown vs QQQ

+67.43%

Total Alpha

Selection

Stock Selection

Allocation

Sector Allocation

Top Alpha-Generating Sectors

Technology

Primary Driver

Industrials

Strong Alpha

Energy

Strong Alpha

Basic Materials

Strong Alpha

Key Drivers

Superior Stock Selection — especially in Technology & Basic Materials
Tactical Sector Allocation — dynamic rotation capturing sector momentum

💡 In Plain English

Sector Attribution breaks down where our outperformance came from. Think of it in two parts: Stock Selection means we picked better individual companies within each sector. Sector Allocation means we put more money into the sectors that performed best. Together, these decisions added +67.43% more return than simply holding the QQQ (Nasdaq 100). In short — we owned the right stocks in the right sectors at the right time.

Defensive Profile

Defending Capital When Markets Fall

A live case study from the Feb 27 – Apr 6, 2026 drawdown. Equities globally sold off; Porticus held up materially better than every benchmark — and entered the recovery from a higher base.

Period Return — Feb 27 to Apr 6, 2026

Porticus

−2.01%

QQQ

−3.28%

SPY

−4.14%

EWA

−6.37%

Max Drawdown in Same Period (Lower = Better)

Porticus

4.23%

SPY

8.06%

QQQ

8.48%

EWA

9.95%

+1.27 pp

vs QQQ

+2.13 pp

vs SPY

+4.36 pp

vs EWA

0.31

Beta vs QQQ in Period

What Happened Next

Porticus entered the April rally from a higher base. Across the combined Feb 27 – May 29 window, Porticus is +17.13%, ahead of SPY (+10.58%) and EWA (−2.53%), and behind only QQQ (+22.07%). The defensive month traded a few points of QQQ upside for materially smaller realised losses — a favourable trade for capital that compounds.

💡 In Plain English

When the market fell from late February into early April 2026, Porticus lost about half as much as the average benchmark. The fund's beta — a measure of how much it moves with the market — dropped to 0.31 during the drawdown, meaning we participated in only about a third of the downside. This is not luck; it is the design. Active risk management means cutting exposure when the regime turns hostile, then re-engaging when conditions improve. The result: smaller holes to climb out of, faster paths to new highs — Porticus crossed the doubling milestone on May 8, 2026 ($1,000 → $2,012) and finished May at $2,121, having captured a strong month (+10.22%) while still leading every benchmark since inception.

Defensive Profile

Drawdowns Over Time

How far the fund has fallen from each prior peak, day by day since inception — set against the Nasdaq 100. On a typical day Porticus sits just 1.9% below its high (the dashed line) — about half the Nasdaq’s 3.4% average — and its deepest decline was −12.4% versus −22.8% for QQQ.

1.9%

Average Drawdown

12.4%

Deepest Drawdown

25 Days

Recovery From Deepest

3.4%

QQQ Average (Same Period)

Decline From Prior Peak (Daily) — Porticus vs QQQ

💡 In Plain English

A drawdown is how far an investment has dropped from its most recent high — the depth of the hole it must climb out of before making new money. This chart tracks that decline every single day since inception. Porticus (gold) rarely strays far from the surface: its worst fall was −12.4%, and it recovered in just 25 days. The Nasdaq 100 (red) plunged to −22.8% in the spring-2025 selloff and took far longer to heal. On a typical day the fund sits only 1.9% below its high — versus 3.4% for the Nasdaq — so the average experience is far calmer than the −12.4% worst case implies. Shallower, shorter drawdowns mean less lost ground to recover — the quiet engine behind compounding ahead of the market.

Risk Profile

Risk-Adjusted Excellence

2.18

Sharpe Ratio

Return per unit of total risk — "bang for your buck."

Std Deviation 1.02%

Average Drawdown 1.9%

Sharpe Ratio Comparison

Porticus

2.18

QQQ

0.82

SPY

0.77

EWA

0.34

3.82

Sortino Ratio

Return per unit of downside risk — the bad kind only.

