Signal backtest

90% of signals have moved 5% in their direction

Every signal is scored against what followed: whether the price moved 5%, 10%, 15% or 20% in the signal’s direction within two years of opening, how long that took, and the return if simply held.

4,909
signals scored
89.4%
reached +5%
13
signal patterns

What the data shows

01

Company size

81% of mega-cap signals reached +20%, against 70% overall. Only 5% of signals are mega caps.

02

Distance below what funds paid

Bullish signals that opened 35–50% below what funds paid reached +20% 78% of the time, against 67% for those 5–15% below.

03

Reaching a level vs. holding on

90% of signals reached +5% at some point, but the median bullish signal was +9.1% two years after opening, and the median bearish one +0.8%.

4,909 signals opened since 2013 · Small Cap · 20–30% from what funds paid

Threshold met Not met, but profitable Open Loss

Top-performing funds doubled stake

Bullish

88 signals

93%
5%
8d median
88%
10%
28d median
78%
15%
41d median
68%
20%
63d median

Holding value drop: worst 5%

Bearish

763 signals

93%
5%
13d median
87%
10%
28d median
82%
15%
52d median
76%
20%
73d median

Holding value drop: worst 10%

Bearish

1,572 signals

92%
5%
13d median
87%
10%
31d median
82%
15%
57d median
76%
20%
82d median

Top-10 holder growth: top 10% of sector

Bullish

41 signals

90%
5%
8d median
78%
10%
20d median
66%
15%
22d median
51%
20%
26d median

Top-10 holders: 3× sector average

Bullish

30 signals

90%
5%
16d median
77%
10%
29d median
53%
15%
38d median
43%
20%
49d median

Call option value: 3× sector average

Bullish

141 signals

89%
5%
12d median
77%
10%
36d median
65%
15%
54d median
60%
20%
69d median

Most funds doubling stake vs. market cap peers

Bullish

2,761 signals

88%
5%
13d median
81%
10%
30d median
74%
15%
49d median
68%
20%
68d median

Net inflow: top 10% of sector

Bullish

469 signals

87%
5%
10d median
79%
10%
24d median
72%
15%
41d median
65%
20%
64d median

New positions: top 10% of sector

Bullish

170 signals

87%
5%
14d median
78%
10%
24d median
68%
15%
36d median
58%
20%
58d median

Net inflow top 10%, few exits

Bullish

220 signals

87%
5%
9d median
78%
10%
21d median
71%
15%
44d median
60%
20%
63d median

Gross inflow: 3× sector average

Bullish

81 signals

85%
5%
14d median
75%
10%
28d median
63%
15%
35d median
57%
20%
46d median

New positions: 3× sector average

Bullish

30 signals

80%
5%
12d median
67%
10%
25d median
53%
15%
25d median
40%
20%
31d median

Increased positions: 3× sector average

Bullish

6 signals

67%
5%
32d median
50%
10%
35d median
33%
15%
37d median
33%
20%
41d median

That’s the record behind every signal.

See the latest signals

A threshold counts as met when the price moved that far in the signal’s direction within two years of opening. Signals opened less than two years ago that haven’t met a threshold yet are open. Profitable or loss is the return two years after opening, for signals that didn’t meet a threshold. Returns if held use each signal’s opening price. Past results do not guarantee future returns.