⟡

Porticus Capital

Active Tactical Investment Strategy

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

September 18, 2024 – May 12, 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.

104.99%

Total Return (TWR)

Sep 18, 2024 – May 12, 2026

1.91

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 1.91 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 May 12, 2026, Porticus has more than doubled — turning $1,000 into $2,050 — versus $1,508 for QQQ, $1,338 for SPY, and $1,175 for EWA. The fund crossed the doubling milestone on May 8 and continued to extend its lead through May 11–12 as the benchmarks pulled back, widening the gap over QQQ to +54.23 percentage points since inception.

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

104.99%

Cumulative Return (TWR)

Sep 18, 2024 – May 12, 2026

56.72%

1-Year Return

54.69%

Since Inception Ann.

1.91 / 3.21

Sharpe / Sortino

20.86%

Year-to-Date

6.51%

Month-to-Date

+0.17%

Daily Mean Return

55.35%

Winning Days (238 of 430)

💡 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 54.69% shows consistent long-term growth well above market averages. Daily Mean Return = On an average day, the fund gains 0.17%. That compounds significantly over time. Winning Days = More than half of all trading days are profitable — consistency matters.

Note: Across 430 trading days since inception, the fund has produced positive returns on 238 of them (55.35%). A daily mean of 0.17% — modest in isolation — compounds powerfully over time.

Alpha Generation

Benchmark Outperformance

Ending VAMI — Growth of $1,000

$2,050

Porticus

$1,508

QQQ

$1,338

SPY

$1,175

EWA

Metric	Porticus	QQQ	SPY	EWA
Ending VAMI	2,050	1,508	1,338	1,175
1-Year Return	56.72%	33.68%	23.39%	15.15%
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 $2,050 — more than doubling — vs $1,508 for QQQ (the Nasdaq 100) and $1,338 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 and extending its since-inception lead over every benchmark through May 12.

Visual Comparison

Performance vs Benchmarks

Cumulative Growth — Porticus vs Benchmarks

Returns Comparison

1-Year Returns

Porticus

56.72%

QQQ

33.68%

SPY

23.39%

EWA

15.15%

Max Drawdown (Lower = Better)

Porticus

12.36%

QQQ

22.77%

SPY

18.76%

EWA

21.91%

Track Record

Monthly Returns (%)

Porticus Performance

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year
2024	—	—	—	—	—	—	—	—	3.98	2.38	18.77	0.72	27.31
2025	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
2026	3.03	1.07	-3.03	12.43	6.51†	—	—	—	—	—	—	—	20.86*

Quarter
2024	—			—			3.98			22.46
2025	0.30			19.63			7.99			2.19
2026	0.99			19.75†			—			—

* YTD through May 12, 2026 (daily-chained TWR). Differs slightly from the compound of rounded monthly figures shown in the row.
† May 2026 figure is partial month-to-date (May 1–12); column will update at month-end.

Benchmark Comparison

		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year
2024	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	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	QQQ	1.23	-2.34	-4.84	15.67	5.92†	—	—	—	—	—	—	—	15.25
	SPY	1.47	-0.86	-4.93	10.49	2.72†	—	—	—	—	—	—	—	7.11
	EWA	5.96	8.43	-7.74	6.26	-0.58†	—	—	—	—	—	—	—	11.91

💡 In Plain English

The top table shows Porticus monthly and quarterly returns. Green cells are positive, red cells are negative — the deeper the colour, the stronger the move. Notice the negative months are shallow (mostly -1% to -2%) while positive months can be very strong (up to +18.77%). This asymmetry is created by our risk management — we cut losses quickly and let winners run. The benchmark table below allows direct month-by-month comparison against QQQ, SPY, and EWA.

Attribution

Sector Performance & Attribution

Strong outperformance across Technology, Industrials, Energy, and Basic Materials. Total attribution effect of +54.23% versus QQQ.

Attribution Breakdown vs QQQ

+54.23%

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 +54.23% 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 12 window, Porticus is +14.70%, ahead of SPY (+7.90%) and EWA (−2.29%), and behind only QQQ (+16.93%). 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 continued to extend to $2,050 through May 12 even as QQQ pulled back.

Risk Profile

Risk-Adjusted Excellence

1.91

Sharpe Ratio

3.21

Sortino Ratio

1.06%

Std Deviation

0.63%

Downside Dev

Sharpe Ratio Comparison

Porticus

1.91

QQQ

0.58

SPY

0.50

EWA

0.28

Sortino Ratio Comparison

Porticus

3.21

QQQ

0.85

SPY

0.73

💡 In Plain English

Sharpe Ratio = Return earned per unit of total risk. Think of it as "bang for your buck." Above 1.0 is good, above 1.5 is excellent. Porticus is at 1.91 — more than 3x better than the major indices.
Sortino Ratio = Like Sharpe, but only counts downside risk (the bad kind). At 3.21, Porticus earns outstanding returns relative to how little it falls.
Standard Deviation (Std Dev) = How much the fund's daily returns bounce around. Lower = smoother ride. At 1.06%, Porticus is less volatile than all benchmarks.
Downside Deviation = Only measures the "bad" volatility — how much the fund drops on down days. At 0.63%, losses are very well contained.

For context: a Sharpe of 1.91 puts Porticus at roughly 3.3× QQQ (0.58), 3.8× SPY (0.50), and 6.8× EWA (0.28). 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

0.55

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 0.55 means if the QQQ drops 10%, Porticus would historically only drop about 5.5%. We capture more of the upside and less of the downside.
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

⟡

Top-Tier Risk-Adjusted Returns

Sharpe Ratio of 1.91 and Sortino Ratio of 3.21 — far exceeding all major benchmark indices. More return for less risk.

⟡

Consistent Outperformance

Beating the market with significantly lower volatility (1.06% std dev) and smaller declines (12.36% max drawdown) versus QQQ, SPY, and EWA.

⟡

Proven Active Management

Tactical style with excellent downside protection and +54.23% outperformance vs QQQ through superior stock selection and timing.

⟡

Rapid Recovery & Alpha

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

⟡

Portfolio Diversification Enhancement

An excellent addition to buy-and-hold portfolios — smoothens overall returns by limiting drawdowns, with a Beta of 0.55 vs QQQ, providing a powerful complement to passive strategies.

💡 In Plain English

Porticus Capital has turned $1,000 into $2,050 — more than doubling — while the best-performing benchmark (QQQ) only reached $1,508. 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.

⟡

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 Performance

Benchmark Comparison

Sector Performance & Attribution

Defending Capital When Markets Fall

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