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How returns are calculated — and their limitations+

Author portfolios

The model divides money equally among active numbered calls and values them daily. It holds each for 7–360 days, or exits sooner when the author's call ends. An author's call ending is inferred from public statements and rules; it is not a confirmed trade. No trading costs. Not yet an audited executable backtest.

Fund portfolios (13F)

Copies disclosed long-equity weights after public filing acceptance, not at quarter end. Unpriced weight stays in cash. No options, shorts or costs. This is not the fund’s actual return.

How to read these lists

Author portfolios show only historical results ahead of SPY; fund portfolios show every 13F manager, including those behind SPY. Both lists are sorted by excess return for the selected dates, not by the Authors leaderboard. This does not mean past winners could have been selected in advance. Each portfolio is rebased against SPY on matching dates; shorter histories are labelled.

Buzzberg composite strategies are hidden pending point-in-time and execution audits. Production is unchanged.