	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Total
Strategy	0.0%	0.0%	-4.2%	-2.0%	3.7%	-5.2%	-7.2%	7.7%	5.1%	-5.4%	3.3%	2.5%	-2.8%
Benchmark	0.0%	0.0%	0.0%	-8.4%	9.1%	-4.2%	-9.3%	8.0%	5.4%	-5.9%	6.2%	2.5%	1.2%
Rel. Return	0.0%	0.0%	-4.2%	6.4%	-5.5%	-1.0%	2.2%	-0.2%	-0.2%	0.5%	-2.8%	-0.0%	-4.0%

Model: Trifecta_Long_SL

Strategy Performance Analysis by Neuravest

Performance Report

Performance Chart

Correlation

Beta

Exposure

Performance Metrics

Portfolio	Initial	Adjusted Final	Adjusted Return	Compound Annual Return
Model: Trifecta_Long_SL	$97,366K	$94,641K	$94,641K	-3.7%
S&P 500	$4,287.50	$4,179.76	($107.74)	1.5%

Portfolio	Return	Sharpe	Sortino	Ann. Volatility	Max Drawdown
Model: Trifecta_Long_SL	-2.8%	-0.30	-0.46	19.7%	17.3%
S&P 500	-2.5%	0.40	0.61	24.1%	16.9%

Transaction Cost:

Number of Transactions	2,008
Total Commissions ($0.0 per share, $0.0 min per trade)	$0
Slippage	$81,591
Borrowing Costs	N/A
Total Transaction Costs	$81,591

Professional Fees:

Management Fee (0.4%)	N/A
Performance Fee (Hurdle 8.0% / Performance 10.0%)
Total Professional Fees

Benchmark Relative Metrics:

Beta	0.73
Information Ratio	-1.62
Annualized Tracking Error	9.7%

Trade Analysis

Trade Metrics (Successful):

Metric	Long	Short	All
# Trades	415 (35.5%)	1 (50.0%)	416 (35.6%)
Avg Gain	8.48%	17.79%	8.50%
Avg Hold Time	2 months	3 months	2 months

Trade Metrics (Unsuccessful):

Metric	Long	Short	All
# Trades	753 (64.5%)	1 (50.0%)	754 (64.4%)
Avg Loss	-9.03%	-6.81%	-9.03%
Avg Hold Time	1 months	1 months	1 months

Best Long Trade:

Ticker	Open Date	Close Date	Hold Time	Pnl	Amount	Weighted Pnl
AAPL	Jun 14, 2022 9:30:03 AM	Dec 19, 2022 11:06:38 AM	6 months	21.0%	$296,761.62	0.3%

Worst Long Trade:

Ticker	Open Date	Close Date	Hold Time	Pnl	Amount	Weighted Pnl
AAPL	Apr 29, 2022 9:30:14 AM	May 12, 2022 9:30:01 AM	1 weeks	-11.8%	($582,664.54)	-0.6%

Best Short Trade:

Ticker	Open Date	Close Date	Hold Time	Pnl	Amount	Weighted Pnl
ALLY	Jun 14, 2022 9:30:01 AM	Oct 3, 2022 9:30:35 AM	3 months	17.8%	$39,357.21	0.0%

Worst Short Trade:

Ticker	Open Date	Close Date	Hold Time	Pnl	Amount	Weighted Pnl
OC	Jun 14, 2022 9:30:02 AM	Aug 4, 2022 9:30:43 AM	1 months	-6.8%	($15,362.63)	-0.0%

Performance Metrics By Year

		2022	2023
Return	Strategy	-8.2%	5.9%
Return	S&P 500	-10.4%	8.9%
Winning Days	Strategy	45.3%	22.7%
Winning Days	S&P 500	42.4%	54.5%
Sharpe	Strategy	-0.52	3.38
Sharpe	S&P 500	-0.01	5.29
Sortino	Strategy	-0.82	3.28
Sortino	S&P 500	-0.02	9.19
Max DD	Strategy	17.3%	3.0%
Max DD	S&P 500	16.9%	2.5%
Ann. Volatility	Strategy	20.7%	9.0%
Ann. Volatility	S&P 500	24.9%	16.4%

Monthly Return to Benchmark By Year

		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2022	Strategy	0.0%	0.0%	0.0%	0.0%	-4.2%	-2.0%	3.7%	-5.2%	-7.2%	7.7%	5.1%	-5.4%	-8.2%
	Benchmark	0.0%	0.0%	0.0%	0.0%	0.0%	-8.4%	9.1%	-4.2%	-9.3%	8.0%	5.4%	-5.9%	-10.4%
	Relative Return	0.0%	0.0%	0.0%	0.0%	-4.2%	6.4%	-5.5%	-1.0%	2.2%	-0.2%	-0.2%	0.5%	2.2%