Downside Dev 0.58%

Max Drawdown 12.4%

Sortino Ratio Comparison

Porticus

3.82

QQQ

1.22

SPY

1.16

💡 In Plain English

Sharpe Ratio = return per unit of total risk. Above 1.0 is good, above 1.5 excellent. Porticus sits at 2.18 — roughly 2.7× the Nasdaq 100 and far above the broad market.

Sortino Ratio = like Sharpe, but only counts downside risk (the bad kind). At 3.82, Porticus earns outstanding returns relative to how little it falls.

Standard Deviation = how much daily returns bounce around. Lower = smoother ride. At 1.02%, Porticus is less volatile than all benchmarks.

Downside Deviation = only the "bad" volatility — drops on down days. At 0.58%, losses are very well contained.

For context: a Sharpe of 2.18 puts Porticus at roughly 2.7× QQQ (0.82), 2.8× SPY (0.77), and ~6.4× EWA (0.34). Risk-adjusted returns of this magnitude are uncommon at any time horizon.

Bottom line: Porticus delivers significantly higher returns with significantly less risk than the major market indices.

Risk Management

VaR, Recovery & Beta

0.92%

VaR (Parametric)

1.43%

VaR (Historical)

25

Recovery Days

0.48

Beta (vs QQQ)

Drawdown Recovery Speed (Days) — Lower = Better

Porticus

25 days

EWA

45 days

QQQ

55 days

SPY

57 days

Portfolio Turnover: 9,765.65% — Reflecting a highly active strategy with disciplined position management and dynamic risk allocation. All performance figures are net of trading costs and commissions but gross of management and performance fees.

💡 In Plain English

VaR (Value at Risk) = The most we'd expect to lose on a typical bad day. At 0.92%, a $100,000 portfolio would expect to lose no more than ~$920 on 99.5% of days. Very conservative.
Beta = How much the fund moves relative to the market. A beta of 0.48 vs QQQ means that when the Nasdaq 100 moves 10%, the fund has historically moved only about 4.8% — capturing far more of the upside than the downside. Across the 9 months QQQ fell, it averaged −0.6% versus QQQ’s −3.0%, defending capital far better than every benchmark.
Recovery Days = After the worst decline, we recovered in just 25 days — more than twice as fast as the major indices.
Turnover = How actively we trade. High turnover reflects our tactical approach — we don't sit and hope, we actively manage positions to protect and grow capital.

Bottom line: Your money is actively protected. Losses are small, recoveries are fast, and we don't just ride the market — we actively manage risk every single day.

Fee Structure

Alignment of Interests

Our fee structure is designed to align our incentives directly with yours. We earn the majority of our compensation only when we deliver strong performance.

2%

Management Fee

Annual fee on assets under management, charged to cover operational, research, and administrative costs.

20%

Performance Fee

Charged only on new profits above the high-water mark. We only earn this fee when your investment grows.

High-Water Mark

Performance fees only apply to new all-time highs

Annual

Performance fees calculated and crystallised annually

Monthly Liquidity

Investors may redeem on a monthly basis with 30 days prior written notice

Transparent

Clear reporting with full visibility into all fees charged

💡 In Plain English

Management Fee (2%) is a flat annual charge on your invested amount — for example, $2,000 per year on a $100,000 investment. This covers the costs of running the fund day-to-day.

Performance Fee (20%) is our share of the profits — but only on new profits. If your account grows by $10,000, we earn $2,000 of that. Crucially, if the fund drops and then recovers, we don't charge again on the recovery — we only earn when you hit new highs. This is called a high-water mark and it means our interests are directly aligned with yours: we do well only when you do well.

Monthly Liquidity means you're not locked in for years — you can redeem your investment at the end of any month with 30 days notice. This gives you flexibility while allowing us to manage the portfolio effectively.

Leadership

Portfolio Manager

MBS

Mark B

Portfolio Manager

Active in markets since 2007, with experience spanning personal trading accounts to executing billions of dollars in notional value across 50+ Futures and FX markets for Boronia Capital, a large hedge fund and family office. Managing risk across diverse global markets taught me that capital preservation is the foundation of long-term outperformance.

