Performance,
with the method attached
A return figure without a methodology is a marketing number. This page sets out how we count, what is included, and what the figures cannot tell you.
Sample figure
Since inception
Closed positions
Combined, across analysts
Trailing twelve months · sample data
*Performance is based on internal calculation and past recommendations.
How a call is counted
The rules below are what any performance figure we publish will be measured against.
What counts as a call
A published research view with a stated entry range, target and invalidation level. Commentary, education and market notes are not counted.
When it closes
A call closes when the target or the invalidation is reached, or when we publish a thesis-break note. Open positions are reported separately and never counted as wins.
How it is scored
Binary: the target was reached before the invalidation, or it was not. Partial exits are scored against the full position, not the best portion of it.
What is excluded
Nothing. Every published call enters the record, including the ones we would rather forget. Withdrawn calls are counted as closed at the withdrawal price.
Costs
Figures are gross of brokerage, taxes and slippage. Your realised outcome will be lower, and by how much depends on your execution.
What it cannot tell you
Hit rate says nothing about position sizing or the size of wins versus losses. A high accuracy figure with poor sizing still loses money.
Judge the research, not the scoreboard
Read a full report end to end. The reasoning is the thing worth evaluating.
Research is educational and informational. It is not personalised investment advice.