Moderate Book
For growing steadily, without much drama. This page publishes the Moderate Book's record against the S&P 500 and the Nasdaq 100, its risk, and the policy it runs. It does not list the Book's positions.
From 5 Jan 2026 to 13 Nov 2026, the Moderate Book returned +39.21%, against +9.69% for the S&P 500 and +10.02% for the Nasdaq 100 (price return). Its annualised volatility was 23.57% and its largest fall from a peak 9.74%.
Inception 5 Jan 2026 · Figures as of 13 Nov 2026 · recomputed every trading day
The record, and the risk taken for it
5 Jan 2026 to 13 Nov 2026 · 218 trading days
Show the data
Beside GT — Equal and the indices, over the same days
| Line | Return | Annualised volatility | Maximum drawdown |
|---|---|---|---|
| Moderate | +39.21% | 23.57% | -9.74% |
| GT — Equal | +46.54% | 27.49% | -12.64% |
| S&P 500 (SPY) | +9.69% | 14.06% | -9.13% |
| Nasdaq 100 (QQQ) | +10.02% | 22.27% | -14.82% |
Every line starts on the Book's first day in the window. The Growth, Moderate and Conservative Books are net of modelled trading costs; GT — Equal, the weekly benchmark engine, is gross of costs; the S&P 500 and the Nasdaq 100 are price return (SPY, QQQ), so index dividends are left out. Past performance does not guarantee future results.
How these figures are computed
- Return: the change from the first daily value in the window to the last.
- Annualised volatility: daily returns are computed from the same daily curve; their sample standard deviation is multiplied by √252, the number of trading days in a year.
- Maximum drawdown: the largest fall from a running peak to a later trough on the same curve.
- A day without a value is skipped, never filled, and a figure that cannot be measured is shown as a dash.
Exposure today
Aggregates only. The Book's positions are not published.
10 long · 0 short
As of the 13 Nov 2026 close. Gross is long plus short, net is long minus short, both as a share of the Book's value.
The declared policy
Read from the policy the Book runs today: version 11, recorded 4 Nov 2026. A recorded version cannot be edited; a change is a new version.
| Largest single position | 18.8% |
|---|---|
| Gross exposure target | 125% |
| Maximum number of positions | 10 |
| Position sizing | By conviction |
| Forecast horizons | 5, 21 and 63 trading days |
| Rebalancing | Every trading day |
| Drawdown circuit breakers | 10% · 15% · 21% below the Book's peak value |
| Trades only with the risk service's answer | Yes |
Policy history
Each recorded version of the Book's policy template, dated from the platform's database, up to the version in use. Changes are listed for the limits shown above.
| Version | Recorded | Changes to the limits above |
|---|---|---|
| v11in use | First version in the record |
The log starts at the version in use, recorded 4 Nov 2026.
The other Books
Opulence Alpha is non-custodial research software. The Books hold no client money. Nothing here is investment advice.