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.

7,034
signals scored
88.2%
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%.

7,034 signals opened since 2013 · Small Cap · 5–15% from what funds paid

Threshold met Not met, but profitable Open Loss

Holding value drop: worst 5%

Bearish

1,370 signals

93%
5%
14d median
87%
10%
32d median
81%
15%
58d median
74%
20%
85d median

Holding value drop: worst 10%

Bearish

2,991 signals

92%
5%
15d median
86%
10%
37d median
80%
15%
66d median
74%
20%
97d median

Top-performing funds doubled stake

Bullish

106 signals

90%
5%
9d median
75%
10%
22d median
66%
15%
40d median
61%
20%
56d median

Most funds doubling stake vs. market cap peers

Bullish

3,345 signals

86%
5%
16d median
76%
10%
38d median
68%
15%
62d median
61%
20%
80d median

New positions: 3× sector average

Bullish

37 signals

84%
5%
10d median
81%
10%
22d median
68%
15%
47d median
62%
20%
59d median

Top-10 holder growth: top 10% of sector

Bullish

63 signals

83%
5%
13d median
71%
10%
24d median
65%
15%
39d median
59%
20%
69d median

Net inflow: top 10% of sector

Bullish

549 signals

82%
5%
14d median
70%
10%
30d median
59%
15%
55d median
52%
20%
77d median

New positions: top 10% of sector

Bullish

216 signals

81%
5%
13d median
65%
10%
28d median
56%
15%
66d median
47%
20%
86d median

Net inflow top 10%, few exits

Bullish

230 signals

78%
5%
10d median
67%
10%
21d median
56%
15%
43d median
50%
20%
63d median

Call option value: 3× sector average

Bullish

143 signals

78%
5%
13d median
62%
10%
42d median
53%
15%
59d median
49%
20%
81d median

Top-10 holders: 3× sector average

Bullish

46 signals

76%
5%
18d median
63%
10%
68d median
46%
15%
91d median
33%
20%
146d median

Gross inflow: 3× sector average

Bullish

85 signals

71%
5%
10d median
51%
10%
27d median
35%
15%
70d median
29%
20%
85d median

Increased positions: 3× sector average

Bullish

8 signals

63%
5%
4d median
50%
10%
43d median
0%
15%
–
0%
20%
–

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.