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.

3,697
signals scored
90.3%
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%.

3,697 signals opened since 2013 · Small Cap · 35–50% from what funds paid

Threshold met Not met, but profitable Open Loss

Top-10 holders: 3× sector average

Bullish

15 signals

93%
5%
9d median
80%
10%
10d median
67%
15%
36d median
60%
20%
60d median

Holding value drop: worst 10%

Bearish

1,133 signals

93%
5%
10d median
86%
10%
23d median
80%
15%
40d median
74%
20%
65d median

Holding value drop: worst 5%

Bearish

617 signals

93%
5%
8d median
87%
10%
21d median
82%
15%
34d median
75%
20%
50d median

New positions: top 10% of sector

Bullish

137 signals

91%
5%
7d median
83%
10%
22d median
79%
15%
31d median
71%
20%
50d median

Most funds doubling stake vs. market cap peers

Bullish

2,092 signals

90%
5%
8d median
85%
10%
18d median
80%
15%
31d median
76%
20%
44d median

Top-performing funds doubled stake

Bullish

57 signals

89%
5%
7d median
86%
10%
12d median
79%
15%
20d median
75%
20%
31d median

Net inflow top 10%, few exits

Bullish

200 signals

86%
5%
7d median
77%
10%
15d median
74%
15%
29d median
65%
20%
44d median

Net inflow: top 10% of sector

Bullish

407 signals

85%
5%
7d median
76%
10%
14d median
71%
15%
23d median
62%
20%
35d median

Call option value: 3× sector average

Bullish

144 signals

85%
5%
7d median
76%
10%
16d median
70%
15%
36d median
65%
20%
57d median

Top-10 holder growth: top 10% of sector

Bullish

19 signals

84%
5%
4d median
84%
10%
12d median
84%
15%
26d median
68%
20%
33d median

New positions: 3× sector average

Bullish

39 signals

82%
5%
7d median
74%
10%
8d median
67%
15%
16d median
64%
20%
27d median

Gross inflow: 3× sector average

Bullish

81 signals

79%
5%
7d median
68%
10%
11d median
59%
15%
19d median
51%
20%
29d median

Increased positions: 3× sector average

Bullish

6 signals

67%
5%
6d median
50%
10%
13d median
33%
15%
31d median
33%
20%
39d 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.