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.

2,156
signals scored
67.6%
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%.

2,156 signals opened in the last 6 months · all sizes · 5–15% from what funds paid

Threshold met Not met, but profitable Open Loss

Holding value drop: worst 10%

Bearish

612 signals

79%
5%
12d median
62%
10%
22d median
48%
15%
32d median
32%
20%
38d median

Holding value drop: worst 5%

Bearish

294 signals

79%
5%
10d median
63%
10%
21d median
48%
15%
32d median
34%
20%
38d median

Top-10 holder growth: top 10% of sector

Bullish

93 signals

76%
5%
14d median
59%
10%
22d median
42%
15%
27d median
35%
20%
28d median

Top-performing funds doubled stake

Bullish

155 signals

75%
5%
9d median
58%
10%
18d median
46%
15%
28d median
35%
20%
38d median

New positions: 3× sector average

Bullish

183 signals

75%
5%
16d median
62%
10%
32d median
48%
15%
44d median
37%
20%
58d median

Call option value: 3× sector average

Bullish

391 signals

68%
5%
11d median
52%
10%
23d median
42%
15%
37d median
35%
20%
45d median

Gross inflow: 3× sector average

Bullish

455 signals

66%
5%
15d median
50%
10%
29d median
38%
15%
42d median
29%
20%
57d median

Top-10 holders: 3× sector average

Bullish

316 signals

66%
5%
16d median
49%
10%
39d median
40%
15%
48d median
31%
20%
61d median

Most funds doubling stake vs. market cap peers

Bullish

706 signals

65%
5%
9d median
51%
10%
17d median
41%
15%
29d median
33%
20%
38d median

New positions: top 10% of sector

Bullish

633 signals

65%
5%
14d median
50%
10%
28d median
39%
15%
39d median
29%
20%
45d median

Increased positions: 3× sector average

Bullish

353 signals

64%
5%
17d median
50%
10%
36d median
37%
15%
45d median
27%
20%
61d median

Net inflow: top 10% of sector

Bullish

638 signals

64%
5%
14d median
49%
10%
29d median
38%
15%
41d median
28%
20%
50d median

Net inflow top 10%, few exits

Bullish

29 signals

41%
5%
15d median
17%
10%
45d median
10%
15%
48d median
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.