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 Jan 2, 2026 to Sep 25, 2026, the Moderate Book returned +47.60%, against +12.91% for the S&P 500 and +21.43% for the Nasdaq 100 (price return). Its annualised volatility was 18.54% and its largest fall from a peak 8.25%.
Inception Jan 2, 2026 · Figures as of Sep 25, 2026 · recomputed every trading day
The record, and the risk taken for it
Year to date: Jan 2, 2026 to Sep 25, 2026 · 184 trading days
Show the data
Beside GT — Equal and the indices, over the same days
| Line | Return | Annualised volatility | Maximum drawdown |
|---|---|---|---|
| Moderate | +47.60% | 18.54% | -8.25% |
| GT — Equal | +29.10% | 24.96% | -12.97% |
| S&P 500 (SPY) | +12.91% | 13.29% | -9.13% |
| Nasdaq 100 (QQQ) | +21.43% | 20.80% | -11.83% |
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.
3 long · 7 short
As of the Sep 25, 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 4, recorded Aug 14, 2026. A recorded version cannot be edited; a change is a new version.
| Largest single position | 15% |
|---|---|
| Gross exposure target | 100% |
| Maximum number of positions | 10 |
| Position sizing | By conviction |
| Forecast horizons | 5, 21 and 63 trading days, weighted equally |
| 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 |
|---|---|---|
| v4in use |
| |
| v1 | First version in the record |
The other Books
Opulence Alpha is non-custodial research software. The Books hold no client money. Nothing here is investment advice.