2023	Strategy	3.3%	2.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	5.9%
	Benchmark	6.2%	2.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	8.9%
	Relative Return	-2.8%	-0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-2.9%

Monthly Turnover By Year

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2022	N/A	N/A	N/A	50.7%	27.8%	44.0%	2.8%	58.3%	10.6%	29.2%	20.2%	16.3%	260.0%
2023	13.1%	18.9%	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	32.0%

FOR QUALIFIED INSTITUTIONAL INVESTOR USE ONLY. NOT INTENDED FOR INDIVIDUAL RETAIL INVESTORS.

Investment advisory services provided by Neuravest Research Inc., a registered investment adviser. Registration as an investment adviser does not imply a certain level of skill or training. Nothing presented herein has been approved or verified by the United States Securities and Exchange Commission or by any self regulatory organization (SRO), or state securities authority.

Information presented herein is hypothetical and solely for informational purposes only, and should not be construed as an offer to buy or a solicitation of an offer to sell any security or other investment product. Though we have endeavored to present the information contained herein from sources believed to be reliable, we cannot guarantee the accuracy of such information and make no warranties or representations as such.

All investments involve risks that an investor should fully understand and be willing to bear. Past performance is no guarantee of future returns, and investing can result in partial or complete loss of invested capital. Such risks can be magnified to the extent leverage is deployed in the pursuit of potentially higher returns.

To the extent investment returns are presented, such investment returns are either hypothetically backtested or reflect a perpetual paper trading simulation and are labeled as such. Returns are presented as net returns of transaction costs, slippage and short borrowing costs (when applicable). Investment returns are also net of Neuravest standard annualized management fees of 40 basis points (on Assets Under Management) and 10% performance fee on excess return above an 8% hurdle. Investment returns presented reflect the reinvestment of dividends and other earnings, however they do not account for taxes that an investor may owe as a result of any investment gains. Investors may incur taxes as a result of investing, and may pay different transaction costs to the ones presented to the broker-dealer executing the transactions for their account(s).

Hypothetical backtested returns are simulated, retroactive, and created using the benefit of hindsight to a select period of time, and are thus inherently not as reflective of actual historical returns. Any hypothetical backtested returns are based on the following assumptions and criteria:

Actual price was available for execution
Capacity and daily float was supportive of volume traded.
Transaction cost and slippage are reflective of real-world brokerage fees.

Hypothetical backtested returns do not reflect actual trading and do not reflect the impact that material economic and market factors may have had on Neuravest’s algorithmic decision-making at the time.

To the extent investment performance is compared to one or more indexes, investors should be aware that one cannot invest directly into an index (a simulated basket of securities that do not reflect fees, costs, or taxes that an investor may actually incur).

Neuravest Research and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your personal tax, legal and accounting advisors before engaging in any transaction.

Asset allocation/diversification or hedging does not guarantee a profit or protect against a loss.

Hypothetical perpetual paper trading simulation results, past performance is not indicative of future returns. Results are net of transactions' cost and net of annualized management fees of 40 basis points as well as net of performance fee of 10% on any return in excess of an 8% hurdle. Results are provided as informational and could potentially include misleading and hypothetical information. If you are a retail investor this information is NOT intended for you. Results are meant as information only for qualified institutional investors only. If you are looking to engage Neuravest in any of the product offerings, the minimum investment size requirement is $1 million USD.

Performance fees may vary depending upon executed leverage.

NEURAVEST RESEARCH INC (CRD# 312803/SEC#: 801-120607)

	Strategy Overall	Bench Overall	Strategy YTD	Bench YTD
Abs. Return	-2.8%	-2.5%	5.9%	8.9%
Rel. Return	-0.3%	N/A	-2.9%	N/A
Beta	0.73	N/A	0.33	N/A
Ann. Volatility	19.7%	24.1%	9.0%	16.4%
Sharpe	-0.30	0.40	3.38	5.29
Drawdown	-17.3%	-16.9%	-3.0%	-2.5%
IR	-1.62	N/A	-4.21	N/A
Tracking Error	9.7%	N/A	13.5%	N/A

	1 Yr	2 Yr	3 Yr	5 Yr	10 Yr
Ann. Return	-3.7%	N/A	N/A	N/A	N/A
Ann. Volatility	19.7%	N/A	N/A	N/A	N/A