Having navigated every market environment type many times — and made every mistake possible along the way — this depth of experience enables consistent, sound decisions with risk management at the forefront.

Trading is one of the most demanding pursuits — it has tested every part of me. This journey has built the confidence, experience, and knowledge I need to navigate increasingly complex markets going forward.

Summary

Key Investor Takeaways

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Top-Tier Risk-Adjusted Returns

Sharpe Ratio of 2.18 and Sortino Ratio of 3.82 — far exceeding all major benchmark indices. More return for less risk.

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Consistent Outperformance

Beating the market with significantly lower volatility (1.02% std dev) and smaller declines (12.36% max drawdown) versus QQQ, SPY, and EWA.

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Proven Active Management

Tactical style with excellent downside protection and +67.43% outperformance vs QQQ through superior stock selection and timing.

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Rapid Recovery & Alpha

Fastest drawdown recovery among peers at just 25 days (vs 45–57 for benchmarks). Strong alpha from disciplined security selection.

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Portfolio Diversification Enhancement

An excellent addition to buy-and-hold portfolios — smoothens overall returns by limiting drawdowns, with a Beta of 0.48 vs QQQ and far smaller declines in down markets — a powerful complement to passive strategies.

💡 In Plain English

Porticus Capital has turned $1,000 into $2,142 — more than doubling — while the best-performing benchmark (QQQ) only reached $1,468. We did this with less risk, smaller losses, and faster recoveries. Our strategy adapts to market conditions — we invest aggressively when conditions are right and protect capital when they're not. If you're already investing in broad market funds, adding Porticus helps smooth out the bumps and boost your overall returns.

PORTICUS CAPITAL

What to own, and when to own it.

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Next Steps

Get in Touch

Interested in learning more about how Porticus Capital can enhance your portfolio? We'd love to hear from you.

Mark B

Portfolio Manager

✉ contact@porticus.io
📞 [phone number]

PORTICUS CAPITAL

What to own, and when to own it.

Important Information

Disclaimer

Past Performance: Past performance is not indicative of future results. The performance data presented reflects historical results and should not be interpreted as a guarantee or prediction of future returns. All investments carry risk, including the potential loss of principal.

Not Financial Advice: This presentation is for informational purposes only and does not constitute financial advice, an offer to sell, or a solicitation of an offer to buy any securities. Investors should conduct their own due diligence and consult with a qualified financial advisor before making any investment decisions.

Risk Factors: Investing involves significant risk. The strategy employs active trading which may result in higher transaction costs. Concentrated positions and sector allocation decisions may increase volatility. Market conditions can change rapidly and unexpectedly.

Performance Reporting: All returns are calculated using Time-Weighted Return (TWR) methodology and are presented net of trading costs and commissions but gross of management and performance fees. Actual investor returns will be lower after the application of management fees (2% per annum) and performance fees (20% of new profits above the high-water mark). Benchmark comparisons are provided for illustrative purposes only and do not imply that the portfolio's risk profile is identical to any benchmark.

Account Continuity: On April 8, 2026, the strategy migrated to a new portfolio-margin-enabled brokerage account to expand strategy capacity. All performance figures since inception are presented as a continuous linked time-weighted return, chained at the natural transition date. Underlying portfolio analytics, daily return series, and benchmark comparisons remain sourced from Interactive Brokers PortfolioAnalyst.

Confidentiality: This document is confidential and intended solely for the recipient. It may not be reproduced, distributed, or disclosed to any other person without the prior written consent of Porticus Capital.

Porticus Capital

What to Own &When to Own It

How We Trade

Performance Highlights

Benchmark Outperformance

Performance vs Benchmarks

Monthly Returns (%)

Porticus vs. Benchmarks

Sector Performance & Attribution

Defending Capital When Markets Fall

Drawdowns Over Time

Risk-Adjusted Excellence

VaR, Recovery & Beta

Alignment of Interests

Portfolio Manager

Key Investor Takeaways

Get in Touch

Disclaimer

What to Own &
When to Own It